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4033 Construction Management 2 - BCIT > CM Notes > Flashcards

CM Notes Flashcards

1
Q

What are the Seven aspects of a Vertical Cost Breakdown?

IBID-CM-E

A
  1. Indirect Costs
  2. Bonds
  3. Interest
  4. Direct Costs
  5. Contingency
  6. Markup
  7. Escalation
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2
Q

List 2 methods of pricing out direct cost estimates

A
  1. Crew Method
  2. Individual Method
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3
Q

Define Swing Shift

A

the work shift between the day and the night shifts, commonly from 4:00 PM to midnight

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4
Q

3 Types of Estimate for an Owner

A
  1. Conceptual Estimate
  2. Alternative Design Estimate
  3. Owner’s Engineer Estimate
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5
Q

3 Types of estimate for a contractor

A
  1. Contractor’s bid estimate
  2. alternative methods
  3. claims / change orders
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6
Q

Two different breakdowns of cost:

A

Horizontal and Vertical

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7
Q

Horizontal: 7 Categories

PEE-RSLL

A
  1. Permanent Materials
  2. Expendable Materials
  3. Equipment Operations
  4. Rentals
  5. Sub Contractors
  6. Labour
  7. Labour Service
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8
Q

Vertical: 7 Categories

IBIDCM-E

A
  1. Indirect Costs
  2. Bonds
  3. Interest
  4. Direct Costs
  5. Contingency
  6. Markup
  7. Escalation
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9
Q

List 3 types of mark-up

A

Home office, Profit, and Risk

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10
Q

List The 4 Types of EOE

A

Equipment Operating Expense

  1. FOG: Fuel Oil Grease
  2. Small Repair Parts
  3. Tires
  4. 3rd Party Overhaul
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11
Q

List the 5 Types of Indirect Costs

A
  1. Salaries / Payroll
  2. Time-related O/H expense
  3. Non-time related expense
  4. Insurance + taxes
  5. Construction Plant in + out
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12
Q

Contingency

A

Safety net accounting for risks

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13
Q

2 Types of Contingency

A

Identified & Unidentified

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14
Q

3 Categories of Unidentified Contingency

A
  1. Soft Subs
  2. Construction Hedge
  3. Special Events (i.e. strike)
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15
Q

What is an unidentified contingency?

A

A little bit of padding thrown into your estimate for small, unanticipated events.

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16
Q

List the 2 categories of risk.

A

Quantifiable & Unquantifiable risk

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17
Q

2 Types of Network Diagrams

A

AoA - Activity on Arrow
AoN - Activity on Node

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18
Q

What is a schedule?

A

A schedule is a logical representation of logical relationships / sequences of tasks or activities.

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19
Q

IPA

A

Immediately Preceding Activity

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20
Q

Dummy Relationship

A

Logical relationship with no time associated

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21
Q

(CP) Critical Path

A

The longest path through the network.

Activities with zero float are considered critical path tasks.

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22
Q

Critical Activity

A

Any activity on the critical path

  • CA’s have zero float
  • if a CA is delayed, the entire duration is delayed by the same time
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23
Q

Float

A

The difference between the available time to complete an activity and the required time.

a. non-critical activities have float
b. critical activities have no float

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24
Q

4 Types of Logical Relationships

A

Start-Start
Start-Finish
Finish-Finish
Finish-Start

The default is Finish-Start relationship

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25
Q

CPM

A

Critical Path Method

ES ID EF
DUR
LS LF

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26
Q

Why would an Owner shorten a schedule?
Why would a Contractor shorten a schedule?

A

Owner: To complete project sooner and start generating revenue

Contractor: To finish the job and start the next one

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27
Q

Direct Cost

A

Any cost associated with the PHYSICAL CONSTRUCTION of a DISCRETE part of the construction (ie concrete workers)

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28
Q

Indirect Cost

A

Any cost that is NOT associated with physical construction of a discrete part of the construction (i.e. supervisor)

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29
Q

If you shorten a project, Direct Cost will _____ and Indirect Cost will _______.

