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Practice Management > Practice Management from Chegg > Flashcards

Practice Management from Chegg Flashcards

1
Q

Construction Manager as constructor CMc-Characteristics not definition

A

single agreement w owner covering constructionwork broken up into pre construction phase and construction phasecan ONLY use cost plus fee w or w/o gmpused for quick construction time/ complicated building standards and materials or many unknownsoffers construction expertise, cost estimates and schedulingTime then cost and risk

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2
Q

Construction Manager as Adviser CMa-Characteristics not definition

A

Const Mngr can either be contractor or third party independent who represents owner CMa advises on construct ability No competitive bidding w CMa so price is higher

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3
Q

CMa 3 types of fee structures ??

A

Fixed Price or Stipulated SumCost Plus fee w gmpCost Plus w/ out gmpW fixed fee if project is under budget owner doesn’t benefitW cost +fee GC states gmp. If cheaper owner doesn’t benefit

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4
Q

AIA A701

A

Instructions to Bidders

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5
Q

AIA B101

A

Standard form of agreement between Owner and Architect

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6
Q

AIA C401

A

Standard form of agreement between Architect and Consultant

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7
Q

AIA A305

A

Contractor Qualification statement

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8
Q

AIA G701

A

Change Order

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9
Q

AIA G702

A

Application for certificate of payment

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10
Q

AIA G704

A

Certificate of Substantial Completion

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11
Q

Fast Track Delivery Method

A

Project uses multiple contracts Project uses a Construction MngrMore expensive but shorter loan funding quicker construction time frameUsed when schedule is very tightA and E drawings issued in stages or bid packages

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12
Q

Cost Plus Fixed Fee

A

used when a project is very complicated with many unknowns

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13
Q

Bridging

A

Hybrid between Design Build and Design Bid Build where Arch acts as PM or advisor to owner.

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14
Q

Design Assist Project Method

A

1 Sub contractor is included early to assist on a specific portion of the building2 Takes slightly longer so specific design details can be developed3 used in projects that are complex w vendors being used earlier

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15
Q

IPD Integrated Project Delivery

A

1 All team members work alongside one another from DD throughout move in. 2 Best design and efficient cost because everyone works together from beginning so there’s no adversarial relationships3 similar to Design Building except in IPD client can have multiple contractors when in DB only uses 1 prime contract4 Owner, end user, arch, engineer, GC and subs all involved early5 Shared Risk/Reward by all6 Indemnification of litigation for those on project team

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16
Q

CMa vs CMc

A

Construction manager as advisor price can go higher because design work is not completedCMc can only price project using cost of work plus fee w or w/out gmp

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17
Q

GC insurance requirements are located in which AIA Document

A

A201 General Conditions

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18
Q

Construction Manager as Advisor and Architect work together as……

A

A Joint Enterprise

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19
Q

CM Advisor is in charge of ….

A

Schedule and change orders

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20
Q

In Bridging (DB/DBB) Architect acts as an…..

A

Agent or Project Manager to owner

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21
Q

Net Billings are exclusive of??

A

Expenses and Consultants

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22
Q

Design Bid Build

A

1 Linear method 2 lowest bid wins3 lesser quality construction and longer timeframe4 natural conflicts

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23
Q

Design Build

A

Experienced owner due to establishment of performance and quality parameters Typically Contractor control w Architect contracted underneath Design packages sometimes phased to move fasterArchitect has les control over design due to subs and GC being engaged early w expertise in their areas

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24
Q

AIA A133

A

CMC scope of work and responsibilities

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25
Q

Architect led CmA

A

1 Fee structure is Gmp, hourly or lump sum 2 Faster completion time3 Big financial rewards4 Risk then Quality

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26
Q

Architect led Design Build

A

Greatest risk to Architecture firm running design, project management and construction

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27
Q

Stages of Development

A

Feasibility studies and Acquisition, design, financing construction , marketing and leasing. Then operations and management

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28
Q

D200

A

Project Checklist

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29
Q

Net Cash Income =

A

Received Cash minus spent cashRC-SC

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30
Q

Net Profit Formula is?

A

Recieved Cash minus Spent Cash

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31
Q

Total project fee =

A

Net Architect fee plus all consultants. Then take just consult fee and divide into total project cost. Should be (26-35%)

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32
Q

Finding Break Even cost of employee??

