April Review - Business Planning, Ethics, Programming & Data Management Flashcards
What is Data?
Collection of information and the basic input to any decision making process
e.g emails, cost information, pricing
What is the data management process?
Collating, Storing, Organizing, Accessing & Deleting data
How can data be stored?
Physical: in secure storage units
Electronic: Cloud data bases
How to protect data?
- Assign passwords to documents, folders and computers
- Auto locking computers
- Access restriction and restrict unathorised access
- Automatic backup
- Internet security and anti virus
Common sources of published and internal data?
SPONS Published by AECOM
BCIS Published by RICS
Series of pricing across the industry, allows for accurate cost estimating for a comprehensive comparison.
What is the Data Protection Act?
UKs implementation of GDPR
Controls how personal information is collected and used by organisatinos
What is GDPR?
General Data Protection Act
EU Law
Strong set of data protection laws
Protects individuals personal data
Key personell under GDPR?
Data Controller: Decides how and why to collect the data.
Data Processor: Processes the data on behalf of the controller.
Data Subject: the individual which data is about
What is BIM
The process of building collaboratively using one coherent system of computer models rather than separate sets of drawings. Incoorporates the design, construction and maintenance of the building.
Advantages of a cloud based system/ BIM?
- Easily accessible for all
- Environmentally friendly
- Security controlled
- Time saved for repetitive works
Disadvantages of a cloud based system?
- May require training
- Possible system errors
- Initial cost
- Online security can pose a threat
What is a business plan?
A document that defines the business objectives and suggests strategies to be undertaken to realise how this will be achieved within a defined time frame.
What is a business strategy?
Outlines the actions and decisions a company plans to take to reach its business goals and objectives.
What are typical business objectives?
- Profitability
- Retain staff
- Retain clients
- Establishing and maintaing productivity
- Sustaining cashflow
- Planning for growth
Components of a business plan?
- Executive Summary
- Marketing strategy
- Financial forecasts
- Products and services
- Vision statement
How to ensure a company’s profitability?
- Grown client base and maintain
- Hightlight key business objectives
- Responding to change
- Accurate forecasting and budgeting
- Increased productivity and efficiency
Business Structures
Partnerships, LLP, PLC and Sole Practitioner
Organisational structures
Hierarchial, Flatarchy, Team based, Divisional
Difference between fee earner and non fee-earner?
Fee: PM, QS, Architect
Non Fee: IT, Admin, Bid, Accounting
Issues of high staff turnover?
- High recruitment costs
- High training costs
- Inconsistency in work and disatisfied for clients
- Reputational damage
SWOT Analysis?
Structured analysis of the market:
Strengths
Weaknesses
Opportunities
Threats
Pestle Analysis?
Structured Method of analysing key factors affecting the market:
- Political
- Economical
- Social
- Technological
- Environmental
SMART Targets
A criteria for setting goals in project management:
Specific
Measurable
Attainable
Realistic
Timely
What is a programme?
A sequence of events to complete the overall tasks.
What are key milestones of a project?
Tender Period: tender pack, tender review appointment.
Start on site: Foundations, superstructure, services, finishes.
Defects
- Overall start date
- Overall completion date
- Start and end date for each activity and float
- Critical Path
Benefits of a project programme?
A) Resourceful planning of activities
B) Monitor progress
C) Manages resources
Different types of project programme?
- Contractors Master Programme: Scheduled and sequence of construction activites
- Clients Overall Programme: everything from appointment to completion
- Design Programme: Sequence of design tasks from inception to technical compleion.
- Information release schedule: which information needs to be released by the design team.
What is float?
The amount of time an activity can be delayed without delaying the subsequent activity of critical path.
What is the critical path?
The longest sequence of activities which must be completed to avoid any delay
Project Acceleration?
Risks?
Moving a project closer to completion date at a faster pace than originally planned to complete works ahead of the contract completion date.
- Shift work can lead to inconsistencies in the quality of work
- Night/ weekend work can be expensive due to enhanced payment
- Imbalance between supervision, labour, plant and materials
What is a Gantt Chart?
A way of displaying programme through a combination of bars each relating to an activity of a specifed duration.
What is a work breakdown structure?
Breakdown of project into manageable tasks.
What is the structure of RICS?
- Regulatory
- Managing
- Presidential
- Governing
What is the RICS decision tree?