A

Direct Cost will INCREASE & Indirect Cost will DECREASE

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30
Q

To shorten a schedule:

A
  • Must be shorter than critical path
  • Must be aware that as CP is shortened, may create new CP’s
  • Comes down to shortening duration of Critical Activity
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31
Q

A single Critical Activity has 2 limits that need to be considered

A

Physical Limit & Logical Limit

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32
Q

Physical Limit of a Critical Activity

A

Maximum time that an activity can be reduced in duration.

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33
Q

Logical Limit of a Critical Activity

A

of days (time units) an activity can be reduced before creating an additional Critical Path

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34
Q

When crashing a schedule, crash to the _____ of physical limit and logical limit.

A

LESSER

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35
Q

Before scheduling, you must ____

A

PLAN

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36
Q

WBS

A

Work Breakdown Structure

The progressive hierarchical breakdown of a project into smaller components to the lowest practical level to which costs can be applied.

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37
Q

equation for PLANNING

A

Planning = Work Breakdown + Work Sequencing

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38
Q

Contract documents will lay out the ______ of work

A

SCOPE

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39
Q

equation for PROJECT

A

Project = Sum of Sub elements OR work packages

the Sum of work packages can be shown in a hierarchical format called a WBS (Work Breakdown Structure)

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40
Q

Float / Slack

A

If there is more time to complete an activity than required, that activity is said to have float or slack.

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41
Q

Free Float

A

The maximum delay in the ES (Early Start) of an activity without affecting the ES of any IFA (immediately following activity)

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42
Q

Interfering float (IF)

A

The reduction in the float of an activity if the IPA is delayed by its TF

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43
Q

Formula for TF (Total Float)

A

TF = FF + IF

Total Float = Free Float + Interfering Float

also:

TF = LS-ES or LF-EF

ES or EF from the SUCCEEDING activity.

ex: TF-b = LS,b - ES,c

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44
Q

Beginning-To-End Planning

A

Begin with mobilization and proceed step by step through the project to completion.

Although intuitive, this method has some drawbacks.
Some projects are so complex that it is difficult to visualize the best way to sequence it.

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45
Q

Top-Down Planning & WBS

A
  • Preferred by Industry

Start with an overall view of the project and then break it into its major components, then break down the major components into more detail.

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46
Q

3 Common Methods of Bid Markup Determination

A
  1. % of Total Cost
  2. % of Labour
  3. % Broad-based method
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47
Q

Horizontal Format of Cost Expression

A

L + PM + EM + S + EOE + RL + R = Total

Labour (L)
Permanent Materials (PM)
Expendable Materials (EM)
Subtracts (S)
Equipment Operating Expense (EOE)
Repair and Service Labor (RL)
Rental (R)

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48
Q

Estimation Risk

A

Labour (L & RL): Highest Risk

  • Expendable Materials (EM)
  • Equipment (EOE, R) Subcontracts (S),

Permanent Materials (PM): Low Risk

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49
Q

AOA - Activity on Arrow

A

A graphical representation of a schedule showing tasks or activities as arrows connected by nodes that allows for overlapping construction activities

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50
Q

AON - Activity On Node

A

A graphical representation of a schedule showing tasks or activities as nodes connected by arrows that allows for overlapping construction activities

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51
Q

Network Diagram

A

1) A representation of logical relationships

2) A sequence of activities or tasks

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52
Q

IPA - Immediately Preceding Activity

A

The activity or task that must occur prior to the commencement of a task or activity

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53
Q

SS - Sequence Steps

A

The steps of tasks or activities in a network diagram

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54
Q

CP - Critical Path

A

Continuous sequence of connected activities that form the longest duration/path through the network

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55
Q

CA - Critical Activity

A

An activity within the critical path that if delayed, would extend the entire project. Critical activities have zero float.

