PcM Flashcards

1
Q

Common compensation options for fee calculation

A
Lump sum fixed fees
Hourly w/ no upset 
Hourly-not-to-exceed
Cost Plus fixed fees
Unit Cost 
% of actual construction cost
Reimbursable & Non-reimbursable direct costs
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2
Q

“cash method” accounting

A

recognizes revenue when cash is collected and expenses are paid

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3
Q

“accrual-based” accounting

A

revenue is recognized when earned and expenses are incurred

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4
Q

Two types of project budgeting planning

A

Top-Down & Bottom-Up

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5
Q

Top-Down project budget characteristics

A
  • based on historical project data and similar project scopes
  • formula driven
  • typically based on % of construction cost
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6
Q

Bottom-Up project budget characteristics

A

-based on the project work plan (task-level resource planning)

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7
Q

Elements of project budget

A
gross fee
consultant fee
net service revenue 
project contingency
non-reimbursable direct expense budget 
project labor budget 
current % complete by phase of service
budgeted resource forecast by phase of service
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8
Q

4 types of schedules

A

Critical path method schedule (CPM)
Milestone charts
Bar charts (Gantt chart)
wall schedule

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9
Q

When to use milestone schedule

A

short duration projects with few tasks, under $35,000

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10
Q

When to use bar chart schedule (gannt schedule)

A

most common in A&E professions

visualize overlapping tasks on a timeline to break down phases to tasks

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11
Q

When to use wall schedule

A

great tool for medium to large-scale design projects - best means to produce project work plan to integrate tasks for architects, consultants, clients, & contractors involved

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12
Q

NSR

A

net-service revenue:

Net fee determined by subtracting consultant fees from the gross fee for a project

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13
Q

planned cost definition

A

labor hours and dollar amounts that are planned at project initiation

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14
Q

JTD

A

Job-to-date

labor hours and dollar amounts spent as of current date

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15
Q

ETC

A

Estimate-to-complete

Labor hours and dollar amounts estimated from current date to project completion

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16
Q

EAC

A

Estimate-at-completion

JTD + ETC labor hours and dollar amounts estimated at project completion

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17
Q

Planned estimate at completion definition

A

over/under calculation indicating labor hours and dollar amounts at project completion relative to planned estimates

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18
Q

percent complete definition

A

current work in plan for the project, phase, or task, expressed as a subjective percent complete and not based on the percentage of labor hours or dollar amounts spent

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19
Q

Types of multipliers

A
Break-even
Overhead
Effective multiplier
Target
Planned multiplier
EAC multiplier
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20
Q

