Phase 4 Flashcards
Project
A temporary endeavor undertaken to create a unique product, service or result
Project management
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)
Project manager
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”
Provider (in language-action theory)
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
Public construction
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
Reliable promise (from language-action theory)
Statement of commitment to provide something specific by a specific time.
Request (in language-action theory)
Calling for a statement of commitment.
Resale value
Estimated worth of that item after its lifetime with the owner is over (aka salvage value). Involved in overall cash flow/NPV
Residential construction
(aka housing construction) consists of residential units built by speculative builders and contractors under contract with the owner.
Resources (6)
Materials (physical or financial) involved in project: Ex: Money, Time, People, Materials, Equipment, Space
Responsible bidder
A bidder is responsible if they are capable or qualified to perform the work.
Responsive bidder
Bidder must respond correctly to the specs of the project (include them in their bid)
Revenue
Total income
Salvage value
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.
Scope (of a project)
The work that must be performed to deliver a product, service or result with the specified features and functions.
Service life
Lifetime of a piece of equipment until replacement of the entire machine is necessary (instead of just service)
Simple interest
Interest that is not compounding; the money is not reinvested over time
Specialty contractor
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)
Specifications (in a contract)
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
Statute
written law created by government