A

Net Revenue / TL =Multiplierthen MultiplierxEHR

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33
Q

*Net Operating Revenue Formula is?

A

Fees billed plus reimbursable expenses minus outside consultants minus project related expensesFB+RE-OC-PE

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34
Q

Total Expenses include what within a firm? Formula

A

Employee salary plus Over HeadES+OH

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35
Q

Utilization Rate Formula is?

A

Total “Project Billable Hours) divided by total logged hours. For example 28 hrs on a building and 7 hours on website maintenance (28/35=utilization rate)

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36
Q

Break Even Rate Formula is ?

A

Overhead Rate plus 1

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37
Q

Break Even Rate calculates ?

A

Total cost of operations per dollar spent on direct laborTCO:1$ on DL

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38
Q

***Overhead Rate Plus 1 gives you what?

A

Break Even Rate

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39
Q

Overhead Rate Equals??

A

Total Indirect Expenses divided by total direct laborTIE/TDL

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40
Q

Utilization Rate Formula is?

A

Total Direct Labor divided by Total Labor

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41
Q

GMP Guaranteed Maximum Price

A

Used when scope clearly defined Cmc prepares cost estimate the he gets paid at end of construction

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42
Q

Unit Prices

A

Used w unknown site conditions existised for excavation work or projects w repetitive systems (hotels)

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43
Q

Cost plus fee

A

Used when owner doesn’t know exact scope of his needs and design services early in project so construction can move forward

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44
Q

Stipulated Sum

A

Used at the end of a competitive bidding process for a public funded project this is fee owners agree to pay

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45
Q

Net Multiplier Formula is?

A

NOR divided by total direct labor

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46
Q

To find % of TDL to NOR

A

TDL divided by NOR

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47
Q

AIA B105

A

Agreement for small residential projects

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48
Q

AIA B104

A

Agreement for small to midsize project’s limited scope and complexity

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49
Q

AIA B101 & B103

A

Agreement for midsize to large projects and more complicated

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50
Q

AIA B200

A

Scope of Services Document

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51
Q

Aia B103

A

Contains good cautionary language for the fast track project delivery method

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52
Q

Construction Manager as Agent

A

like Cm Advisor they may just assist w constructability of a project but may also work during construction. Typically work for a fixed feeRisk then time are main focus

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53
Q

Current Ratio Formula is?

A

Total current assets divided by total current liabilities. >1 is healthyTCAss/TCL (short term/quick)

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54
Q

Solvency Ratio

A

Total Current Assets/Total Current Liabilities over Long Term

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55
Q

Statute of Limitations begins? Statute of repose begins?

A

A statute of limitations is usually triggered when the defect is discoveredUsually, the statute of repose begins on the date of substantial completion

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56
Q

Primary and Secondary Concerns for DBB, DB, CM Advisor, CM Agent, CMC

A

Design-Bid-Build: Cost (Primary) and Risk (Secondary)Design-Build (Standard): Risk (Primary) and Cost (Secondary)CM-Adviser: Risk (Primary) and Quality (Secondary)CM-Agent: Risk (Primary) and Time (Secondary)CM-Constructor: Time (Primary) and Cost and Risk (Secondary)

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57
Q

Profit and Loss Statement utilizes what ratios

A

Utilization, profit to earnings, Net Multiplier and Overhead rate

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58
Q

Healthy Overhead Rate is

A

1.3-1.5

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59
Q

A141

A

Form of agreement between owner and design builder

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60
Q

What is NOR per Employee

A

Total Revenue/ # Employees

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61
Q

Definition of overhead rate

A

Measures the cost of operations

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62
Q

Definition of utilization rate

A

Amount of employees available hours used for billable projects

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63
Q

Definition of net multiplier

A

Represents the actual revenue generated by a firm

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64
Q

Definition of break even rate

A

Measures total cost of operations per dollar spent on total direct labor

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65
Q

Net operating revenue Formula

A

Fees Billed plus reimbursables minus outside consultants minus project expenses

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66
Q

Profit to earnings ratio definition

A

Indicates effectiveness of firm and completing projects with a profit

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67
Q

Definition of net operating revenue per employee

A

Shows how much each architect is bringing into the business

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68
Q

**P/E Ratio Formula

A

Profits / Net Operating Revenue

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69
Q

Which ratios are found on a profit and loss statement

A

Utilization RateP/E RatioNet Multiplier Overhead Rate

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70
Q

Quick Ratio Formula

A

Total cash + acct receivable + Revenue divided by total liabilities TC+Acr+R/TL

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71
Q

(3) tiers in AIA Code of Ethics

A

ethical standards, cannons, Rules of Conduct

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72
Q

Accounting method used by sole practitioner

A

Cash basis report

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73
Q

S Corporations 3 characteristics

A

Limited to 100Does not pay income taxes stockholders may be personally liable for negligence

