MISC PjM Flashcards
Critical Path Method
The schedule is based on the longest stretch of dependent activities. So if pouring the foundation must happen before you can build the next thing, that would be a stop on the critical path.
Float
The amount of time a task can be delayed without causing delay to subsequent tasks. An activity’s float can be started or finished within the range of time prior to the project completion date without affecting the overall schedule. There is no float to activities on the critical path.
Milestone chart
Good for scheduling small projects with only a few participants. Includes a list of deadlines and an assignment of responsibility for each task.
Bar / Gantt Chart
Includes time across the top axis; tasks down the left side. Bars are used to show how long each task is expected to take. Dependencies are typically shown through arrows, and milestones are shown with diamonds. Used for larger projects.
Project Work Plan
A description of the requirements, program deliverables, team structure and responsibility, budget, schedule, contact information, deadlines, and milestones
Responsibility Matrix
Used to assign tasks to specific team members
Unit Cost Method
Used by contractors and is considered the most accurate method because they cost out every line item. This can only be done with Construction Documents.
Life Cycle Cost Analysis
Considers the initial cost and the long term expense of an item or system.
- Long term cost should outweigh initial cost (due to efficiency)
- LCA should be done with multiple scenarios to compare and contrast, or should be performed against baseline
Hard Costs
Expenses directly associated with construction, including materials, labor, contingency, and contractor’s overhead and profit
Soft Costs
Includes design fees, legal fees, cost of financing, insurance, administration, moving costs
Bidding documents include:
- advertisement (or invitation) to bid
- instructions to bidders
- bid forms
- bid security information
- performance bond requirements
- labor and material payment bond
Procurement Documents include:
- Project manual
- contract documents
- any issued addenda
Performance Bond
Statement by a surety company that obligates complete construction of the project in the event the contractor defaults and cannot finish the work. This protects the owner from the contractor.
Labor and Materials Payment Bond
Protects owners from liens and guarantees payment for sub contractors. The surety pays for the subcontractors to keep working, money owed, if contractor quits/goes bankrupt/whatever. This protects the subs from the contractor.
Project manual
Contains all contracts and non-contract documents other than drawings.
- Bidding requirements
- Contract info (owner-architect agreement, bonds, etc)
- General and supplementary conditions of the contract
- Technical specifications