Ethics a. In light of the contractor’s numerous suggestions for changes to the project‚ is the owner somewhat justified in seeking additional offers? Yes‚ the owner has the right to seek additional offers‚ but should not be allowed to use the ideas of the contractor who had already won the bid if they decide to go with another offer. b. Is it premature for a contractor to offer price-cutting suggestions prior to signing a contract? Why or why not? Yes‚ I find it premature for the contractor
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to clear the market‚” what does this usually mean? Assume upward-sloping supply curves. a. No producer can cover the costs of production at that price. b. Quantity supplied exceeds quantity demanded at that price. c. Producers are leaving the industry. d. Consumers are willing to buy all the units produced at that price. 4. Which of the following statements is incorrect? Assume upward-sloping supply curves. a. If the supply curve shifts left and the demand remains constant‚ equilibrium price
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Demand‚ Supply‚ Market Equilibrium and Elasticity A. Elasticity of demand is shown when the demands for a service or goods vary according to the price. Cross-price elasticity is shown by a change in the demand for an item relative to the change in the price of another. For substitutes‚ when there is a price increase of an item‚ there is an increase in the demand for another item. When viewing complements‚ if there is an increase in the price of an item‚ the demand
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Construction Project and Procurement: A historic overview on the development of building procurement systems in the UK from post war period (1945) present day. The points in evolution a split into 4 phases; 1.1) Phase 1 1945 – 1972: The period before the World War 2 selective tendering methods were being used more prolifically‚ the Simon report 1944 (ministry of works 1944) strongly recommends the use of selective tendering. After the end of the 2nd World War there was an increase in the
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Explain what is meant by the terms price elasticity‚ income elasticity and cross elasticity of demand and discuss the main determinants of each of these. Discuss the importance of each of these to the decision making process within a typical business. Elasticity is the responsiveness to which one variable responds to a change in another variable Price elasticity of demand (PED) measures the responsiveness of quantity demanded of a product to a change in its price. If a relatively small change in
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Identifying Key Risks in Construction Projects: Life Cycle and Stakeholder Perspectives Dr Patrick. X.W. Zou1 ‚ Dr Guomin Zhang2 and Professor Jia-Yuan Wang3 1 and 2: Faculty of Built Environment‚ University of New South Wales‚ Sydney 2052‚ Australia; 3: College of Architecture and Civil Engineering‚ Shenzhen University‚ Shenzhen‚ P.R. China E-mail addresses: 1 p.zou@unsw.edu.au‚ 2 guominz@fbe.unsw.edu.au‚ 3 wangjy@szu.edu.cn Abstract Managing risks in construction projects has been recognised
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IDENTIFICATION CONTROL AND PREVENTION OF SOME CONSTRUCTION SITE ACCIDENTS PROPOSAL 1.0 INTRODUCTION The construction sector has been ranked as the industry with the highest number of occupational injuries that are both fatal and non fatal. When big construction jobs are initiated‚ such as building a new housing or shopping complexes‚ there is a great deal of movement going on in a small area. Cranes‚ trucks and diggers are all vying for space to complete their project in a timely manner. Every
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Social construction is one of the important sociological concepts that can be seen in this short story. Generally‚ social construction means that we perceive something in a certain way because our society is built that way‚ but if we functioned differently‚ we would view it in a different way. In this case‚ we can talk about social construction of death. In our society death is perceived as something unpleasant‚ as opposite of life and as a result it’s feared and resented. Additionally‚ we believe
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Challenges Facing Today’s Construction Manager Supplemental Reading for CIEG 486-010 Construction Methods & Management Bob Muir‚ PE Fall 2005 Challenges Facing Today’s Construction Manager By Bob Muir‚ PE Introduction There are numerous challenges facing today’s construction manager. Some are new to the industry‚ and some are centuries old. Many of these challenges are a direct result of construction operations‚ while others a result of indirect‚ peripheral activities. A surprising
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site manger role will be keeping records associated with safety e.g. statutory inspections‚ including records required by CDM for hazard management e.g. sub-contractors method statements etc and anything else required by statue or included in the Construction Phase Plan and by the relevant procedures in the contractors Manual of Quality‚ Safety and the Environment. In addition to this the assistant site manager would be consistent with what the employer and site manager wishes it to be and which would
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