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NEW QUESTION # 19
What important factor forms the basis for Risk Management strategies?
Answer: A
Explanation:
The foundation of risk management strategies is a clear understanding of how the organization will respond to risks (Option C).
Why Option C is Correct?
* Risk management is about preparing for and mitigating potential threats.
* FM professionals must develop response plans, contingency measures, and risk assessments to minimize disruptions.
* IFMA's Emergency Preparedness & Business Continuity competency emphasizes risk identification and actionable response strategies.
Why Other Options Are Incorrect?
* Option A (Knowledge of departmental goals, risks, and objectives): This helps identify risks but does not define how to respond to them.
* Option B (Knowledge of leadership strategies): Leadership strategies guide decision-making, but risk management focuses on concrete response actions.
NEW QUESTION # 20
When is the final payment made for a large-scale construction project?
Answer: A
Explanation:
For a large-scale construction project, the final payment is made only after receiving all deliverables, closeout documents, and lien releases (Option C).
Why Option C is Correct?
* A project is not considered fully complete until all deliverables, warranties, and lien releases have been submitted.
* Lien releases ensure that contractors, subcontractors, and suppliers have been fully paid, preventing future legal claims.
* Closeout documents include as-built drawings, operation manuals, and warranties, which are critical for facility operations.
* IFMA's Project Management Core Competency states that FM professionals must ensure all final compliance, legal, and financial obligations are met before final payment.
Why Other Options Are Incorrect?
* Option A (At the time of substantial completion): Substantial completion means the building is functional, but minor work (punch list items) remains. Final payment should not be made until all contractual obligations are met.
* Option B (After 100% construction completion): While physical construction may be completed, final administrative tasks, legal documentation, and compliance verifications must still be finalized before payment.
NEW QUESTION # 21
What should Key Performance Indicators (KPIs) for a project primarily focus on?
Answer: C
Explanation:
Key Performance Indicators (KPIs) in Facility Management (FM) project management should focus primarily on Critical Success Factors (CSFs) (Option B). CSFs define what is essential for a project to be deemed successful.
Why Option B is Correct?
* KPIs measure performance in relation to achieving project goals and ensuring efficiency, quality, and stakeholder satisfaction.
* Critical Success Factors (CSFs) include elements such as budget adherence, operational efficiency, risk mitigation, stakeholder engagement, and sustainability compliance.
* According to IFMA's Project Management Core Competency, successful project delivery requires FM professionals to identify and track CSFs to ensure project objectives align with organizational goals.
* KPIs should evaluate project quality, efficiency, and impact rather than focusing solely on financial or schedule-based factors.
Why Other Options Are Incorrect?
* Option A (Total project cost): While cost control is essential, it is only one aspect of project success.
Focusing solely on cost may overlook quality, compliance, or operational effectiveness.
* Option C (On-time delivery): Timely project completion is important, but not the only determinant of success. A project may be delivered on time but fail in other key areas such as performance, compliance, or stakeholder satisfaction.
NEW QUESTION # 22
What is the calculation for the building efficiency ratio?
Answer: C
Explanation:
Thebuilding efficiency ratiois a key metric infacility and real estate management, used to determinehow efficiently a building's space is utilized. TheIFMA Real Estate and Property Management competency defines the formula as:
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* Option B (Correct): This formula showshow much of the gross building area is rentable, making it a critical factor in leasing decisions.
* Option A (Common Area / Usable Area)doesnot measure building efficiency, but rathercommon area factor.
* Option C (Gross Area / Usable Area)isnot a standard efficiency metric.
* Option D (Usable Area / Rentable Area)measurestenant efficiency but not building efficiency.
Ahigher efficiency ratiomeansless wasted space and more rentable revenue.
NEW QUESTION # 23
During a large real estate project, what are the expenses of planning, design, construction, operation, maintenance, and disposition of a structure over time known as?
Answer: B
Explanation:
Life-cycle costing (LCC)accounts for allcosts associated with a buildingthroughout its lifespan, including:
* Initial costs(planning, design, construction).
* Operational costs(utilities, maintenance, repairs).
* End-of-life costs(renovation, decommissioning, disposal).
LCC enablesinformed decision-makingby comparing long-term cost implications of different design and material choices, supportingsustainable and cost-effective facility management.
NEW QUESTION # 24
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Customizable IFMA CFM practice exams (desktop and web-based) of TestsDumps are designed to give you the best learning experience, In order to let you know the latest information for the CFM learning materials, we offer you free update for one year, and the update version will be sent to your email automatically.