Alex Spring 10.05.24 Flashcards
What is a risk?
SH: something which may occur that will have a negative impact on the project’s/client’s goal.
SH: In terms of Risk Register? - the probability of the risk identified occuring ie therefore ‘risk analysis’ where probability of something occuring is analysed?
What is an ‘incident’?
Something which has occured??
SH: with an associated impact ie cost and time implications? Contingency spent?
How do you ‘score’ risk? (heat charting)
SH: not EMV (Estimated Monetary Value), but, grading of potential impact ie big or small (priority of needing to deal with)? So, Cost (1-5) x Probability (1-5) = High (25); Low (2)?
How do you ‘quantify’ risk? (the probability)
SH: Identification of likelihood of occuring / identify probability of occuring? therefore probability analysis?
or,
Quantify = cost x probability (EMV)?
Qualify = cost severity x probability?
Ref flashcard below.
How do you apportion/deal with risk? (eg reduce, transfer, etc)
Refer to other flashcards.
How is risk ‘quantified’ and ‘qualified’? (quantified - cost x probability ie EMV; qualified - heat chart ie impact severity)
As flashcard above?
What types of structural frames are there?
What costs are associated with these?
What are the advantages/disadvantages of each?
Types and Adv/Disadv - As other flashcards.
Costs - ????????
What is the difference between the JCT and NEC?
As other flashcards.
What is a Relevant Event? (entitled to EoT; no one at fault)
As other flashcards.
What is a Relevant Matter? (entitled to EoT and L&E; cost claim justified)
As other flashcards.
Differences between JCT Minor and JCT Intermediate?
As other flashcard (somewhere - Guidebook?)
Difference between a CA and and EA?
As other flashcard (Guidebook?)
JCT Practice Note - Pricing Options? (A-BoQ/SoW; B-Formatted and prepared by contractor in submision)
Check this:
Pricing Option A - BoQ/SoW prepared by client
Pricing Option B - Formatted and prepared by contractor on submission
What is LAD?
How assess LAD on your project (high level)
Liquidated Ascertained Damages.
Figure in contract particulars identifying imposition of costs on the contractor if fail to reach completion date.
Based on realistic costs
Calculated by Client
Assess - to check if reasonable - review ‘heads of claim’ costs client used - heads of claim applicable? costs realistic?
What is the process for imposing LADs on the contractor?
1 - Client notify contractor intend to impose LADs and validity of doing this.
2 - Client issue a Pay Less Notice (at least 5 days before final date for payment), identifying reasons and calculation of cost imposition.
3 - Issue payment, subtracting LAD costs notified.
