KJ's Educational Institute TRINITY ACADEMY OF ENGINEERING, PUNE (Approved by AICTE, law Dethi, Govt. of Maharachtra & affliated to SPPU, DTE Cade: EN6S34) TRINITY (Accredited by NAAC with ‘A’ Grade) Department: Civil Engineering Class: BE Name of Subject: Construction Management Prepared by: Mr. Shrikant R. Kate Multiple Choice Questions (MCQ) Unit 4: Elements of Risk Management and Value Engineering L is the possibility of loss or injuries a) Risk b) Accident ©) Delay 4) Late Answer: a) Risk 2 is the art and science of identifying assigning and responding to risk throughout the life of'a project and in the best interest of meeting project objectives a) Risk management b) Project Management c) Value Management d) Site Management Answer: a) Risk management 3. Components of risk mitigation a) Prevention b) Precautions ©) Mitigation and Coping 4) Prevention, Precautions, Mitigation and Coping Answer: d) Prevention, Precautions, Mitigation and Coping 4. Risk Management Process in Construction Project i. Risk Identification ji, Risk Assessment / Analysis iii, Risk Response iv. _ Risk monitoring and control a) is b) iii-iv- iii ©) itii-iv-i Department of Civil Engineering Prepared by: Mr. Shrikant R. Kate Page 1z TRINITY 6 KJ's Educational Institute TRINITY ACADEMY OF ENGINEERING, PUNE (Approved by BICTE, New Delhi, Govt. of Mt 2 & affllated to SPPU, DTE Code: E6634) (Accredited by NAAC with ‘A’ Grade) d) viii Answer: a) i-ii-iii-iv has evolved as a process of safeguarding the interest of people from loss and uncertainty a) Loan b) Increment c) Insurance d) None of above Answer: c) Insurance ccan be defined as a contract whereby the insurance company seeks fo provide coverage and indemnify the construction contractor or the client against a potential perl, loss, damage, or liability that arises from the performance of the construction work a) insurance ) building insurance ¢) Construction insurance 4) Labour insurance Answer: c) construction insurance ‘Types of construction insurance ) Contractor's All Risk Policy (CAR) and Professional Iudenmity Policy b) Contractor Plant and Machinery Policy and Public and Product Liability ©) Worker's Compensation poliey and Compulsory third party motor vehicle insurance policy 4) All ofabove Answer: d) All ofabove is the stdy of how variation or uncertainty in the ontput of a mathematical model can be apportioned, qualitatively or quantitatively to different sources of variation in the input of the model a). Break even analysis b). Risk Analysis ©) Sensitivity analysis ) Decision tree analysis Answer: c) Sensitivity analysis is based on categorizing production costs between those which are “Variable” (costs that changes when the production output changes) and those that are fixed (costs not directly related to the volume of production a) Break even analysis b) Simulation Analysis, c) Decision tree analysis Department of Civil Engineering Prepared Page 2KJ's Educational Institute TRINITY ACADEMY OF ENGINEERING, PUNE (Approved by AICTE, Naw Deli, Gout of Mi 2 atfllate!to PPL, OTE Code: ENGE24) TRINITY (Accredited by NAAC with ‘A’ Grade) d) Sensitivity analysis Answer: a) Break even analysis 10. is a method where in the infinite calculations are made to obtain the possible outcomes and probabilities for any choice of action a) Break even analysis b) Simulation Analysis c) Decision tree analysis d) Seasitivity analysis Answer: b) Simulation Analysis u. is a mathematical model that calculates the impact of uncertain inputs and decisions we make on outcomes that we care about sueh es profit and loss a) Break even model b) Simulation model ©) Risk model 4d) Sensitivity model Answer: b) Simulation model 2. is @ chronological representation of the decision process a) Decision tree b) Nou-Decision tee ©) Free-Decision tree d) None of above Answer: a) Decision tree 13. The of a product or service is recognized according to the appropriateness level of its performance and cost a) Price b) Value ©) Cost d) Money Answer: b) Value 14. value can be by either increasing the performance or decreasing the cost a) increased b) decreased ©) constant 4) not defined Answer: a) increased 15. The full range of value fechniques available, This is a higher order title and is not linked to a particular project stage at which value techniques may be applied a) Value Management (VM) Department of Civil Engineering Prepared Page 3KJ's Educational