Break-even multiplier

A

(direct labor+overhead) / direct labor

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21
Q

Overhead multiplier

A

overhead/direct labor

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22
Q

Effective multiplier

A

current, subjective percent complete/direct labor

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23
Q

Target multiplier

A

firm-wide standard target multiplier, incl. profit target

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24
Q

Planned multiplier

A

Net-service revenue/planned cost

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25
EAC multiplier
total NSR/EAC labor dollars
26
Billed/invoiced amounts definition
amounts billed to clients based on contract compensation amounts and percent complete
27
Earned revenue amounts definition
revenue recognized in the accrual accounting system based on (subjective percent complete) x (NSR)
28
BNE
billed-not-earned | amounts billed to the client but not recognized as earned revenue in the accrual accounting system
29
ENB
earned-not-billed | amounts recognized as earned revenue in the accrual accounting system but not billed to the client
30
planned labor definition
raw labor costs determined from bottom-up work plan
31
JTD labor
job-to-date labor | Raw labor costs expended on the project from the start date to current date
32
ETC labor
estimate-to-complete labor | Raw labor costs estimated to be expended on the project from the current date to project completion
33
EAC labor
estimate-at completion labor | sum of JTD labor and ETC labor
34
RPC
reported percent complete
35
types of studio organization
- Shared studio/team-based (move freely) - organized by discipline (urban design vs interior) - project type - organized by principal
36
S.M.A.R.T.
``` acronym used to set and measure performance goals for performance appraisal S - Specific M - Measurable A- Attainable R - Relevant T - Time-bound ```
37
"practice" vs "title" acts
Practice: describe and regulate practice as well as the use of the title "architect" Title: individual has to meet certain qualifications to use a specific title
38
eminence clause definition
grandfathering provisions when adopting licensing laws - allow active professionals educated and trained under an earlier and less rigorous framework to continue to practice
39
consistent elements among architectural licensing laws
- establish a board and rules - define the practice of architecture - set req. for licensure and entry into profession - include exemptions for certain structures not req. an architect - define professional conduct and misconduct - establish sanctions and parameter for the application of these when statute is violated
40
how many registration boards constitute NCARB
54
41
What are the five "collateral" architectural organizations
NCARB AIA AIAS ACSA (Association of Collegiate Schools of Arch) NAAB (National Architectural Accrediting Board)
42
What is the most common adopted definition of the practice of architecture
NCARB Legislative Guidelines and Model Law, Model Regulations
43
NCARB Legislative Guidelines and Model Law, Model Regulations definition
Model Law—Provides a broad framework of the various authorities an architectural licensing board should be granted by its jurisdictional legislature through statutory language. Model Regulations—Offers detailed language outlining rules for implementation of the authority and responsibilities granted to the board.
44
"responsible control" definition
The use of a stamp on a set of documents (both drawings and specifications) with an architect that has been involved with the preparation of the drawings
45
"Plan stamping" definition
inappropriate use of a stamp by an individual not in responsible control
46
"comity" or "endorsement"
accepting as a courtesy the qualifications for licensure from another state
47
Steps of a complaint
- dismissal - Investigation - referral to the state attorney general's office - deferral - disciplinary action
48
what are the two kinds of violations considered by licensing boards
- violation by untrained and unlicensed individuals | - violation by trained individuals
49
"admitted" or "licensed"
admitted carrier is an insurance company licensed and authorized to do business in a specific state. non-admitted carriers are not subjected to such scrutiny nor included in coverage by the state guarantee fund
50
"Claim"
is a demand for money, services, or property based upon a right in contract or by operation of law
51
"claims-made policies"
the date that the claim is finally made is the triggering event for coverage (NOT the date that the incident occurs)
52
"deductible"
provision requiring the insured to pay a specified portion of the loss on each claim. Increasing the deductible lowers the premium cost
53
"endorsements and exclusions"
an ENDORSEMENT is a written amendment or rider affecting the declarations, insuring agreements, exclusions, or conditions of an insurance policy. an EXCLUSION specifically eliminates coverage for a certain hazard from an insurance policy
54
"hold harmless"
AKA "indemnify" contract provision whereby one party assumes another's legal liability AIA document A201-2007, GENERAL CONDITIONS OF THE CONTRACT FOR CONSTRUCTION
55
"indemnification"
a hold-harmless provision, an agreement by one party to pay a certain specified losses or damages incurred by another party
56
"prior acts"
