2847750
Description
Flashcards by Fred Fulford, updated more than 1 year ago
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Created by Fred Fulford
almost 9 years ago
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| Question | Answer |
| What are some techniques to reconcile cost against income? | Cash flow forecasts, profit and loss account, cost reporting. |
| What would you included in a cost report? | Contract Sum Agreed/instructed variations Potential variations Claims Anticipated final account Total Payments |
| What is the purpose of a cost report? | Report against budgeted values. Give the client and understanding of any savings or additional monies required Report the contract progress against pre-contract predictions. |
| What makes up the cost of a project to a contractor? | Elemental breakdown forms a contract sum. With this there will be OH&P, prelims, contractor contingency, design costs to them |
| How can the design have an affect on the cost of a project? | Through the specification of materials. Build-ability of the design. Detail and level of design. Type of works being undertaken - New build or re-furb. Design risks - knowns and unknowns |
| What are the sources of cost data that are often used by surveyors when preparing estimates? | Previous Projects Price Books BCIS Live pricing/ costing documents from the market. Cost Models and published cost data |
| What is value engineering? | Organised approach aimed at providing the necessary functions at the lowest cost without affecting quality, reliability, performance or delivery. Ensuring the product is efficient as it can. |
| What information would typically accompany a budget estimate for a construction project? | • A covering letter • Executive summary • Specification notes • Assumptions • Exclusions • Drawings and specs • List of value engineering susggestions • A risk register |
| What is the main purpose of a cash flow forecast? | To ensure the employer has an accurate assessment of what needs to be paid to the contractor and when/periods. |
| What are the two types of cash flow forecasts? | Project cash flow- used to track construction progress/payments against the agreed programme Organisational cash flow - track money in and out to plan business and resources |
| 4 Methods of valuation payments | 1) Stage payments - pre-agreed values at pre agreed dates 2) Milestone payments - paid on reaching set millstones on a project 3) Activity Schedule payments - NEC Option A and C when certain activities are completed 4) Valuations - QS values the work |
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