04 Estimates and Budget Costs Flashcards
The client asks you to set a budget for a project. How would you do this ensuring that it was as accurate as possible?
???
What is a cost plan and how is it set out?
???
What is the difference between a cost plan and an estimate?
???
Explain to your client how he benefits from the cost planning process.
???
How does a cost plan help a designer?
???
After carrying out a cost plan you find the cost of the works exceeds the budget. What action would you take and who would you liaise with?
???
What is meant by the term ‘value engineering’?
The process used to drive out unnecessary and excessive costs in order to ensure value for money
Give an example a value engineering exercise you have been involved in.
???
Is value engineering the same as cost cutting?
Not just cost cutting - it may also require increasing initial spend in order to achieve greater value
When is the best time during the cost planning process to implement value engineering workshops?
???
Who should be involved in the value engineering process?
???
How can life-cycle costing be used in a value engineering exercise?
???
How do you communicate the results of a value engineering exercise to your client?
???
What is value management?
???
How can value management be used within a feasibility study?
???
What is the difference between value engineering and value management?
???
How can the principles of value management be used to enhance the value for money delivered to a client on a project?
???
When is the best time during a project to implement value management workshops?
???
How might whole-life costing help in a value management exercise?
???
What is the difference between cost and value?
???
How can you demonstrate to a client that you are achieving best value on his project?
???
What is the difference between lowest cost, cost certainty, cost control and best value?
???
What is a cost / benefit analysis?
???
What are the typical exclusions you would expect to see associated with a construction estimate?
???
What factors influence the accuracy of an estimate?
???
What would you do if the budget on a project is exceeded through valid variations / compensation events?
???
What sources of additional finance may be available to you client on a project?
???
Why might you need to know how your client is funding his project?
???
How is VAT dealt with when setting a budget for your client and why?
???
