Managing Construction 16

Question 1

The estimator
creates
a budget for the project and it is then changed by:

Answer 1

the PM, creating a BASELINE BUDGET.

Question 2

Which budget is
used
to measure the financial performance of the project?

Answer 2

BASELINE BUDGET

Question 3

What is a REVISED

BUDGET?

Answer 3

Periodical budget reviews cause the budget to be updated, creating a REVISED BUDGET.

Question 4

Good project

management means using the budget to:

Answer 4

manage the project, not for the project to follow costs.

Question 5

The quality of a GC

is largely determined by the quality of the subs they work with. If you are costing your subcontractors:

Answer 5

EFFICIENCY, and THEREFORE PROFITS, quality subs will not continue to work with you.

Question 6

Working just 20 more

minutes per day per person (cutting 20 minutes of wasted time), translates into a:

Answer 6

40% GAIN IN PROFITABILITY

Question 7

Your ability to manage

risk on a project is in large part due to:

Answer 7

your ability to manage your costs.

Question 8

When the ORIGINAL

ESTIMATE becomes the REVISED BUDGET with its assumptions about:

Answer 8

PRODUCTIVITY, that is in ITSELF WHAT DEFINES THE RISK COMPONENTS YOU MUST MANAGE.

Question 9

What is an

ACTION PLAN TEMPLATE?

Answer 9

It is a template used to document what has been agreed to, thus keeping people committed to necessary actions.