Institute TRINITY ACADEMY OF ENGINEERING, PUNE (Approved by AICTE, law Dethi, Govt. of Maharachtra & affliated to SPPU, DTE Cade: EN6S34) TRINITY (Accredited by NAAC with ‘A’ Grade) b) Value Planning (VP) ©) Value Engineering (VE) 4) Value Analysis (VA) Answer: a) Value Management (VM) 16. is a method of highlighting possible opportunities to create value within a project and subsequently managing those solutions to ensure value is continuously delivered ©) Value Management (VM) 1) Value Planning (VP) g) Value Engineering (VE) h) Value Analysis (VA) Answer: a) Value Management (VM) 17. Value techniques applied during the planning phases of a project a) Value Management (VM) b) Value Planning (VP) ©) Value Engineering (VE) 4) Value Analysis (VA) Answer: b) Value Planning (VP) 18. Value techniques applied during the design or ‘engineering’ phases of a project. a) Value Management (VM) b) Value Planning (VP) ©) Value Engineering (VE) d) Value Analysis (VA) Answer: c) Value Engineering (VE) 19, isa methodology used to analyze the fimction of the goods and services and to obtain the required functions of the user at the lowest total cost without reducing the necessary quality of performance. )_ Value Management (VM) b) Value Planning (VP) ¢) Value Engineering (VE) d) Value Analysis (VA) Answer: c) Vale Engineering (VE) 20. is a method used to eliminate any unnecessary costs, in order to achieve value for money on a project. ©) Value Management (YM) f) Value Planning (VP) ) Value Engineering (VE) h) Vale Analysis (VA) Department of Civil Engineering Prepared by: Mr. Shrikant R. Kate Page 4KJ's Educational Institute TRINITY ACADEMY OF ENGINEERING, PUNE (Approved by AICTE, New Delhi, Govt. of Maharashtra & affilated to SPPU DTE Cave: EN6S24) TRINITY (Accredited by NAAC with ‘A’ Grade) Value Engineering (VE) 21. Value techniques applied retrospectively to completed projects to analyse or audit the project’s performance a) Value Management (VM) b) Value Planning (VP) ©) Value Engineering (VE) d) Value Analysis (VA) Answer: d) Value Analysis (VA) 2. is a standardized, multi-skilled team approach which aims at identifying the lowest cost way and ensuring the highest worth to accomplish the fimetions ofa product, process or service a) Value Management (VM) b) Value Planning (VP) ©) Value Engineering (VE) ) Value Analysis (VA) Answer: d) Value Analysis (VA) 23. Value Management (VM) and Value Engineering (VE) are techniques concemed with defining, maximising and achieving a) ‘value for money’ (VIM) b) Value Planning (VP) ©) Value Efficiency (VE) d) Value Analysis (VA) Answer: a) 'value for money’ (V£M) 24. includes resourees that rely on fuel sources that restore themselves over short periods of time and do not diminish a) Renewable energy b) Non-Renewable energy ©). Renewable energy and Non- Renewable energy 4) None of above Answer: a) Renewable energy 25, is energy that cannot restore itself over a short period of time and does diminish a) Renewable exergy b) Nou-Renewable energy c) Renewable energy and Non- Renewable energy 4) None of above Answer: b) Non-Renewable energy 26. Renewable energy also called as Department of Civil Engineering Prepared by: Mr. Shrikant R. Kate Page 5KJ's Educational Institute TRINITY ACADEMY OF ENGINEERING, PUNE (Approved by AICTE, Haw Delhi, Gv of Mt a B afllate to SPPL, OTE Code: E6634) TRINITY (Accredited by NAAC with ‘A’ Grade) a) conventional energy b) Nou-conventional energy ©) energy 4d) None of above Answer: b) Non-conventional energy 27. Non-Renewable energy also called as a) Conventional energy b) Non-conventional energy c) energy 4d) None of above Answer: a) Conventional energy 28. Solar, wind, and hydro are example of a) Renewable energy (Non-conventional energy) b) Non-Renewable energy ©) Renewable energy and Non- Renewable energy 4) Nene of above Answer: a) Renewable energy (Non-conventional energy) 29. Coal, oil, and natural gas are example of a) Renewable exergy (Non-conventional energy) b) Non-Renewable energy (Conventional energy) ©). Renewable energy and Non- Renewable energy d) None of above Answer: a) Non-Renewable energy (Conventional energy) can be defined as changes in the cost or price of specific goods or services in @ given economy over a period a) Price escalation b) Cost escalation ©). Value escalation ) Money escalation Answer: b) Cost escalation Department of Civil Engineering Prepared Page 6