56
Q

ES - Early Start

A

The earliest start of a task

57
Q

EF - Early Finish

A

The earliest completion date of a task

58
Q

LF - Late Finish

A

The latest completion of a task without impacting the schedule

59
Q

LS - Late Start

A

The latest a task can start without impacting the schedule

60
Q

Float / Slack

A

1) The difference between available time and required time to complete an activity

2) The number of time units an activity can be extended without a late finish

3) More available time than required to complete an activity (Called Slack by MS Project)

61
Q

SS

A

Start-Start

62
Q

SF

A

Start-Finish

63
Q

FF

A

Finish-Finish

64
Q

FS

A

Finish-Start

65
Q

Total Float

A

The maximum time units an activity can be delayed without impacting the schedule

66
Q

Free Float

A

The maximum delay of the early start (ES) without impacting a following activities early start (ES)

67
Q

Interfering Float

A

Reduction of float for an activity if the IPA is delayed by it’s total float

68
Q

Lags

A

Time lags between activities that are incorporated into the network diagram

69
Q

Schedule Crashing

A

Schedule Acceleration aimed at completing a project sooner than planned

70
Q

DC - Direct Cost

A

Any cost that can be associated with a discreet physical part of the project

71
Q

IC - Indirect Cost

A

Any cost that can NOT be associated with a discreet physical part of the project

72
Q

Physical Limit

A

The maximum time an activity or task can be reduced

73
Q

Logical Limit

A

The number of days an activity can be reduced before creating a new critical path

74
Q

NLP - Next Longest Path

A

Used for schedule crashing to find new critical paths

75
Q

WBS - Work Breakdown Structure

A

The progressive hierarchical breakdown of the project into smaller pieces to the lowest practical level to which cost applies

76
Q

WBP - Work Breakdown Package

A

The sum of work packages, also called a WBS

77
Q

WBS Project Equation

A

Sum of subelements or work packages

78
Q

IFA - Immediately Following Activity

A

The activity or task that occurs after the commencement of a task or activity

79
Q

Beginning-to-end Planning

A

The step by step process from mobilization to project completion

80
Q

L - Direct Labour

A

A cost type: High Risk

81
Q

RL - Repair and Service Labour

A

A cost type: High Risk

82
Q

PM - Permanent Material

A

A cost type: Low Risk - The material that falls within the neat lines of construction drawings on the project

83
Q

EM - Expendable Material

A

A cost type: Medium-High Risk - The material that is required but falls outside the neat lines of construction drawings on the project / ALSO temporary Materials

84
Q

EOE - Equipment Operating Expense

A

A cost type: Medium Risk

85
Q

R - Rental, Depreciation, Write-Off

A

A cost type: Medium Risk - Includes In-House Rental, 3rd Party Rental, O&M (Operated and maintained). The first 2 types are not volatile, while O&M is

86
Q

S - Subcontractors

A

A cost type: Low Risk (If bonded)

87
Q

Escalation

A

A vertical breakdown term: Long term expected changes to specific costs over time

88
Q

Interest

A

A vertical breakdown term: The cost of borrowing

89
Q

Markup

A

A vertical breakdown term: General Risk, Administrative, and Profit

90
Q

Contingency

A

A vertical breakdown term: A combination of identified and unidentified potential costs

91
Q

Bonds

A

A vertical breakdown term: Cost of bonding along with other expenses such as fees

92
Q

Productivity Hedge

A

An unidentified contingency - Expected volatility of labour performance

93
Q

Soft Subcontractors

A

An unidentified contingency - A risk taken to use unbonded, but cheaper contractors

94
Q

Special Event

A

An unidentified contingency - Such as a strike

95
Q

Risk Coverage

A

An identified contingency - General risk allowance for the project

96
Q

Profit

A

An identified contingency - Money generated for the company and/or shareholders

97
Q

FOG - Fuel Oil Grease

A

A direct cost for EOE (Equipment Operating Expense)

98
Q

Small Repair and Parts

A

A direct cost for EOE (Equipment Operating Expense)

99
Q

Tires

A

A direct cost for EOE (Equipment Operating Expense)

100
Q

3rd Party Overhaul

A

A direct cost for EOE (Equipment Operating Expense)

101
Q

Payroll / Salary

A

An indirect cost for EOE (Equipment Operating Expense)

102
Q

Time Related Expense

A

An indirect cost for EOE (Equipment Operating Expense)

103
Q

Non-Time Related Expense

A

An indirect cost for EOE (Equipment Operating Expense)

104
Q

Insurance and Taxes

A

An indirect cost for EOE (Equipment Operating Expense)

105
Q

Construction Plant In & Out

A

An indirect cost for EOE (Equipment Operating Expense) - Trailering equipment, Loading, etc.