insurance provision to consider when changing carriers or buying coverage for the first time. Firms can buy coverage for professional acts and services that took place before the became insured or when they were insured by another carrier.
57
"surplus lines"
insurers that are not licensed in a particular state but are non-admitted or excess and surplus lines insurers. Policies are written by surplus lines insurers because licensed or admitted carriers will not provide the needed coverage
58
"tail insurance"
addresses the question of protection upon retirement or withdrawal from practice. Policy covers retired individuals for prior acts if claims are made in the future
59
another name for professional liability insurance
error and omissions, or E&O, insurance
60
antitrust law
general purpose is to foster economic competition
61
AIA Code of Ethics - three tiers
Canons, Ethical Standards, and Rules of Conduct
62
What are Canons
broad principles of conduct from AIA Code of Ethics
63
What are Ethical Standards
specific goals toward which members should aspire in professional performance - AIA Code of Ethics
64
What are Rules of Conduct
mandatory rules in AIA Code of Ethics - violation is grounds for disciplinary action
65
What are the six Canons of the AIA Code of Ethics
``` Canon I: General Obligations Canon II: Obligations to the Public Canon III: Obligations to the Client Canon IV: Obligations to the Profession Canon V: Obligations to Colleagues Canon VI: Obligations to the Environment ```
66
Canon I
General Obligations: Members should maintain and advance their knowledge of the art and science of architecture, contribute to growth, consider social and environmental impact, and exercise learned and uncompromised professional judgment
67
Canon II:
Obligations to the Public: Embrace the spirit and letter of the law governing their professional affairs and should promote and serve the public interest in their personal and professional activities
68
Canon III:
Obligations to the Client: Members should serve their clients competently and in a professional manner, should exercise unprejudiced and unbiased judgment when performing professional services
69
Canon IV:
Obligations to the Profession: | Uphold integrity and dignity of the profession
70
Canon V:
Obligations to Colleagues: | Respect the rights and acknowledge the professional aspirations and contributions of their colleagues
71
Canon VI:
Obligations to the Environment: | promote sustainable design and development principles in their professional activities
72
What AIA documents define copyright protections?
A201-2007 (article 1) | B101-2007
73
Four ways to think about Ethics:
Virtue Social Contract Deontology Consequentialism
74
Virtue ethics
"Character-based ethics" Modern, personal, virtues like honesty, respect, tolerance, and trust underpin the effective operation of commercial society
75
Social Contract ethics
"Contract-based ethics" | a set of rules governing behavior, which rational people accept on the condition that others accept it as well
76
Deontology ethics
"Duty-based" ethics one's own actions must be ethical regardless of consequences - the ends do not justify the means good intentions and act accordingly, regardless of result (good for the sake of good)
77
Consequentialism ethics
"result-based" ethics determine the goodness of an action based on the consequences it produces. The ends justify the means "Utilitarianism"- theory that values whatever brings the greatest happiness to the greatest number
78
four characteristics (values) all licensed professionals share (professional ethics)
i. technical knowledge ii. collegial organizations iii. ethical public value iv. client service
79
Two types of claims against architects
"negligence" and "breach of contract"
80
Four components that must be proven in order to prevail when asserting negligence claim:
- DUTY: architect must owe a legal duty to person making the claim - BREACH: architect fails to perform the duty or does something that should not have been done - CAUSE: the architects breach of duty is the proximate cause of harm to the person making the claim - DAMAGE: actual harm or damage must have resulted from breach
81
Standard of Care definition
what a reasonably prudent architect would do in the same general locale, in same time frame, given same or similar facts and circumstances
82
Breach of contract claims definition
allegation that a specific duty or duties pursuant to a contract between two parties and one of those parties either failed to perform duty or did not perform properly
83
"ABSOLUTELY ESSENTIAL TERMS" in architectural contracts
written summary including: - project scope - project time frame - project fees
84
What does a limitation of liability clause do?
Limits claims by owner against architect to a certain amount (set $$ amount or the balance of remaining insurance policy)
85
What is a mutual waiver of consequential damages?
Consequential damages are those that are NOT direct damages, but only arise as a consequence of some act or omission Example: architect fails to design stair to code. Stairs having to be replaced is a direct damage, but the delay in facility opening is a consequential damage. If waiver is present in contract, then owner cannot collect damages from the delay of opening.
86
What are indemnification provisions?
contractual requirements inserted by owners that cause the architect reimburse the owner for damages caused by the architects act and/or omissions - typically not insurable by professional malpractice insurance
