Flashcards
Project financial control and cost reporting
Cards in this deck (12)
- 1What is the purpose of change control on a construction project?The purpose of change control is to provide a method of assessing and managing change, giving details of consequent cost, programme and scope effect.
- 2How would you manage cost on a construction project?Ensuring involvement from the start, to make financial decisions in relation to design and changes. At design stage set value engineering workshops.
- 3When does value engineering occur?1. Concept- VM Workshop 1
2. Feasibility- VM Workshop 2
3. Scheme design- VE
4. Detailed Design- VE - 4What is the aim of value Engineering?The aim is to increase the value of products, satisfying the product’s performance requirements at the lowest possible cost.
- 5what are some benefits of value engineering?Cost saving on construction
increase building efficiency
reduction of life cycle costs
improvement in quality - 6What is risk management?- A process for identifying, assessing and responding to risks associated with delivery a project.
- Establishes a set of procedures by which risks are managed and mitigated - 7What are the stages of risk management?1. IDENTIFY
2. ANALYSE/ ASSESS
3. RESPOND
4. MONITOR AND CONTROL - 8What is a variation?Alterations or modifications to the design, quality or quantity of the contract works
- 9What methods are there of obtaining a cost variation?- Agreement of cost between the employer and contractor
- A schedule 2 quotation
- Valuation by the QS under the valuation rules - 10What Costs should the quote containa) Value of the work
b) Any adjustment of time
c) Money in lieu of direct loss and expense
d) The fair and reasonable cost of preparing the quotation - 11What is loss and expense?Reimbursed money to the contractor for direct loss and/or expense incurred in carrying out additional work or from an employer’s breach of contract
- 12What is a final account?Detailed statement of all the adjustments to the contract sum, showing the total amount that the employer is liable to pay.
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- chartership T67 Project Financial Control and Reporting Flashcards on Project financial control and cost reporting, created by Fred Fulford on 31/05/2015.
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- Fred Fulford
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