Misc Flashcards

1
Q

Principal

A

Leadership, Manage Staffing, CEO, President, VP

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2
Q

Project Architect / Project Manager

A

10 years exp, Manage multiple projects & teams, interact with clients

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3
Q

Designer / Architect

A

architect 1, 2, or 3

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4
Q

Associate

A

Intern, design professional

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5
Q

Direct Labor

A

term for billable labor

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6
Q

Top 2 Methods for attracting top talent

A

Salary and paid training

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7
Q

Claims-made insurance

A

insurance that covers claims made during the duration of the insurance, no matter if you had it when the incident occurred (most common)

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8
Q

Occurrence - Based Insurance

A

insurance that only covers claims regarding errors made while the policy is in place

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9
Q

Betterment

A

the architect is only responsible for the additional cost that their client incurred due to their error, not the entire cost of the item.

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10
Q

Waiver of Subrogation

A

a contractual provision whereby an insured waives the right of their insurance carrier to seek redress or seek compensation for losses from a negligent third party. homeowner’s insurance can’t come after an architect

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11
Q

How many days from receipt of the invoice does the architect have to review and address any concerns?

A

10 days

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12
Q

what size of firms are required to comply with ADA

A

15 or more

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13
Q

Gantt Charts

A

good for establishing overall project schedules, but do not show critical dependencies that would be needed for a project on a tight schedule. Gantt charts are typically created using certain software which have less flexibility than other types of scheduling programs.

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14
Q

Wall Schedule

A

This type of schedule is best suited for medium to large projects with many team members. Wall schedules are highly flexible and can be created using sticky notes, note cards, a whiteboard, or whatever is on hand. They help lay out roles and responsibilities of all the team members in regard to the overall project. This makes it easy to know which party is responsible for which deliverable (or portion thereof), and when.

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15
Q

Milestone Chart

A

are great for small projects with fees under $35,000 and with few tasks to track. The hospital project would be too large for this type of schedule.

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16
Q

Critical Path Schedule

A

are best suited for large and complex construction projects where the timing of particular items can affect the timing of other items and ultimately impact the date of completion. This type of schedule is complex to create and can be difficult to edit across different software, not collaborative

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17
Q

Roadmap Referencing

A

documentation technique that uses smaller-scale plans as a key to reference larger, more detailed plans. This could be a strategy employed to help organize multiple layers of information on one page.

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18
Q

experience based firm

A

wide staffing triangle

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19
Q

efficiency based firm

A

typically have many more designers and production-minded staff members than this firm does, resulting in a bottom-heavy and wide staffing triangle. They also rely on their efficiency to offer below-market rates in order to win a lot of projects,

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20
Q

expertise base firm

A

has a narrow staffing triangle and relies heavily on the expertise of their principals in order to obtain and complete work in coordination with external architects of record.

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21
Q

Utilization Rate

A

Percent of time an employee spends on billable tasks, aim 60-75%

22
Q

Net multiplier

A

The amount of revenue that must be generated for every dollar of direct labor to earn a profit, typically around 3.0

Net operating revenue / direct labor

23
Q

Net operating revenue

A

the net dollars remaining after deducting invoiced outside consultant fees and expenses, all reimbursable and direct (non-reimbursable) project related expenses. Think of NOR as the money you have to actually run your firm. (dont subtract rent, insurance, salaries, marketing, supplies, etc.)

24
Q

Overhead rate

A

Ratio of overhead costs to direct labor costs

Total indirect expenses / direct labor

Aim to 1.3 to 1.5

25
Q

Break even rate

A

Overhead rate + 1.0

26
Q

Profit to earnings ratio

A

Net profit / net operating revenue

Target 20% or higher

27
Q

Net revenue per employee

A

NOR / number of employees
Should be over $100,000 per employee

28
Q

Aged accounts receivable

A

= average annual accounts receivable / [NOR / 365]

Accounts receivable = invoices submitted but not yet paid

Should be between 70-90 days

29
Q

current ratio

A

total assets / total liability

can the firm repay debts

30
Q

quick ratio

A

[cash + accounts receivable (cash due) + work in progress] / total liability

how quickly the firm can repay debts

31
Q

debt-to-equity ratio

A

total liabilities / [assets - liabilities]

32
Q

return on equity

A

profitability

net profit / total equity (assets - liabilities)

33
Q

Profit PLan

A

projection for each section of annual budget, establish billable rates

34
Q

Supplemental vs Addtional Services

A

can be same scope (interiors, phasing, record drawings, etc) but it’s supplemental when agreed to at the signing of the contract and additional when it is agreed to after signing

35
Q

Cost of Work

A

construction cost
(materials and labor, general conditions, overhead and profit, owner materials and labor)
doesn’t include design fees*

36
Q

Default copyright owner of arch drawings per B101

A

the architect

37
Q

Reasons an Arch can terminate a project

A

non-payment, owner fails to perform

38
Q

Reasons an Owner can terminate a project

A

arch fails to perform, for convenience

39
Q

Time after substantial completion that claims but me made within, per B101

A

10 years

40
Q

true/false: If property is sold an owner needs architect’s approval to transfer the design

A

true

41
Q

components of negligence

A

Duty (was it arch responsibility)
Breach (did they not meet that responsibility)
Cause (did something happen due tot he breach)
Damage (did the result have a cost)

42
Q

construction change directive

A

directive issued by the owner or client to the contractor that authorizes a change in the project scope, schedule, or other contract terms.

43
Q

go/no-go policy

A

a policy to help a firm evaluate which proposals they have a realistic chance of winning, and which ones they may not be qualified for.

44
Q

CM Agent vs CM Advisor

A

Similar, but a CM agent has the authority to make decisions like change orders

45
Q

CM Constructor

A

A CM that also builds the project, good for fast tracking, often provides a GMP

46
Q

Instruments of Service

A

deliverables that result from services provided (i.e. architectural deliverables)

47
Q

Items to be included in a business forming agreement

A
  1. Monetary Contributions of Partners
  2. When will Profit Allocations be made and in what proportion?
  3. Procedure for termination ownership stake
  4. Confidentiality upon terminating
  5. Non-compete clause
48
Q

Four factors to consider when hiring a consultant

A
  1. Do they have staff available
  2. Have you worked with them before
  3. Have they worked for the client before
  4. Have they completed similar work

other things: are they familiar with local conditions and requirements? are they creative? what are their fees? are they efficient?

49
Q

Commissioning agent

A

Works closely with contractors to ensure the building meets the operational requirements of the client. Oversee design, install, testing of all components materials and systems

50
Q

Change order vs change directive

A

Change directives are provisional instructions issued for immediate implementation and change orders have a formal approval process that includes contractual modifications

Directives are for urgent matters where cost implications can be temporarily tbd

51
Q

Principled / interest base negotiation

A

Distinguished the people from their interests to reduce the possibility for personal conflict

52
Q

Distributive negotiation

A

Zero-sum, hard bargaining