Bids & Project Management Flashcards
Choose all that are true about Direct Costs:
Costs of advertising, bad debt allowances, loan payments and interest, material storage, equipment maintenance, license fees, and any other administrative costs of the business
Profit is usually expressed as a percentage of total bid price
The total cost of all labor necessary for the project.
All other costs which may be directly attributed to the project, such as permit fees, loan interest and fees, equipment rental or purchase prices, and additional insurance and bonding requirements
Office expenses, including office rental, office equipment and supplies, and wages and benefits for administrative personnel
Usually calculated as a percentage of the bid price In general, smaller contractors tend to have a higher overhead % due to the fact that some costs do not increase at the same rate as sales if a business grows
Failure to include profit in bid calculations will threaten the existence of a business
The total cost of all materials which are to be used or installed as part of the contract
Most small business failures result from a lack of sufficient cash flow
The total cost of all labor necessary for the project.
All other costs which may be directly attributed to the project, such as permit fees, loan interest and fees, equipment rental or purchase prices, and additional insurance and bonding requirements
The total cost of all materials which are to be used or installed as part of the contract
Choose all that are true about Overhead Costs
Usually calculated as a percentage of the bid price In general, smaller contractors tend to have a higher overhead % due to the fact that some costs do not increase at the same rate as sales if a business grows
Most small business failures result from a lack of sufficient cash flow
The total cost of all materials which are to be used or installed as part of the contract.
Profit is usually expressed as a percentage of total bid price
Costs of advertising, bad debt allowances, loan payments and interest, material storage, equipment maintenance, license fees, and any other administrative costs of the business
All other costs which may be directly attributed to the project, such as permit fees, loan interest and fees, equipment rental or purchase prices, and additional insurance and bonding requirements
Failure to include profit in bid calculations will threaten the existence of a business
The total cost of all labor necessary for the project
Office expenses, including office rental, office equipment and supplies, and wages and benefits for administrative personnel
Usually calculated as a percentage of the bid price In general, smaller contractors tend to have a higher overhead % due to the fact that some costs do not increase at the same rate as sales if a business grows
Costs of advertising, bad debt allowances, loan payments and interest, material storage, equipment maintenance, license fees, and any other administrative costs of the business
Office expenses, including office rental, office equipment and supplies, and wages and benefits for administrative personnel
Choose all that are true about Profit
Profit is usually expressed as a percentage of total bid price
Most small business failures result from a lack of sufficient cash flow
The total cost of all labor necessary for the project
Office expenses, including office rental, office equipment and supplies, and wages and benefits for administrative personnel
All other costs which may be directly attributed to the project, such as permit fees, loan interest and fees, equipment rental or purchase prices, and additional insurance and bonding requirements
Usually calculated as a percentage of the bid price In general, smaller contractors tend to have a higher overhead % due to the fact that some costs do not increase at the same rate as sales if a business grows
Failure to include profit in bid calculations will threaten the existence of a business
Costs of advertising, bad debt allowances, loan payments and interest, material storage, equipment maintenance, license fees, and any other administrative costs of the business
The total cost of all materials which are to be used or installed as part of the contract
Profit is usually expressed as a percentage of total bid price
Most small business failures result from a lack of sufficient cash flow
Failure to include profit in bid calculations will threaten the existence of a business
Recommended bidding practices include which of the following?
Prepare an estimating take-off form to show all details of the project which must be included in the price
If the customer is not willing to pay a fair price, don’t do the job
Use a written checklist to help find each job detail which can influence its cost
Completely recheck a bid before it is submitted
It is always best to bid against the competition to make sure you get the job
Avoid projects which will overextend the managerial or financial resources of your business
It is recommended to reduce the price without making modifications to the bid to make sure you get the job
Take any job even if the specifications are unclear
Prepare an estimating take-off form to show all details of the project which must be included in the price
If the customer is not willing to pay a fair price, don’t do the job
Use a written checklist to help find each job detail which can influence its cost
Completely recheck a bid before it is submitted
Avoid projects which will overextend the managerial or financial resources of your business
Before choosing a scheduling method, a contractor should take the following steps:
Note any items which will need to be ordered in advance
Try to schedule phases of the project as opposed to individual activities
Talk to several large companies and find out what method they use and go with that method
Go day by day on the job instead of over-planning because plans are bound to fail
Review the bid, plans and specifications. Divide the project into its separate parts and determine how long each of them will take
Note any items which will need to be ordered in advance
Try to schedule phases of the project as opposed to individual activities
Review the bid, plans and specifications. Divide the project into its separate parts and determine how long each of them will take
MBE
Minority Business Enterprise
Best Practice Management
Represent procedures that have been proven to be the most efficient in implementing specific operations
Scope
The overall perimeters of a job
Scheduling
Coordination of all phases of a job in order to complete the job in a timely manner satisfy the customer
Planning
Develops the project’s management infrastructure
Monitoring and Control
Provides audits of all phases of the project production
Closure
An assessment of the entire project is made by the project team and management that will determine where procedures could be improved.
As-builts
Plans that have become updated to reflect any changes that have occurred during the construction of a project
Execution
Is the implementation process that that encompasses every activity occurring on the site
The critical path method:
Does not illustrate how the different phases are interrelated
Utilizes a diagram which divides the project into a logical sequence of tasks
Least complex and least effective scheduling system
This time period, then, will be the shortest time period within which the project can be completed
When completed, this shows what tasks must be completed before other tasks begin
The critical path is the line on the diagram which shows the sequence of tasks between the beginning and end of the project which takes the longest amount of time
When completed, this shows what tasks must be completed before other tasks begin
The critical path is the line on the diagram which shows the sequence of tasks between the beginning and end of the project which takes the longest amount of time
Utilizes a diagram which divides the project into a logical sequence of tasks
This time period, then, will be the shortest time period within which the project can be completed