A pathway to follow when making ethical decisions.
It encourages members to consider the legaility of their actions and clear reasoning behind actions.
What is a conflict of interest? example:
A situation where a person’s professional judgment may be impacted.
EG working for a friend
How to proceed with a conflict of interest?
Ensure parties are aware of the conflict and proceed to instruct with a letter of consent/instruction.
What insurances are required for an RICS firm?
PII
Employer’s Liability Insurance
What is employer’s liability insurance?
Covers people under work in the even of illness or injury.
What is PII?
Professional Indemnity Insurance
Covers in the even of professional negligence
Minimum cover depends on company turnover
£100,000 or less - £250k
£200k or more - £1 mil
What are the minimum requirements for PII?
Depends on the company’s turnover
What is run-off cover?
For PII you must ensure previous employees or work is covered after practicing
What is a locum?
In the event of absence or illness, it’s a plan to cover the individual.
CPD requirements for Chartered professionals?
20 Hours a year with at least 10 Formal
CPD requirements for APC?
48 hours over 12 months
Formal v informal CPD?
Continued Professional Development
Formal is structured with a learning objective
Informal is self-managed learning
5 Rules of Conduct?
Honesty & Integrity, Competence, Quality, Respect and Diversity & Public Interest
Honesty & Integrity?
- Be open and transparent about fees
- Do not mislead others
- Do not take unfair advantage
Competence?
- Maintain the required level of competence
- Only carry out works which are within your level of competence
Respect & Promote diversity and inclusion
- Treat everyone equally
- Do not bully or harass
Quality Service
- Understand clients needs and objectives before carrying out works
- Agree the scope of services, timescales and limitations
- Understand risks and benefits of using relevant technology
Act in Public Interest?
- Must respond properly to complaints made
- Must mange their professional finances responsibly
- Mus report breaches of the codes of conduct to RICS
Setting up a practice?
- Inform the RICS
- Appoint a contact officer
- Register with the RICS for Regulations
- Arrange suitable PII
- Set up a client account for handling money
- Set up a complaints handling procedure
- Set up staff training and CPD
Advised complaints handling procedure?
Should be
- Fit for purpose
- Understood
- Available
- Readily shared
- Reviewed regularly
2 Stages
1 - Written complaint received and reviewed by the firm, acknowledged within 7 days and responded to within 28 days.
2 - Should include a separate provider which should be approved by the RICS.
Bribery Act 2012 - what is a bribe?
What are the offences under the act?
An offering to influence a person of responsibility
- Offering a bribe
- Accepting a bribe
- Failing to prevent a bribe
- Bribing a foreign official
RICS bodies?
Matric
Lionheart
Matrics: a network for young professionals they arrange a series of events
Lionheart: charity organised by the RICS to help members in times of need / financial assistance.
Primary & Secondary Data?
Primary: Raw & Unfiltered
Secondary: Processed, when it actually becomes informative
Purpose of data collection?
- To obtain information
- Keep on record
- Make decisions about issues
- Pass information on to other
Examples of data
- Cost data
- Market prices of material and labour
- Payment certificates
- BoQ
- Legislation & Law
Hierarchical business system
Relies on having different levels of authority with a chain of command.
Rules of Data Protection
- Used fairly, lawfully and transparently
- Used for specified, explicit purposes
- Used in a way that is relevant and limited to what is necesary
- Accurate and kept up to date
- Kept for no longer than necessary
- Appropriate security
Professional Obligations of RICS members and firms
- Compy with RICS CPD requirements
- Must cooperate with RICS
- Must provide information reasonably requested by Regulatory board
Firms
- CHP
- PII cover
- Cooperate
- Display business literature
Governing:
Highest governing body setting out global strategy, providing leadership and expertise for public trust.
Presidential
Anne Grey - Leading ambassador
Regulatory
Responsible for RICS professional standards, entry & admissions, sets education and qualification.
Management Board
Direct RICS affairs under delegated authority from the governing board
Executive Board
Senior management at RICS who run on a day to day basis for implementing decisions of other boards.
Conflict of interest
Where someone in a position of trust has a competing personal or profession interest making it dificult to fulfil their duties impartially.
Informed consent: Where all parties in writing they fully understand the conflict of interest.
Black Books?
Recommendations for specific tasks
Guidance notes
Shoulds
Professional Statements
Musts
