Level 1 Competencies Flashcards
Cost and scheduling assessment
Cost and scheduling assessments are reviews of the project’s baseline cost estimate and schedule for completeness and accuracy, confirming that cost estimates and schedules are realistic, benchmarked and doable.
Baseline development
A ‘baseline’ is simply a point of reference. It is common for project management professionals to speak of three main points of reference; scope, cost and time.
Supply chain strategy
An organisation’s supply chain typically contains companies that turn a series of basic materials, products or services into a finished product for it to use. A well-managed supply chain, which understands the ultimate objectives and interests of its client can be crucial in the successful delivery of projects.
Governance and assurance
Governance refers to the set of policies, regulations, functions, processes, procedures and responsibilities that define the establishment, management and control of projects, programmes and portfolios (P3). Lack of, ineffective or inappropriate governance is often a root cause of failure or delivery issues for our clients.
Contract administration
Effective Contract Administration ensures that all Parties to a contract (and any appointed representatives) realise their rights and discharge their obligations within the contract both correctly and efficiently. It also demands that all other associated contractual arrangements and the requirements of 3rd parties are diligently administered to ensure delivery of the contract scope is achieved.
Programme management office
The term PMO can refer to one of three similar organisational methods of better managing opportunities: Project, Programme or Portfolio Management Offices (PMO). At any level they are applied within the hierarchy, they act as a governing function for one or more opportunities within a programme or portfolio, or for a single project (usually large and complex).
Supply chain management
Supply chain’ is the term used to describe the linkage of companies that turns a series of basic materials, products or services into a finished product for the client. All construction companies, be they client, main contractor, designer, surveyor, sub-contractor, or supplier are therefore part of a supply chain.
Value management
Value management is an established, structured approach to both requirements management and solutions development. This is a consultative approach that focuses on the value that can be generated by stakeholder requirements. Value is often is derived from cost, quality and time.
Cost benchmarking
Setting a realistic benchmark as an initial baseline is all about managing expectations. By fully understanding the client, and their requirements we can provide a realistic, robust baseline to establish the expected financial performance of the project. Our clients can make confident decisions from the outset, and the design team understand the overall picture with regard to cost constraints. - Tender price indices to uplift for inflation
Cost estimating
An estimate is an approximate figure arrived at following specified procedures, consideration of facts, and calculations. It does not imply an exact figure and will be continually refined as additional information becomes available. The estimate forms the cost budget against which forecast of spend can be monitored throughout the life cycle of a project or programme.
Whole life costing
“Whole life cost analysis utilises an identifide and established principle for servicelife planning and a systematic framework for undertaking servicelifeplanning of any planned construction throughout itslife cycle.
Whole life costing takes into account the total cost of a product or service over its lifetime, from concept through to disposal including purchase, hire or lease, replacement, maintenance, operation, utilities, training and disposal.”
Cost planning and engineering
Cost planning is a budget distribution technique that is implemented during the design stages of a project/programme to break down the cost limit into cost targets for each element. The cost plan results in a statement of how the project team proposes to distribute the available budget among the elements of the scheme.
Cost auditing and assurance
Cost Assurance helps our clients understand where they may be exposed to overpaying their Contractors. Our work is helping clients better understand the way in which their Contractors are set up to capture, manage and report on costs.
Value engineering
Value engineering is the structured and managed approach to defining, measuring and improving value on a programme. Value is typically defined as the relationship between function (what it does) and resources (what it costs, how long it takes, etc). Value can, therefore, be improved through increasing function and/or reducing resources used.
Procurement and contract strategy
The contract strategy considers all aspect of the requirements and defines appropriate contract terms with all 3rd parties that motivates suppliers to perform to deliver clients required outcomes.
