Final answer:
The statement is false as Turn Key projects are typically handled by one entity that designs and constructs the project, not separate firms.
Step-by-step explanation:
The statement is True. Turn Key projects are indeed known as projects that are designed and built by separate firms. In a Turn Key project, a single firm takes responsibility for the entire project, from design to construction to final completion. This means that the firm will handle all aspects of the project, including hiring the necessary contractors, obtaining permits, and ensuring that the project is delivered ready for use by the client.
The statement that [T/F] Turn Key projects are known as projects that are designed and built by separate firms is false. Turn Key projects, also referred to as key projects, are typically projects where one entity (a contractor or a firm) handles both the design and construction aspects of the project. This is in contrast to situations where, for example, a team of architects develops the design of a building and a separate team of engineers might devise the construction plans for that building. In Turn Key projects, the customer is delivered a finished product that is ready for immediate use, hence the name 'turn the key.'