87
When are architects liable for consultants work?
When architects enters into a contract with owner for ALL design services of the project (architects hires consultant) OR when owner hires consultant but architects signs a Certificate for Payment or Certificate of Substantial Completion for consultant work
88
describe this contractual relationship: | Alternative Project Relationship: Contractor-Led Design Build
owner contracts with one entity (the contractor) to provide all design and construction services for project. Architect typically subcontracts directly with contractor. This agreement typically removes the layer of checks and balances the architects provides the owner in a conventional project arrangement.
89
describe this contractual relationship: | Alternative Project Relationship: Joint Venture
parties in a joint venture are jointly and separately responsible for for actions of the joint venture. Example: if an injury occurs because of negligence of either party in joint venture, then the joint venture can be sued collectively, or parties can be sued individually.
90
What are third party actions?
In addition to obligations for damages to the party the architects contracts with, architects can also be held responsible for negligent acts, errors, or omissions that physically injure or damage third parties (i.e. construction workers, passersby, and occupants/users of project)
91
What would constitute holding an architect to "heightened standard of care"
Problematic words included in the contract that define the architect's enhanced performance level, including "best" "better" "high" and "higher" These words should not only be avoided in contracts, but marketing materials and proposals as well
92
Indemnities types that benefit the architect
- client indemnity to the architect for claims arising from the presence of hazardous materials on site - client indemnity to the architect for claims from the client's misuse of the drawings - mutual indemnities between architect and consultants, making each party legally responsible for their own actions and mistakes and NOT for the mistake of the other
93
AIA Document B101TM-2007, section 8.4
Proposed indemnities. Read each carefully
94
Limitation of Liability target
proceeds of available insurance - any LOL should apply to full sums of any and all claims on a project
95
Customized agreement types for a firm to have on hand:
- full services agreements of the project types most frequently used - small or limited scope agreement (feasibility studies, programming, planning services) - Notice to proceed (allows project to get going until final agreement is executed) - Consultant agreement - Common exhibits (rate schedules, reimbursable expenses, sample invoices, standard scope of services for each type of consultant hired, consultant standards)
96
AIA Document C106-2007
Digital Data Licensing Agreement - set limitations for use of any transmitted electronic data Signed by transmitting and receiving parties
97
AIA Document E201-2007
Digital Data Protocol Exhibit - sets format requirements and permitted uses for all sorts of other electronic project data, ranging across each project phase exhibit is attached to contract
98
AIA Document A202-2008
Building Information Modeling Protocol Exhibit - ownership of BIM is defined, permits uses of the model at each level of design (LOD) exhibit is attached to contract
99
AIA Documents that cover BIM (and what they omit)
C106-2007 E201-2007 E202-2008 not stated but important to note: ONLY 2D copies that are generated from the BIM by the architect (PDF and paper form) constitute the legal construction documents
100
Benefits of BIM
BIM and Standard of Care: Analysis of model enables architects to identify and eliminate a number of coordination problems during the shop drawing process, before components are fabricated and installed, thereby substantially reducing construction change orders - saving both time and money Firms not using or underutilizing BIM are in danger of falling below the standard of care
101
Prerequisites for a legal contract
- Mutual Agreement - Consideration - Capacity - Legal Purpose - Contractual intent - Necessity for writing
102
Prerequisites for a legal contract: Mutual agreement
Until both parties have agreed upon identical terms, there is NO agreement.
103
Prerequisites for a legal contract: Consideration
Each party must give something of legal value to the other
104
Prerequisites for a legal contract: Capacity
the legal ability of the parties to enter into a contract | age, mental capabilty,etc.
105
Prerequisites for a legal contract: Legal purpose
If the underlying purpose of the contract is illegal, or the contract requires the performance of an illegal act, the contract is void (i.e. an architect agreeing to do work in a jurisdiction they are not licensed in)
106
Prerequisites for a legal contract: Contractual intent
parties the a contract must have the mutual intent of entering into a binding legal agreement on the terms specified
107
Prerequisites for a legal contract: Necessity for a writing
Only certain types of contracts are required to be in writing under what is called the Statute of Frauds This applied to architects under the copyright laws (drawings)
108
Essential Terms
Essential terms include subject matter of the contract such as services to be performed time for performance price to be paid for services
109
Absence of "essential terms" in a contract
