You have decided to install a naturalistic outdoor pool in your backyard, replete with caves, live plants, boulders and sparkling waterfalls, capable of comfortably accommodating the party guests you occasionally
Which would better suit you, a turnkey contract or a cost-plus contract? Support your reasoning and enumerate the potential weaknesses of both approaches.
Answers will vary, likely due to the assumptions students make about their personal financial circumstances. A turnkey or lump-sum contract is one where the project organization assumes all responsibility for successful performance. Turnkey contracts work well when the contract is well-understood by all parties so initial cost estimates are reasonable. If project elements are missed or difficulties arise, the contractor is left holding the bag for all unforeseen costs. A cost-plus arrangement is one where the contractor's fee is fixed in advance and the requesting party pays for all costs plus the fee. The risk is shifted to the requesting party with this arrangement since there is little incentive for the contractor to hold the line on costs.
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Answer the following statement true (T) or false (F)
Which statement BEST describes routine reports?
a. They should be written in an informal style. b. Few employees are required to prepare them. c. They have little value in the overall management of a business. d. They are often based on the writer's experience and related notes or files.
The original statute of frauds is the English law that began the practice of requiring written evidence of certain kinds of contracts, but now the British government has repealed the writing requirement for most contracts
a. True b. False Indicate whether the statement is true or false
All of the following are attributes of an effective policy EXCEPT:
a. Detailed to direct behavior towards goal or objective b. Concise c. Relevant d. Action oriented e. Ambiguous