Project Finance (Control and Reporting) Flashcards
AI SoE: Can you elaborate on how you ensure effective control of costs throughout the various stages of a construction project? What specific actions do you take to manage costs from budget setting to the construction phase?
AI SoE: How do you determine the appropriate format and frequency for issuing cost reports during different project stages, considering the procurement route and contract arrangement?
AI SoE: Could you provide an example of a situation where accurate reporting of variations, fluctuations, or risk allowances played a crucial role in managing costs during the construction stage?
AI SoE: How do you tailor your cost reporting approach to different stakeholders, such as clients, contractors, and project team members, to ensure they have the relevant and accurate cost information they need?
AI SoE: In your experience, how does the issuance of periodic cost reports contribute to the overall success of a construction project? What benefits do accurate and timely cost reporting bring?
AI SoE: Could you explain how a cash flow forecast assists in forecasting expenditure from a client’s perspective? What key elements do you consider when creating a cash flow forecast for a project?
AI SoE: Can you share insights into how reading the RICS guidance notes on ‘Cost Reporting’ and ‘Cash Flow Forecasting’ enhanced your understanding of these concepts? How did you apply the knowledge gained from these resources in your practical work?
AI SoE: Have you encountered any challenges related to cost control, reporting, or cash flow forecasting in your projects? How did you address these challenges and ensure effective cost management?
AI SoE: How do you ensure that cost control measures are aligned with the project’s objectives, client’s expectations, and overall project success criteria?
AI SoE: How does your understanding of cost control, reporting, and cash flow forecasting contribute to your broader competency in project management and delivering successful construction projects?
AI SoE: Greensand Medical Centre - Can you elaborate on how you structured the cost report for your Greensand Medical Centre project to capture updated forecasts of the project’s final account and other important expenditure details?
AI SoE: Greensand Medical Centre - How did you incorporate information related to provisional sums, change instructions, and anticipated variations in your cost report? How did this information contribute to a more accurate representation of the project’s financial status?
AI SoE: Greensand Medical Centre - Could you explain the process you followed to create the cash flow comparison between the initial forecast issued by the contractor and the actual expenditure to date? How did this comparison help identify project delays?
AI SoE: Greensand Medical Centre - In what ways did the regular presentation of cost reports impact the decision-making process and project management activities on the Greensand Medical Centre project?
AI SoE: Greensand Medical Centre - How did you manage to identify costs that would be reimbursed by the tenant (end user) within the cost report? What challenges, if any, did you encounter in tracking and segregating these costs from other project expenses?
AI SoE: Greensand Medical Centre - Can you share any specific instances where the identification of true client-only expenditure, as opposed to overall construction budget, led to significant insights or changes in project management strategies?