results in "fail for indefiniteness" - limiting the remedies that an architect might have
110
Expressed terms
expressed terms of a contract are those that have been specifically agreed upon, whether verbally or in writing
111
Implied terms
Implied terms in a contract are not specifically mentioned and have to be inferred. Ex: under professional standard of care, the architect has a duty to comply design to building code requirements
112
Types of Agreements
Oral agreements Letter agreements Formal Written Contracts Standard AIA Contracts
113
"B-series" documents in AIA contracts
owner-architect agreements that share many of the same provisions, but each addresses a particular range of circumstances
114
Special considerations for an agreement for architectural services
The type of client and project type will determine what document or agreement is appropriate.
115
What agreement is appropriate for small residential projects or individual clients?
AIA Document B105-2007
116
What agreement is appropriate for small to mid-size projects that are of limited scope and complexity? Small businesses?
AIA Document B104-2007
117
What agreement is appropriate for larger and more complex projects? Corporate clients?
AIA Document B101-2007 | AIA Document B103-2007
118
What agreement is appropriate for typical institutional buildings/clients?
AIA Document B101-2007
119
What agreement is appropriate for performing projects on a pro-bono basis?
AIA Document B106-2010
120
What agreement is appropriate for sustainable projects?
AIA Document B101-2007SP
121
What agreement is appropriate for federally funded or federally insured building projects?
AIA Document B108-2010
122
What agreement is appropriate for developers of single family residential projects?
AIA Document B107-2010
123
What agreement is appropriate for developers of larger, mixed-use developments?
AIA Document B109-2010 | For condos, B509-2010 provides supplementary conditions to B109
124
What agreement is appropriate for design-build companies?
AIA Document B143-2004
125
AIA Documents that provide "full" scope of services that includes the traditional "Basic Services" plus "Additional Services" terms
B101-2007 B103-2007 B109-2010
126
AIA Documents for Feasibility and Design Study
terms and conditions of B102-2007 with scope of services under B203-2007 Design Build case: B142-2004
127
What is vicarious liability
responsibility for other parties involved in project - architects for consultants - firm for employees
128
Characteristics that identify a delivery method
- Driving factor - Architects role - contractors role establishment of construction cost - number and type of design and construction contracts
129
Design-Bid-Build
- traditional approach to delivery method - linear design sequence that results in a set of construction contract documents against which contractors submit fixed price bids
130
Cost plus fixed fee
a variation of design-bid-build method -contractor is paid actual labor and material plus overhead for construction and coordination of trades on site, plus a fee that represents a fixed amount of profit that does NOT vary according to the total project cost.
131
Construction Management
``` CM Adviser - constructability and cost management consultant to the owner CM Agent (CM-A) - Can act on behalf of the owner CM-Contractor (CM-C) - Dual role as contractor and estimator ```
132
GMP
"guaranteed maximum price" | a commitment by the CM-C to build a project for a specified price
133
Design-Build
single-point responsibility for both design and construction - a single contract
134
What are the three primary types of delivery methods
Design-bid-build Construction Management Design-build
135
"bridged" design-build
two project teams - design architect and production architect
136
Phase order of Design-bid-build (traditional)
PD > SD> DD > CD > (constructor contract) > BN > CA
137
Phase order of design-bid-build (cost plus fixed fee)
PD > SD > (constructor contract) >DD > CD > CA
138
Phase order of CM-adivser and CM-agent
(constructor contract) PD > SD > DD > CD > BN > CA
139
Phase order of CM-C
(constructor contract) PD > SD > DD > (GMP) > CD-1/CA-1 > CD-2/CA-2 > CD-3/CA-3
140
Phase order of design-build (standard)
(constructor contract) > BN > PD > SD > DD > CD > CA
141
Phase order of design-build (bridging)
PD > SD > DD > BN > (constructor contract) > CD > CA
142
Three factors to balance when considering delivery method
budget, schedule, quality
143
Project Alliance Model
delivery model in which the entire project team - designers, contractors, and subcontractors - are bound together in a single contract that holds each jointly responsible for the project
144
B101-2007 covers what project parameters?
- client (owner) - designer (architect) - general description of project - size of project - anticipated construction cost - preliminary schedule - anticipated compensation *B101-2007 assumes that as each phase is completed, both parties formally acknowledge the accomplishment before moving to next phase - also assumes a linear process.
145
What factors have been determined by the end of schematic design?
size, scale, and general scope of project
146
Types of additional services
programming, space planning, landscape design, furniture selection, etc.
147
Types of changes
Owner scope changes contractor substitution changes contractor value analysis changes changes cause by accepted nonconforming work
148
Three factors that compensation is based on