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74
Q

AIA 195

A

Standard agreement between owner and contractor for Integrated Project Delivery

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75
Q

AIA A101 SP

A

Owner Contractor agreement for Sustainable Projects

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76
Q

AIA A102

A

Owner Contractor Agreement for cost plus fee w gmp

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77
Q

AIA A103

A

OWNER CONTRACTOR AGREEMENT FOR Cost plus fee w no gmp

78
Q

Healthy Net Multiplier is greater than what #?

A

< than 3

79
Q

AIA A132

A

AIA Contract CM as Advisor

80
Q

Grossing Factor

A

Rentable area / Usable Area

81
Q

How to convert a Net Multiplier into break even rate?

A

Overhead rate +1 is break even break even divided by inverse (opposite) of target profit %

82
Q

Negotiated Bid gets you higher? Competitive bid gets you lower ?

A

Quality cost

83
Q

Which term represents the most temporary working agreement

A

Strategic Alliance or Joint Venture

84
Q

Examples of Pass through tax entities

A

LIMITED LIABILITY CORPORATION AND LIMITED LIABILITY PARTNERSHIP (both pay taxes separately from corporations

85
Q

Profit and Loss Statement Formula

A

Fees Billed - Outside Consultants

86
Q

3 Indicators found on a Balance Sheet

A

Liquidity, Return on Equity and Current Ratio

87
Q

What is SPI? How is it calculated?

A

Scheduled performance index. TCFx%C = X then Fees of /X
Total contract fee times percentage complete =X Then fees paid / X

88
Q

What is a responsive bid?

A

Responsive Bid is a bid that covered entire scope of work in their bid

89
Q

What should contractors include w application for payment?

A

Change order summary$ for completion of projectRetainage in placeRetainage for stored materialsCertificate subs paid

90
Q

What is used by most firms for profit and loss statements?

A

Accrual Basis Accounting

91
Q

Cash Basis Accounting vs Accrual Basis Accounting. Compare. Which is for day to day and which is for taxes?

A

Accrual day to day, cash for taxesCash is like checking account money in then money received accrual counts money billed but not yet received

92
Q

Current earnings are earnings that are calculated before or after tax deductions

A

calculated after taxes are deducted from income?

93
Q

What is the fee for an architect time called

A

Net Billing

94
Q

Compare a prospect job and a suspect job

A

A prospect job is a job you have more than 50% chance of getting suspect is less than 50% chance

95
Q

A balance sheet has what measures within it?

A

Solvency, liquidity, leverage and return on equity

96
Q

Solvency ratio is the same thing as this type of ratio

A

Current Ratio. Same ratios, but current is for shirt. Short term solvency is long-term.

97
Q

Solvency ratio should be in the neighborhood of ??

A

Solvency rate should be min 1.5 meaning assets are 50% more than liabilities

98
Q

Liquidity is also known as ——— ratio.

A

quick ratio.

99
Q

What is a pro forma?

A

A business plan

100
Q

Government projects would typically use what fee structures?

A

Stipulated Lump Sum or % of construction

101
Q

Assets are???

A

Assets are $$$$ quickly converted to cash (computers, furniture,accounts receivable)

102
Q

Equity is ???

A

Equity isAssets minus liabilities equals balance (balance sheet)

103
Q

How do i file an ethical complaint against an architect?

A

Through National AIA ethics council

104
Q

Most ethical complaints are from???

A

Most ethical complaints are from other architects and homeowners

105
Q

Efficiency type projects are???

A

Efficiency type projects are cookie cutter non complicated projects lots of junior staff

106
Q

Experience type are ???

A

Experience type are hospitals, data centers, hotels, etc more complicated and more talented staff

107
Q

Expertise type projects are???

A

Expertise type deep knowledge and exceptional talent. Top heavy w talented staff

108
Q

Architect does/does not have fiduciary duty to owner?

A

Architect does not have fiduciary duty to owner?

