Managing Construction 17

Question 1

With 30% wasted time in field and office labor, planning represents:

Answer 1

THE GREATEST FINANCIAL OPPORTUNITY FOR ALL CONTRACTORS.

Question 2

A PLAN IS NOT A PLAN IF

Answer 2

IT ISN’T IN WRITING.

Question 3

The INTERNAL PUNCHLIST should be started:

Answer 3

once an area or phase is 80% complete.

Question 4

A PUNCH LIST focuses on

Answer 4

the QUALITY of the completed work and verifies that it meets contract and specification requirements.

Question 5

What is a CLOSEOUT SCHEDULE?

Answer 5

It outlines the receipt of all closeout documents.

Question 6

What is included in a CLOSEOUT SCHEDULE?

Answer 6

1. Closeout documentation required by the division
2. Special guarantees
3. Service contracts
4. Warranties
   etc

Question 7

Excellent CLOSEOUT skills have an financial impact because:

Answer 7

your average NET PROFIT before tax is less than 10%. Common retention is 10%. If the closeout process is delayed, you won’t collect FINAL BILLING in a timely manner. Your bank’s interest rate eats away at your profit.

Question 8

Contractors who measure have a high correlation with:

Answer 8

PROFITABILITY. MEASUREMENT IS NOT AN OPTION.

Question 9

When you measure, you achieve the following three results:

Answer 9

1. KEEPS YOU OBJECTIVE ABOUT YOUR BUSINESS
2. MAKES YOUR PEOPLE FOCUS
3. CONFIRMS WHETHER AN IMPROVEMENT IS SUCCESSFUL OR NOT.

Question 10

The best measurements of a PM’S or FIELD SUPERVISOR’s performance are:

Answer 10

1. Profit forecast accuracy
2. Gross profit per man hour
3. Process adherence

Question 11

MEASURING IS KEY TO:

Answer 11

KEEPING COMPANIES FOCUSED ON THE RIGHT THINGS.