Value, Effort, and Risk
149
Types of project-specific risks
public approval process specific site conditions unknown underground conditions limits of the site (Soil) * *SCHEDULE * *COST
150
Two types of financial reports
Profit-Loss Statement | Balance Sheet
151
What are two essential components of a financial management system
Annual Budget | Profit Plan
152
Two types of accounting reports
Cash-basis | Accrual-basis
153
Cash-basis P-L report
indicates only the income received and the amounts paid out in an accounting period establishes a firm's cash-flow management effectiveness and its tax liability
154
Accrual-basis P-L statement
reflects the invoices sent to clients for monthly revenue earnings in an accounting period
155
What is Mattox Format
a profit-loss statement that comprises four major components: revenue, direct labor, indirect expenses, and misc expenses
156
What does "prospect" mean
better than 50% chance of being awarded a project
157
What does "suspect" mean
Less than 50% chance of being awarded a project
158
What is an overhead rate comprised of
indirect labor and general/administrative expenses
159
What is the formula for a break-even rate
equal to the overhead rate plus an assigned unit cost of 1.0 for hourly salaries for example, the overhead rate is 1.3 so the break-even rate for an employee would be 2.3 x hourly rate = break-even rate 2.3 x ($20) = $46 per hour
160
Types of fees
``` Stipulated lump sum fixed fee percentage of construction cost hourly not-to-exceed hourly (open-ended) fee per unit/sf ```
161
Balance Sheet
``` second type of financial report contains: -current assets -current liabilities -long-term liabilities -equity ``` "balance" means TOTAL LIABILITIES + TOTAL EQUITY = TOTAL ASSETS
162
What does CGL mean
Commercial General Liability (insurance) - coverage for liability arising out of nonprofessional acts
163
What is mediation
a process in which a neutral person or persons facilitate communication between the disputants to assist them in reaching a mutually acceptable agreement
164
What is arbitration
a process whereby the parties voluntarily submit their disputes for resolution by one or more impartial third persons instead of by judicial court process *preferred option by AIA and AGC
165
What is litigation
the default resolution - the public court system
166
Types of agreements
- oral agreements - letter agreements - formal written contracts - standard AIA contracts
167
Which AIA documents cover "Full Traditional Services"
B101-2007 B103-2007 B109-2010 covers Basic + Additional Services
168
Which AIA document should be used for feasibility and design studies services
B102-2007 | B203-2007
169
What AIA document should be used for a construction contract
A201-2007
170
Limitations of Liability
limits any claim against against the architect to an amount not to exceed the architects fee or some other sum, or the amount of available insurance coverage
171
Consequential damages
indirect costs that result from a breach of contractual undertaking ex: loss of income, productivity, rent, or profit resulting from construction defect
172
Intellectual property
US Copyright laws state that documents prepared by the architect are the intellectual property of the architect
173
Which AIA document should be used as a guide for modifying AIA forms
B503-2007
174
Types and categories of services
``` Pre-design services Design-thorugh-construction phase services Post-construction services Sustainable design services BIM Development ```
175
What AIA documents help define BIM services
E201 - Digital Data Protocol Exhibit | E202 - BIM Protocol Exhibit
176
What do AIA document B200 series cover?
they define services offered | basic vs additional services
177
Compensation is based on what three factors?
VALUE, EFFORT, and RISK
178
What are project-specific risks?
Schedule and cost
179
What are basic services described by AIA contract documents?
``` schematic design design development construction documents bidding and negotiation contract administration ```
180
What are common methods of compensation? (5)
``` stipulated sum (fixed fee) percentage of construction cost hourly hourly not-to-exceed unit cost ($/sf) ```
181
What are the 8 types of legal structures a firm can use?
``` sole proprietorship general partnership Limited Liability Partnership (LLP) Business Corporation Publicly Traded Closely Held Professional Corporation Limited Liability Company (LLC) ```
182
What is evidence-based design
a design process that includes research as part of its methodology, with the critical application of knowledge gained through research in a specific design project
183
What are the 7 key indicators of financial performance?
``` utilization rate overhead rate break-even rate net multiplier profit-to-earnings ratio net revenue per employee aged accounts receivable ```
184
What is a utilization rate? What is a good one?
ratio of billable hours worked vs total hours worked 60-65%
185
What types of insurance are required by AIA B101-2017?
``` Automobile Employer Liability General Commercial Liability Professional Liability Workers Comp ```
186
What is the title of AIA 201-2017
General Conditions of the Contract for Construction
187
What are the five Model Rules of Conduct
``` competence conflict of interest full disclosure compliance with the laws signing and sealing documents ```
188
What contract and article defines the ownership of the Instruments of Service?
AIA B101-2017 Article 7