109
Q

What phase does the Architect provide cost estimate?

A

SD DD CD

110
Q

When is Retainage money paid from owner

A

After substantial completion

111
Q

Standard Architect services include ?? At 1 year after substantial completion

A

Standard Architect services includes visiting site 1 year after substantial completion

112
Q

Per B101 if there is a conflict the sequence is what?

A

Mediation then court system unless specified otherwise in contract

113
Q

Is the decision rendered by the IDM legally binding

A

NO.

114
Q

General Contractor Cost of work includes what?

A

Contractor materials, contractors labor, contractors profit and contracts overhead

115
Q

AIAB101 allows for consequential damages or liquidated damages.

A

Liquidated Damages

116
Q

What are the differences between the Liquidated Damages and Consequential Damages

A

Liquidated damages are a cost of the delay per day of the delay caused by the contractor agreed on before the project. consequential damages are any additional cost that could have been impacted. Consequential are loss of “potential business” if u had moved in on time

117
Q

An overlay district may offer a density bonus for using what?

A

Photovoltaics

118
Q

who approves a planned use development

A

Zoning Board

119
Q

PUD is initiated by who? Overlay is initiated by who?

A

Pud-Developer initiative Overlay - City Initiative

120
Q

Master format classifies by ?

A

Materials

121
Q

Free float time is delay of an ___________ activity. Total float time is total slack available for ________ project

A

Individual Entire Project

122
Q

What are developed as part of programming phase?

A

Adjacencies. Budget. Project Goals. Building types

123
Q

Describe Plat vs metes and bounds survey.

A

Plat (cities) Metes and Bounds (rural or ancient)

124
Q

Life cycle analysis reviews ???

A

Life cycle analysis reviews impacts from raw material extraction through installation and maintenance

125
Q

Life cycle costing is ???

A

Life cycle costing is economic analysis used in selecting alternates

126
Q

Life cycle costing is a ???

A

Life cycle costing is a one time decision

127
Q

Architect should design for ???

A

Architect should design for safety health welfare and human dignity

128
Q

Net worth = ??

A

Net worth = Assets minus Liability

129
Q

Cash flow statement show ???

A

Cash flow statement show the month to month financial situation of affirm

130
Q

Project Manual includes what??

A

Project Manual includes bidding rqmts, contract info, general conditions and specifications

131
Q

If during a bid a GC wants to introduce a cheaper material they can request a ???

A

Substitution

132
Q

When should an Architect issue an addendum?

A

Before owner contractor agreement is finalized

133
Q

Limited partnerships Don’t employ?

A

officers or directors

134
Q

Architect and Contractor must sign a?? prior to commencing a project

A

memorandum of understanding prior to commencing a project

135
Q

How do you increase Net Multiplier? By Increasing the ?? and increasing ??

A

By Increasing the overhead rate and increasing target profit percentage

136
Q

??? /??? =Net Multiplier

A

Break Even Rate (OH+1) /Opposite Target Profit %=Net Multiplier

137
Q

If a Building comes in over budget what costing method requires the Architect revise drawings at their own expense?

A

% of constructioncost method

138
Q

If an architect instructs on Construction means and methods, he is violating the ?

A

B101

139
Q

what requires Architects assist interns in obtaining licensure??

A

AIA code of ethics

140
Q

The best fee structure for a hotel or any unit based construction project is ??

A

Stipulated Sum

141
Q

In order to find A firm’s liquidity you are actually looking for its??

A

Quick Ratio (Total Cash + Acct Receivable plus revenue billed / Total Liabilities)

142
Q

How do you find Target Profit Percentage?

A

Break Even Rate / Net Multiplier (then use opposite for inverse)

143
Q

If your main concerns are employees, that can someday run your company and tax liabilities. What is your preferred business structure? limited liability, corporation or C corporation

A

C Corporation

144
Q

If an Architect has responsibility to do something it’s what type of ethics?

A

Duty

145
Q

If an Architect follows rules codes and laws it’s what type of ethics?

A

Contract

146
Q

If an Architect must consider outcomes it’s what type of ethics?

A

Results

147
Q

If an Architect is being pressured or stressed, showing self control it’s what type of ethics?

A

Character

148
Q

A Operating budget plan includes what items

A

Fees billed, billed reimbursables, consultants and project related expenses

149
Q

Profit and Loss Statements formula??

