Cost Control Flashcards
What are the three dimensions of project delivery
Time
Quality
Cost
Elements of construction schedule
Time
Resources
Cost
A construction schedule must include the following
Time for each element of the construction (cladding, services, superstructure)
Resources needed in labour
Resources needed in materials
Costs of each of these elements
What is scheduling
Initiated from the work scope, by breaking each element of the project down in WBS and each part of that by decomposition into work packages
What is activity sequencing
Logical relationships
Leads and lags
Precedence diagrams
What are analogous estimates
Last time we did the same thing
what is a parametric Estimate
Quantity of work times the unit rate
What is the main objective of construction schedule
Developing a detailed construction strategy that is properly sequenced and resourced
Time related causes of errors
Erroneous budget perception Inadequate budget backup Inadequate cost checking Historical cost reporting Late reports Time overrun Decision delays
What are delaying factors for a project
Unavailable site Late instructions Variation orders Late approvals Design changes Latent conditions Supplies Acts and regulations
What does PERT chart stand for
Program Evaluation Review Technique
What is the purpose of a PERT chart
It is required to show the start and finish dates of all the activities
How much of the project cost is in the construction phase of the asset life
20% of the project life cycle is in construction the rest is maintenance and operation costs
