Phase 4

Question 1

Project

Answer 1

A temporary endeavor undertaken to create a unique product, service or result

Question 2

Project management

Answer 2

Timely and efficient application of manpower, machines, materials, and money to construct a project. Issues to consider: technical and qualitative (labor relations, contracts, legal liability, safety)

Question 3

Project manager

Answer 3

Efficiently and economically applies required resources to realize a constructed facility of acceptable quality within the time frame and budgeted cost specified - makes sure a project is “on time and within budget”

Question 4

Provider (in language-action theory)

Answer 4

The provider is the entity entrusted with carrying out a commitment. Ex - a designer or general contractor is entrusted with carrying out the commitments of design or construction and are thus both providers for the owner

Question 5

Public construction

Answer 5

Construction done for public purposes and paid for with public funds. Somewhat different rules apply when a project is public - public projects are always awarded to the lowest responsible and responsive bidder. Funded by govt budgets, taxes, govt bonds

Question 6

Reliable promise (from language-action theory)

Answer 6

Statement of commitment to provide something specific by a specific time.

Question 7

Request (in language-action theory)

Answer 7

Calling for a statement of commitment.

Question 8

Resale value

Answer 8

Estimated worth of that item after its lifetime with the owner is over (aka salvage value). Involved in overall cash flow/NPV

Question 9

Residential construction

Answer 9

(aka housing construction) consists of residential units built by speculative builders and contractors under contract with the owner.

Question 10

Resources (6)

Answer 10

Materials (physical or financial) involved in project: Ex: Money, Time, People, Materials, Equipment, Space

Question 11

Responsible bidder

Answer 11

A bidder is responsible if they are capable or qualified to perform the work.

Question 12

Responsive bidder

Answer 12

Bidder must respond correctly to the specs of the project (include them in their bid)

Question 13

Revenue

Answer 13

Total income

Question 14

Salvage value

Answer 14

The estimated resale value of an asset at the end of its useful life. This value is used to determine depreciation amounts, which in turn determines tax deductions.

Question 15

Scope (of a project)

Answer 15

The work that must be performed to deliver a product, service or result with the specified features and functions.

Question 16

Service life

Answer 16

Lifetime of a piece of equipment until replacement of the entire machine is necessary (instead of just service)

Question 17

Simple interest

Answer 17

Interest that is not compounding; the money is not reinvested over time

Question 18

Specialty contractor

Answer 18

Contractor that specializes/emphasizes in a certain line of work (e.g. electrical, plumbing, etc) that is usually subcontracted to do a certain portion of a job. Alternatively: may be a contractor that specializes in a certain type of project (e.g. bridges or buildings)

Question 19

Specifications (in a contract)

Answer 19

Technical requirements for each division of work in the contract, fully expressed and detailed. Basically most important part of a contract in outlning project responsibilities and tasks

Question 20

Statute

Answer 20

written law created by government