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According to Hofstede's Cultural Dimensions, Individualism is when a person prioritises themselves over a group. Is this correct?
Hofstede's dimension contrasts individualism with collectivism. In individualistic cultures, the individual is prioritised over the group.
In a fixed lump sum contract, this pricing mechanism does not allow for any changes in price. Is this statement TRUE?
Fixed lump sum contracts are widely used in construction and infrastructure projects.
Answer Options:
Fixed Lump Sum contracts allow limited price changes under specific conditions (p.55), such as client variation requests, force majeure, or inflation adjustments. Firm Fixed Price contracts, however, do not allow any changes. [P.55]
When is a cost-plus pricing arrangement most likely to be used?
Answer Options:
Cost-plus pricing is best suited for high-risk environments (p.93), such as fluctuating commodity markets. It reduces risk for suppliers by allowing cost adjustments based on actual expenses plus a margin. Option A is incorrect because low-risk projects favor fixed pricing. [P.93]
A local library is contracting a construction firm to design and build a new extension using a target costing method. Which of the following statements are true about this pricing mechanism? Select all that apply
Target costing requires a collaborative relationship between the client and contractor. The other options do not accurately describe the target costing approach.
Fire Light Corporation has secured a contract to design a new bridge for a local council. The council wants a price set in advance but allows for minor adjustments due to unforeseen circumstances. Which pricing mechanism is most suitable?
A fixed lump sum contract sets the price in advance while permitting small adjustments if necessary.
