MIDTERM Flashcards
4 processes involved in Project Cost Management
- Plan Cost Management
- Estimate Costs
- Determine Budget
- Control Costs
Includes the processes in planning, estimating, budgeting, financing, funding, managing, and controlling costs.
Project Cost Management
The process of defining how the project costs will be estimated, budgeted, managed, monitored, and controlled.
Plan Cost Management
The process of developing an approximation of the monetary resources
Estimate Costs
The process of aggregating the estimated costs of individual activities or work packages.
Determine Budget
The process of monitoring the status of the project to update project costs
Control Costs
Is the process of developing an approximation of the cost of resources needed to complete the project work
Cost Estimation
Expressed in manhours, per hour
Cost Estimation
Why is cost estimation important?
To maintain budget and prevent overspending
When to use cost estimation?
When the project is extensive (wide project, covers large area), and proposal for bidding
Is the technique of calculating and computing the various quantities and the expected expenditure to be incurred in a particular work or project.
Estimating
3 Requirements to prepare an estimate
- Drawing or Plans
- Detailed Specification
- Scheduled Rates
Per piece unit of measurement (10pcs of CHB)
Single Units
Per length or meter unit of measurement (Steel bars, pipes)
Linear Measurement
Per square meter unit of measurement (plastering, painting)
Areal Surface Measurements
Per cubic meter unit of measurement
Cubical Contents
4 units of Measurements
- Single Units
- Linear Measurements
- Areal Surface Measurements
- Cubical Contents
4 Types of Estimates
- Preliminary Estimate
- Detailed Estimate
- Abstract Estimate
- Revised Estimate
Rough estimate 50% (type of estimate)
Preliminary Estimate
Detail estimate provided with specification 10% (type of estimate)
Detailed Estimate
Includes only total quantities of item of works (type of estimate)
Abstract Estimate
When there are changes, additional works, rates of materials, labor above 10% (type of estimate)
Revised Estimate
Is the process of constructing a building or infrastructure
Construction
Typically involves mass production of similar items without a designated purchaser
Manufacturing
Takes place on location for a known client and comprises 6 to 9 percent of gross domestric product as an industry
Construction
Is integral to the efficiency and effectiveness of construction projects, impacting timelines, costs, and quality
Construction Equipment
It is critical to prolong lifespan of equipment and prevent costly downtime or safety hazards during projects
Maintenance
Modern ____ boast advance hydraulic systems, enabling them to perform tasks such as digging, lifting, and demolition with precision
Excavators
Are commonly used for earthmoving, site preparation, and extensive landscaping projects, significantly enhancing operational efficiency
Excavators
Combine the functionalities of a loader and an excavator, allowing for versatile use in various construction tasks
Backhoes