S tate whether True or False:

a. In restrictive bidding, the first stage is pre-qualification of contractors.

b. Earnest money deposit is nothing but a type of security deposit by contractor.

c. M aterials productivity is the ratio between work units and materials quantity.

d. Workers’ productivity is measured by quantity of work done per man-hour.

e. Bid price in general includes project overheads, common labour cost, plant and equipment cost, labour cost, material cost, subcontractor cost, general overheads, profits and allowances for risks.

f. Indirect cost subsumes cost of material, cost of labour, cost of plant and equipment, subcontractor cost and crew cost.

g. D irect costs are nothing but all the project overheads.

h. P roject overheads subsume salaries and benefits, insurance cost, financing cost, conveyance cost, travel and transfer cost, taxes and duties.

i. O perational estimating and unit rate estimating are two important ways to analyse the rates.

j. M ark-up includes the sum of general overheads, provisions for risks, and profit margin.

k. Bidding models are generally based on game theory, cash flow and statistics (expected monetary value and expected utility value).