Managing Construction 14

Question 1

What is a SCHEDULE OF VALUES?

Answer 1

It is a detailed statement outlining the portions of the contract sum. It allocates values for the various parts of the work and is also used as the basis for submitting and reviewing progress payments.

Question 2

During the preconstruction phase, the PM is responsible for creating a:

Answer 2

1. Construction schedule
2. Schedule of Values
3. Project files
4. Job logs

Question 3

What are some digital Project Management systems?

Answer 3

Expedition
Prolog
Construction Ware

Question 4

What is a PRE MOBILIZATION schedule?

Answer 4

It includes all the things that should be accomplished before mobilizing the jobsite, such as:

1. Building permits
2. Fencing
3. Trailer set up
4. Traffic management plan
5. Regulatory requirements

Question 5

When is the biggest opportunity to reduce cost and increase speed?

Answer 5

AT THE BEGINNING OF THE PROJECT.

Question 6

FIXED PRICE/LUMP SUM CONTRACT is?

Answer 6

This type of contract stipulates that the contractor must build the project for a fixed price. It minimizes the owner’s financial risk.

Question 7

COST PLUS FEE contract is:

Answer 7

only used where the scope of work is small or unknown, such as renovation or retrofit. It typically contains a GMP (Guaranteed Maximum Price) to limit the owner’s risk.

Question 8

NEGOTIATED CONTRACT

Answer 8

It allows contractors to differentiate the value of their services on something other than price.

Question 9

COMPETITIVE BID

Answer 9

It is awarded to the lowest responsible bidder. The primary concern is price. Competitive bids can be made through either an open or closed process.