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RICS APC 2023 KNK > Project Finance > Flashcards

Project Finance Flashcards

1
Q

What are the different techniques used in project finance reporting?

A
  • interim valuations
  • cost reporting
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2
Q

What is the purpose of cost reporting?

A
  • inform client on where the project is at
  • provide client on indication of where the project is heading
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3
Q

What makes good cost reporting?

A
  • clear and concise
  • accurate
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4
Q

What goes into a cost report?

A
  • Exec summary
  • Anticipated final cost
  • Project details
  • cash flow
  • Instructed variations
  • anticipated variations
  • contingency graph
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5
Q

Why are cash flows used?

A
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6
Q

How are cash flows used?

A
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7
Q

What is a risk allowance?

A

Sum of money for any unknown risks or unmitigated risks on a project

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8
Q

What is a contingency allowance?

A

A sum of money in place for any unknown or unmitigated risks

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9
Q

How do you price variations?

A

1 . Measure the works
- apply contract rates
- pricing books
- day works
- deemed fair and reasonable

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10
Q

What is a variation?

A

A change of design to what is in the contract

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11
Q

What is the anticipated final account?

A
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12
Q

What is the interim valuation timeline?

A
  • Application
  • 7 days til the due date
  • 5 days for interim certificate
    -14/21 days for payment
  • 5 days before payment to issue Payless notice
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13
Q

What is a pay less notice?

A
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14
Q

Example of variation on BS landscaping?

A
  • additional planters
  • change of color to spotlights
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15
Q

What is an anticipated change?

A
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16
Q

What are prov sums?

A

Allowance in contract price that is not sufficiently designed or work the employer may or may not want

17
Q

What are defined prov sums?

A

Contractor is deemed to have included for programming and prelims

18
Q

What are undefined prov sums?

A

Contractor has not allowed for programming and prelims and may be entitled to an EoT or additional prelims

19
Q

What is a prime cost?

A
20
Q

What were the key milestones on BSL required to meet the completion date?

A
  • Delivery of kerbs from china
  • long lead time
  • client and architect needed to agree on quality

RICS APC 2023 KNK (19 decks)

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