Mock Questions & Weaknesses Flashcards
On what project would a GMP contract be best suited?
- Early cost certainty with incomplete design
- Collaboration between client and contractor
- Complex projects needing flexibility (e.g. healthcare, refurbishment)
- Open book procurement and transparent cost management preferred
On what project would a lump sum contract be best suited?
- Fully designed and detailed before tender
- Maximum cost certainty and minimal risk transfer
- Simple projects where change is minimal
- Competitive tendering is preferred to achieve best price
On what project would an approximate quantity contract be best suited?
- Early-stage projects with incomplete design or scope
- Projects with uncertain quantities where early cost certainty is not priority
- Complex or large-scale works (e.g. infrastructure, redevelopment)
- Projects where design evolves during construction but cost control is still needed
What is risk?
- Effect of stakeholders to variation in outcome
Or
- Effect of uncertainty on the project as a whole
What is your understanding of a conflict of interest?
Occurs when a surveyor’s ability to act impartially is, or could be seen to be, compromised due to personal interests or relationships.
What is the simple method of risk quantification?
- Assigns a single likely cost and subjective probability to each risk. Expected value = cost × probability. Totals give overall risk allowance.
What are the advantages of the simple method of risk quantification?
- Quick and easy to apply
- Suitable for early-stage estimates
- No specialist tools needed
What are the disadvantages of the simple method of risk quantification?
- Highly subjective
- Lacks depth and realism
- Doesn’t consider range of outcomes
What is the probabilistic method of risk quantification?
- Assigns best case, most likely case, and worst case cost estimates, each with a probability. Probabilities total 100%. Expected value is weighted average.
What are the advantages of the probabilistic method of risk quantification?
- More realistic than single-point estimates
- Captures a range of outcomes
- Still manageable manually
What are the disadvantages of the probabilistic method of risk quantification?
- Still subjective
- Can be time-consuming
- Accuracy depends on quality of assumptions
What is the Monte Carlo Simulation method of risk quantification?
- Uses computer software to simulate thousands of scenarios using probability distributions for each risk. Produces confidence levels and output curves.
What are the advantages of the Monte Carlo Simulation method of risk quantification?
- Provides detailed and data-rich analysis
- Reduces subjectivity
- Ideal for complex/high-risk projects
What are the disadvantages of the Monte Carlo Simulation method of risk quantification?
- Requires specialist software
- Needs quality input data
- More technical and time-intensive
What is the purpose of the Data Protection Act 2018?
Data protection legislation controls how your personal information is used by organisations
What is the difference between the GDPR principles and rights?
- Principles are obligations on organisations handling personal data.
- Rights are entitlements afforded to individuals
What are the seven principles defined by DPA 2018 and the UK GDPR that need to be complied with when processing personal data?
“Lovely People Don’t Always Store Information Afterall”
All personal data must:
* Be processed lawfully, fairly and transparently.
* Be kept to the original purpose.
* Be minimised (i.e. Only the personal data that is necessary is collected).
* Have the accuracy upheld.
* Be removed if they are not necessary.
* Be kept confidential and their integrity maintained.
* Accountability
Under UK GDPR, what are the rights that a data subject has when their personal data are processed?
- The right to be informed.
- The right of access.
- The right of rectification.
- The right to erasure (the ‘right to be forgotten’).
- The right to restrict processing.
- The right to data portability.
- The right to object.
- Rights in relation to automated individual decision-making and profiling.
What is UK GDPR?
UK General Data Protection Regulations: sets out requirements for how organisations need to handle personal data
What information does the GDPR apply to?
The GDPR applies to ‘personal data’, which means any information relating to an identifiable person who can be directly or indirectly identified in particular by reference to an identifier.
