Exam (elaborations)
ARE 5.0 PJM QUESTIONS AND ANSWERS 2024
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Exam of 5 pages for the course Pjm at Pjm (ARE 5.0 PJM)
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ARE 5.0 PJMPartnering - answerA method of managing a project where various stakeholders in the
project all participate in the decision making process
What should a PM consider when selecting its internal team? - answerThe type and
complexity of the project, the size of the project, staff availability, experience levels,
billing rates, personalities
What are the 2 methods of scheduling a project? - answerBar char or Gantt chart &
critical path
Most common methods of compensation - answerStipulated sum, cost plus fee,
percentage of construction cost, unit cost
Total working fee - answerThe fee available to pay people to do the job after subtracting
fees for profit, consultants, and other expenses
stipulated sum/fixed price - answerThe owner pays the architect a fixed sum for a
specific set of services, these do not include reimbursable expenses
Cost plus fee - answerThe architect is compensated for the actual expenses of doing
the job plus a reasonable fee for profit
Multiple of direct personnel expense approach - answerDirect salaries of employees is
determined and multiplied by a factor to account for normal and required personnel
expenses, that amount is increased by a multiplier that includes provisions for overhead
and profit
Hourly billing rate method - answerThe multiplier is built into the hourly rate
Percentage of construction cost - answerThe professional fee is a fixed p centaur of the
cost of construction
Unit cost method - answerFees are based on a definable unit, such as square footage,
for such work as tenant planning in a leasing building, or on a per-house basis in a large
residential projectq
Four basic types of schedules - answerCritical path method schedule, milestone charts,
bar charts or Gantt charts, wall schedule
, When is the milestone chart used? - answerShort duration projects with relatively few
tasks to track and fees under $35,000
What are general obligation bonds? - answerBonds issued by a city or state and backed
by general tax revenue and the issuer's credit
Addendum - answerA modification to the procurement documents issued for bid of
negotiation. Addenda can be issued any time before the owner-contractor agreement is
executed, but are typically issued until some predetermined time before the bid opening.
Allowance - answerAn amount of money or quantity of materials identified by bidders for
work that is not completely defined in the procurement documents
Bid alternate - answerA portion of the work defined in the procurement documents for
which separate pricing is to be identified in bidders' approach
Payment bond - answerLabor and materials payment bond, is an amount of money
guaranteeing that the contractor will pay subcontractors, vendors, and suppliers for their
work.
What does a payment bond protect the owner from? - answerPotential mechanic's liens
and construction delays
Performance bond - answerA guarantee by an entity which ensures that, should the
contractor default during construction, there are sufficient funds to complete the project.
Qualifications-based selection (QBS) - answerThe owner selects a contractor solely in
the basis of the contractors qualifications
Value-based selection (VBS) - answerThe owner selects a contractor based on the
weighted values of multiple criteria, including construction cost or fee and proposed
schedule, as well as qualifications-based criteria such as past experience on similar
projects and proposed personnel.
Stipulated sum - answerLump sum or fixed sum bid. The bid price is offered as a single-
number value that represents all the costs required to build the project.
Guaranteed maximum price (GMP) - answerThe cost of construction that the contractor
assures the client that the project will be built for
What is a type 1 RFI? - answerGraphic/ confirming RFI. The most straightforward type
of RFI would take approximately 1-2 labor hours or rework for a full-time equivalent
employee. This type of RFI receives a 2-hour point
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