Definitions Flashcards
What are the CDM Regulations 2015?
To ensure clients, designers, contractors and others consider the health and safety of those constructing, maintaining and demolishing works.
What is the difference between integrity and ethics?
Integrity - internal quality of being honest and upholding your moral principles. Your own personal code of conduct that governs how you behave and conduct yourself
Ethics - is more external and applies to an organisation’s rules, regulations and organisational code of conduct that have been created to allow employees to work following moral principles
What is a conflict of interest?
A situation where there may be an actual, perceived or potential risk which hinders an individual or firms ability to act impartially or in the best interests of the client
What is a Bribe?
An incentive or reward offered or promised to gain an unethical advantage
What is professional indemnity insurance?
PII covers the policyholder for the costs of legal action made against them due to financial loss to a client from negligence or error in professional services or advice provided.
What is run-off cover)
Run-off cover is a form of PII that exists to cover historic liabilities of a business after it ceases to trade (should be in place for 6 years after cessation)
What is a consultants appointment doc?
Document outlining terms and conditions for services being provided by a consultant to a client
Define communication
The imparting or exchanging of information by speaking, writing or some other medium
Define negotiation
Discussions to reach a comprise or agreement between parties. (Try to find a resolution acceptable to all parties). The power to settle the dispute lies with the parties.
What are business overheads?
Indirect costs of operating a business e.g rent, utility bills, staff salaries, insurance
What is a liability?
A debt that a company owes
What is a cash flow forecast?
A document which shows how much money a business is expected to receive and pay out over a set period. (Can help plan how much you expect it to make in sales and spend in the future)
What is utilisation?
The percentage of an employee’s total working hours that are spent on billable work, essentially measuring how effectively consultants are maximizing their time on revenue-generating activities
What is Benchmarking?
A process where estimated performance (usually cost) of a project is compared against other similar projects (can highlight areas of design not offering good value for money or if price offered by a contractor is in line with wider market)
What does a balance sheet provide?
A balance sheet provides a snapshot of a company’s financial position at a specific point in time, detailing assets, liabilities, and shareholders’ equity. Shows what the company owns and owes.
What does a profit and loss account summarize?
A profit and loss account (or income statement) summarizes the company’s financial performance over a period, showing revenues, expenses, and profits or losses. Shows how well the company is performing financially.
What is indemnity?
A promise by one party (the indemnifier) to compensate another party (the indemnitee) for losses or damages arising from a specific event
What is dispute resolution?
Term used to describe several processes that can be used to resolve a conflict, dispute or claim
What is data management?
Data management is the administrative process that includes acquiring, validating, storing and protecting data to ensure it is accessible and reliable to the user
Data Controller
Individual that decides how and why to collect and use data. The controller must make sure that the processing of the data complies with the data protection act.
What is unconscious bias?
The underlying attitudes and stereotypes that people unconsciously have about an individual or group that affects how they engage with them
What is inclusive environments?
An inclusive environment recognises and accommodates differences in the way people use the natural environment. An environment which removes barriers so everyone can enjoy equally and independently.
What is a contract?
A legally binding promise by one party to fulfil an obligation to another party.
What is Procurement?
The overall act of obtaining goods and services for a construction project
What is a Project Execution Plan (PEP)
A document that defines how a project is to be executed, monitored and controlled. It can be described as the methodology for delivering a project (includes project programme, key dates, roles+responsibilities, stakeholder management strategy, communication protocol, QA assurance process, change control process)
What is GSL
GSL ensures smooth transition from construction to operation aligning interests of those who design and construct assets with those maintain and use them. This approach helps to ensure that buildings perform optimally and meet the needs of end users.
