CCP VCE Exam Download

Deliberate low bidding, sometimes referred to as "buying the job," is a strategy where a contractor bids below cost to win a contract, with the expectation of recouping losses through change orders, future projects, or other means.

Key Points:

Reasons for Low Bidding:

Survival:Contractors might low bid to secure work during tough economic times.

Reducing Competition:A low bid can push competitors out of the market.

Detecting Errors:Identifying significant errors in the purchaser's RFQ might lead to a strategic low bid.

Backing Out of Bid Competition:

This option does not align with the strategy of low bidding. Backing out would remove the contractor from the competition entirely, which is contrary to the purpose of low bidding.

Conclusion:The correct answer isB. Backing out of the bid competitionbecause this action is not a reason for low bidding—it is the opposite of participating in the bid.

A bid bond is a type of surety bond that guarantees the bidder will enter into a contract on the basis of their bid if they are awarded the contract. The purpose of a bid bond is to provide a financial guarantee to the project owner that the bidder will honor their bid and execute the contract at the bid price. If the bidder fails to do so, the bid bond compensates the owner for the difference between the bidder's price and the next lowest bid.

Option A: Surety bondis a broader category of bonds that includes bid bonds but is not specific to the bid guarantee.

Option B: Performance bondguarantees the completion of the project according to the contract terms but is issued after the bid is accepted.

Option D: Liability bondis related to covering legal liabilities, not bidding.

Thus,C. Bid bondis the correct answer as it specifically refers to the guarantee provided during the bidding process.

To calculate the volume of concrete required for a slab, the formula for volume in cubic feet is:

Volume=Length×Width×Depth\text{Volume} = \text{Length} \times \text{Width} \times \text{Depth}Volume=Length×Width×Depth

Given:

Length = 13.5 feet

Width = 10 feet

Depth = 6 inches (which is 0.5 feet)

Volume=13.5×10×0.5=67.5 cubic feet\text{Volume} = 13.5 \times 10 \times 0.5 = 67.5 \text{ cubic feet}Volume=13.5×10×0.5=67.5 cubic feet

To convert cubic feet to cubic yards (since 1 cubic yard = 27 cubic feet):

Cubic Yards=67.527=2.5 cubic yards\text{Cubic Yards} = \frac{67.5}{27} = 2.5 \text{ cubic yards}Cubic Yards=2767.5​=2.5 cubic yards

Upon review, there seems to be a mistake in the available options, as the calculation yields 2.5 cubic yards, which would suggest a correct answer is not listed. Given the options provided, I would selectD. 2.5 cubic yardsas the closest accurate calculation. However, if constrained to the given answers,B. 2.0 cubic yardsis incorrect by calculation standards.

Total Cost Management (TCM) is a holistic approach that involves the application of practices and processes to manage the total life cycle costs of a portfolio of strategic assets. This concept extends beyond individual project management to encompass the entire investment life cycle, from initial planning and design through to operation, maintenance, and eventual decommissioning or replacement of assets. TCM aims to optimize the total cost of ownership and ensure that resources are allocated efficiently over the long term.

Option Arefers to a specific method for quantifying construction damages, not the broad concept of TCM.

Option Cdescribes a job cost system, which is a narrower focus than TCM.

Option Dincorrectly states that TCM does not link to project management, resource management, or accounting, which are integral to TCM.

Therefore,Bis the correct answer as it best describes the comprehensive and life cycle-oriented nature of Total Cost Management.