Programming Planning + Practice Flashcards
Project Development Budget
- Site Acquisition and Purchase
- Construction (off-site, utilities to the property/on-site, 10%-20% of construction cost/Building costs)
- Professional Services (architects, engineers, consultants)
- Bids, permits, report fees
- Inspection & Testing
- Contingencies (5%-10%)
- Financing costs (interest, fees, insurance)
Cost estimating: Pre-planning/proposal phase
Rough prices are estimated using general unit costs (cost per SF, cost per suite, cost per person, cost per hospital bed)
Cost estimating: Programming phase
Based on unit cost system (cost per SF, using similar building types as guides)
Cost estimating: Schematic Design phase
Preliminary, still rough (estimates are based on pricing on major elements, such as structural system selected, mechanical, electrical and plumbing systems used)
Cost estimating:Design development phase
Detail pricing based on actual components being considered including windows, curtain walls, finishes, and equipment
Cost estimating: Construction Documents phase
Complete and final pricing of the project fully and completely (based on direct quotes from the suppliers, installers, sub-contractors, and manufacturers. Can only be done once everything in the building has be specified.
General overhead
8-15% of total value of large firm
Project overhead
Any and all costs that can be charged to a job other than labor, materials, equipment. Typically 4-10% of construction cost
Pro forma
A financial analysis of the building project showing costs and return on investment. This report is typically done by the client at the beginning of the project to determine if the project will be profitable
General obligation bond
When a state or local government wants to raise money for a project, they issue this type of municipal bond.Shareholders (investors) are guaranteed to be repaid using future tax revenues.
Revenue bond
Municipal bond that is repaid to the shareholder by revenue collection of the project (such as tolls from a bridge). Revenue bonds offer higher interest rate.
Consultant fees
Mechanical: 15%
Electrical: 12%
Civil: 10%
Structural: 9-10%
Multiple salary expense
Staff’s salary is billed at a multiple
Direct personnel expense
Billed at staff’s salary and health benefits
Professional fee & expenses
Set fee/rates and expenses, traveling
Hourly
Staff is billed at an hourly rate
Stipulated Sum
Direct personnel expenses + expense chargeable to the project
Percentage cost
Fixed amount based on construction cost
Utilization ratio
Billable hours/total hours X 100
Royalty
Architect’s fees are paid after the project is complete based on each unit sold
General tax
Any tax imposed for general governmental purposes