106
Q

Lump Sum Bid

A

Contractor submits a single price using a format chosen by the contractor

107
Q

Schedule of Bid Item

A

Contractor prepares a bid that conforms to the constraints of a bid form with prices per item

108
Q

What must you do before scheduling?

A

Planning; Specifically creating a work breakdown and sequencing

109
Q

What are the three types of consultant (municipality) estimates?

A

1) Conceptual
2) Alternate Design
3) Owner’s Engineer

110
Q

What are the three types of contractor estimates?

A

1) Bid Estimate
2) Alternate Methods
3) Claims / Change Orders

111
Q

What is the purpose of a conceptual Estimate?

A

Ball Park for Owner

112
Q

What is the purpose of an alternate design estimate?

A

Ball Park Options for Owner

113
Q

What is the purpose of the Owner’s Engineer Estimate?

A

Gives an idea to the owner of what type of bids to expect. Also to be used as a tool to evaluate bids.

114
Q

What is contained in a Contractors Bid?

A

Costs and Profit

115
Q

Fill below a concrete pad is an example of what type of cost category?

A

Expendable Material

116
Q

Depreciation and Write-Off’s are part of what expense category?

A

Rental (Surprise!)

117
Q

To level resources manually, what aspect of an activity will govern it’s priority starting order?

A

The one with the earliest late start will take precedence

118
Q

Describe how to shorten a schedule

A

Schedule shortening (Also known as crashing) requires the current critical path to be shortened and potentially creating multiple critical paths.

119
Q

What two limits are placed on shortening schedules?

A

The physical limit, and logical limit

120
Q

What is the physical limit?

A

The maximum time an activity can be reduced

121
Q

What is the logical limit?

A

The number of days an activity can be reduced before the creation of a new critical path

122
Q

Why would a contractor crash a schedule?

A

To start another job sooner / the project is behind schedule and needs to get back on track

123
Q

Why would an owner crash a schedule?

A

To complete the job sooner and/or generate revenue sooner.

124
Q

What is the term for the maximum delay of the Early Start without impacting the the following activities Early Start?

A

Free Float

125
Q

What is the term describing the maximum amount of time an activity can be delayed?

A

Total Float

126
Q

What is the name for a continuous sequence of activities that form the longest duration/path through a network?

A

Critical Path

127
Q

Name two types of graphical representations of a network diagram

A

AoA and AoN

128
Q

What does “managing a project” mean?

A

To control cost on a time schedule

129
Q

Describe what “Top Down Planning” means

A

Starting with an overall view of the project and then breaking it down into it’s major components. Then breaking those components down into sub elements until a sufficient level of detail is attained.

130
Q

Name three types of rental and also the risk levels for each one

A

1) In-House Rental (LOW RISK)
2) 3rd Part Rental (LOW RISK)
3) Owned and Maintained (HIGH RISK)

131
Q

Name 3 types of unidentified Markup

A

1) Productivity Hedge
2) Special Event
3) Soft Subcontractors

132
Q

Name three types of identified contingency (Markup)

A

1) Profit
2) Risk Coverage
3) Home Office / Administrative Expenses

133
Q

What is a Productivity Hedge?

A

Accounting for potentially lower than expected performance from laborers

134
Q

List 2 Labour Considerations:

A
  1. Overtime
  2. Shift Differential
135
Q

Cash outlay

A

a cash outlay is money a company pays for its operating expenses.

4033 Construction Management 2 - BCIT (2 decks)

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