A

Fees Billed minus outside consultants

150
Q

The equal pay act requires how many employees be a part of the company?? Age discrimination, and civil rights act require how many employees be employed?? family leave act requires how many employees be employed before its active??

A

0…..15…….50

151
Q

A general obligation bond is backed by who and by what type of revenue

A

 city or state and general tax revenue

152
Q

What is a tort?

A

It’s a civil claim against another party due to injury

153
Q

What governs architecture?

A

Regulations

154
Q

What types of insurance does a B101 require the architect to obtain?

A

Professional liability, automobile, general liability, and Worker’s Comp.

155
Q

Using a top down budget approach on a new project would be using what??

A

Historical data from a similar project with similar scope

156
Q

What are two essential components of a financial management system?

A

Annual budget and profit plan

157
Q

B 105 is for what?

A

Small residential projects

158
Q

In a C corporation, business owners pay taxes _________ from their shareholders

A

Separately

159
Q

What is a statute??

A

A written law

160
Q

What is a restrictive covenant?

A

Restricts the use of a property. It’s enforceable if it’s in the interest of the public.

161
Q

What laws would impact both large and small firms?

A

The equal pay act, osha, Employee Retirement Act and National Labor Relations Act

162
Q

ABI index is typically in what ranges

A

Contraction 40 to 45
Late contraction 45 to 50
Late expansion 50 to 55
Early phase recovery 55 to 65

163
Q

In order to minimize the sheets in a construction document set, an architect can recommend???

A

Reduction of redundancy
Default scheduling
Instructional systems

164
Q

What do outline specifications provide?

A

Material description, product, data, and quality level

165
Q

What is a canon?

A

It’s a broad principle of conduct

166
Q

Which document protects the architect from copyright infringement

A

It’s the a 201 general conditions

167
Q

Gantt Chart is what??

A

Describes different tasks and resources
Overview of project

168
Q

Critical Path Chart

A

Longest sequence of events that must be finished on time in order for entire project to be completed. Calculates the complete project duration based on time it takes to complete individual tasks. Delay in Critical Path delays entire project

169
Q

Calculating Cubic Yards??

A

Length x Width x Depth (inches/12) Divided by 27=
X cost per cubic yard

170
Q

Break Even Multiplier

A

Overhead + Total Direct Labor/ Total Direct Labor

171
Q

Overhead Multiplier

A

Overhead/Direct Labor

172
Q

Negotiated Select Team

A

Subset of DBB but fabrication starts early and prioritizes quality then cost

173
Q

Direct Salary Expense Multiplier

A

Direct/Indirect Labor plus overhead plus profit = Target Revenue

Target Revenue/ Direct Salary

174
Q

Revenue Factor? (New) also called payroll multiplier.

A

Utilization Rate X Direct Salary Expense Multiplier

175
Q

Davis Bacon Act

A

Prevailing Wages and Public Works

176
Q

Slowest type of Bid

A

Invited Bid

177
Q

What protects owner from defaulting Contractor (2)

A

Bid Bond or Performance Bond

178
Q

Contractor warranty length is typically?

A

1 year

179
Q

Public space is considered ## Ft?

A

> 25 ft

180
Q

Net profit equals??

A

Profit minus operating expenses minus taxes

181
Q

LLC Describe

A

Max Flexibility, No board directors required, unlimited owners, no personal tax liability, cannot go public

182
Q

S Corporation

A

US Resident, small corporation, <100 people, Not liable for business liability, Requires board of directors, Many Rules

183
Q

C Corporation Describe

A

Can go public, unlimited ownership, not personally liable, board of directors, admin Rules

184
Q

Sole Proprietorship describe?

A

Easy set up, no paperwork, one owner, personally liable, no protections

185
Q

What are the three tiers of a corporation?

A

Stockholders (owners), Directors and officers

186
Q

Chargeable Rate Formula??

A

(Salary) * (Break Even Multiplier) + Profit = Chargeable Rate

187
Q

Change Order

A

Issued when GC Owner and Arch all agree on changes that alter scope cost or schedule

188
Q

Construction Change Directive

A

Issued when GC Owner and Arch do not agree on changes that alter scope cost or schedule but work needs to proceed

189
Q

How many gallons per cubic ft of water

A

7.5 gallons

190
Q

How to convert inches to feet?

A

1ft / 12” then multiply by inches noted in question

Practice Management (1 decks)

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