Commercial management of construction cards

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chartership T10 Commercial Managment of Construction Flashcards on Commercial management of construction cards, created by Fred Fulford on 30/05/2015.
Fred Fulford
Flashcards by Fred Fulford, updated more than 1 year ago
Fred Fulford
Created by Fred Fulford over 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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