CTB Project Management & Planning Flashcards

What is the primary purpose of a project punch list in track construction?

Answer: To document incomplete or deficient items that must be corrected before final acceptance

A punch list identifies all unfinished work, defects, and corrections required to reach substantial or final completion.

Which type of contract places the most cost risk on the contractor?

Answer: Lump sum (fixed price) contract

In a lump sum contract the contractor bears all cost risk because the price is fixed regardless of actual costs incurred.

A look-ahead schedule on a track project is typically prepared for a window of:

Answer: 2 to 6 weeks

A look-ahead schedule focuses on near-term work (usually 2–6 weeks) to coordinate daily and weekly crew activities.

Subcontractor prequalification on a track project is intended to:

Answer: Verify that subcontractors have the experience, financial capacity, and safety record required for the work

Prequalification screens subcontractors before bidding to reduce risk by ensuring only capable firms are invited to participate.

A project closeout package for a track project typically includes:

Answer: As-built drawings, operation and maintenance manuals, warranties, and final lien waivers

Project closeout documentation provides the owner with all records needed to operate, maintain, and verify the completed track system.

Which risk response strategy involves purchasing insurance or performance bonds on a track project?

Answer: Transfer

Risk transfer shifts the financial consequence of a risk to a third party, such as an insurer or surety, through bonds or insurance policies.