Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Practice Management > PcM > Flashcards

PcM Flashcards

1
Q

Utilization Rate

A

Direct Salary/Total Salary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Privity

A

If no legal Contract together, no legal recourse to file claim against me

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Indeminity

A

Signing contract that frees you of liability, puts blame back on me

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Current Ratio

A

Fixed Assets/current liabilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is included in Quality Management Strategy

A

ISO 9001 - 3 Party Certification process for accountability
Lean Systems - Eliminate waste
Six Sigma - Standardizes results, eliminate variation
Project Audits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Building Coverage Ratio

A

Building Area / Site Area

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Project Manual content order

A
  1. Bidding Req
  2. Contracts
  3. Gen / Supp Conditions
  4. Specs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Internal Failure Costs

A

Cost for fixing problems in the drawings/specs before delivery to owner/bidders (time redlining)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

LLP

A

Tiers of risk, separate from personal liabilities from business liabilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Total Working Capital

A

Current Assets: Cash + Accounts receivable (cash were going to receive soon)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

AIA A701

A

Instructions to bidders, procedures for bidding process, bond requirements + complements A201

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Appraisal Costs

A

Costs to firm -employee time req. for quality management measuring monitoring (verification, audits, supplier rating)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Schedule Performance Index (SPI)

A

Earned value/planned value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Entity that provides simultaneous liability protection + avoids double taxation

A

LLC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Most temporary alliance?

A

Strategic alliance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What protects owner from builder defaulting on the contract?

A

Bid Bond + Performance Bond

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Which bid is the slowest?

A

Invited bid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Modified Accruel Basis Method

A

Records fee revenue, expenses billed to the client + invoices to the firm by outside consultants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Current and fixed asset difference

A

Current asset - either cash or asset expected to be converted to cash in one year
Fixed Asset: Item used in long term (ie plotter)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Discretionary distribution

A

Voluntary distribution of profits to owners / non-owners (ie performance bonuses, profit sharing, incentive compensation)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Overhead Rate

A

(Total overhead(including indirect salary) / direct salary expenses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Equity

A

Value of firm’s stock investments by shareholder and money firm has made and kept

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is the difference between “direct salary expense multiplier” and “net multiplier?”

A

no difference

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Net multiplier

A

net revenue/direct labor cost

25
Q

break even rate

A

total cost of operations/total direct labor

26
Q

statute of limitations

A

time limit within claim can be made

27
Q

statute of repose

A

time limit within claim can be made - typ 5-10 years

28
Q

Professional liability insurance

A

professional duties causes bodily injury, property damage or other damage (ie. incorrect specs, mistakes on dwgs, negligence)

29
Q

Project type for large scopes

A

IPD

30
Q

Project type for small firm, or new firm with little personnel to complete large project

A

Joint Venture Contract

31
Q

Inexperienced firm or one designing complex project

A

Design assist

32
Q

Firm with policy of focusing on design instead of document production and CA

A

Design build contract

33
Q

Cost concern for project

A

construction manager as constructor with guaranteed maximum price

34
Q

Quality is important

A

IPD

35
Q

When a project has many unknowns (2 methods)

A
  1. Design Bid Build using cost-plus fixed fee wither with/without guaranteed maximum price
  2. Design Build led by construction contractor with guaranteed max price
36
Q

Economic analysis used in the selections of alternatives is called ____.

A

life cycle costing

37
Q

In life cycle costing, construction is usually considered a ____.

A

One Time decision

38
Q

Billable Revenue

A

Direct Salary x Direct Salary expense multiplier

39
Q

break even rate

A

total overhead + direct salary / direct salary expenses OR Overhead rate +1

40
Q

Revenue Factor

A

“Measures profitability”
Utilization Rate x DSE

41
Q

Negotiated Select Team Project

A

-bring in contractor early in process
-portions of project thats difficult start early
QUICKER
QUALITY

42
Q

Benefit of Negotiated Bid

A

Better Quality

43
Q

Benefit of Competitive Bid

A

Lower Construction Cost

44
Q

Benefit of Invited Bid

A

Special Qualifications needed for program

45
Q

Bridged Design Build

A

Design Architect to Owner, Owner to (Production Architect + Contractor)

46
Q

Which delivery method is most appropriate for an inexperienced owner with a complex project who wants an aggressive schedule and someone else to manage it?

A

construction manager as agent

47
Q

Which delivery method is most appropriate for a restaurant chain with a relatively predictable and simple project where cost is the primary concern?

A

Design Bid Build

48
Q

Schedule Performance Index (SPI)

A

Earned Value (given) / Planned value (% completed of the total payment) - Higher SPI better, 1 = on time

49
Q

Type of bid for Slowest construction schedule

A

Invited Bid

50
Q

Phased Bid

A

Fast track, design and fabricate parts before plans are finalized

51
Q

Negotiated Bid

A

Contractor works with architect at beginning, increases quality at higher cost - contractor working with architect in real time

52
Q

What protects the owner from a builder defaulting on the contract? Select two

A

Bid Bond, Performance Bond

53
Q

Which value is calculated after taxes are deducted from income?

A

Current Earnings

54
Q

Pro Forma
(provide in advance)

A
  1. A business plan 2.Profit plan 3. Financial feasibility
55
Q

Gov building project will most likely hire an architect in the following types of fee bases

A

Stipulated lump sum, percentage of construction cost

56
Q

Methodologies PM recommends to size set

A

-Reduction of redundancy, Default Scheduling, Instructional Systems

57
Q

Overhead Multiplier

A

Total overhead expenses/total direct salary expenses

58
Q

Revenue factor

A

Utilization rate x DSE multiplier = revenue factor
(Above 2 is good)

Practice Management (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions