Project Management (Overview)

Question 1

The primary job of a project manager is to complete the project according to its specifications:

a: Within budget
b: On Schedule
c: With the expected degree of quality
d: All of the above

Answer 1

d: All of the above

Question 2

True or False. The critical path schedule shows how the tasks on the schedule are inter-related.

Answer 2

True

Question 3

By preparing a ________________ project managers will better understand the cash needed at the intervals that the monies will be disbursed.

a: Preliminary cash flow schedule
b: Budget
c: Tracking schedule
d: None of the above

Answer 3

a: Preliminary cash flow schedule

Question 4

True or False. Quality of construction should be addressed in the specifications. Companies that are bidding can take these expectations into consideration when they are doing their estimates.

Answer 4

True

Question 5

Adding __________time is a method of alotting more time in the project schedule to account for unforeseen delays.

a: Uncertainty
b: Chance happening
c: Contingency
d: Extra

Answer 5

c: Contingency

Question 6

True or False. A critical path schedule will be developed by the use of a calendar.

Answer 6

False

Question 7

Project managers rely on information provided by ____________to effectively schedule their projects:

a Subcontractors
b: Records of similar past projects
c: Expediters
d: Both a & b

Answer 7

d: Both a & b

Question 8

For a small construction company, who would typically be the project manager?

a: Prime contractor (general contractor)
b: Superintendent
c: Architects
d: None of the above

Answer 8

a: Prime contractor (general contractor)

Question 9

In order to schedule time slots for all of the individual tasks involved in completing a project, first we need to identify each ______________.

a: Subcontractor
b: Phase of the project
c: Task
d: All of the above

Answer 9

c: Task

Question 10

A major benefit of the critical path method of scheduling is it shows how one project task will be dependent on the completion of other tasks that come before it in a ________________.

a: Logical sequence
b: Building project
c: Orderly fashion
d: Descending order

Answer 10

a: Logical sequence

Question 11

This chart graphs the starting and finishing times for individual tasks that make up the project.

a: Bar chart
b: Gantt chart
c: Duration chart
d: Either A or B

Answer 11

d: Either A or B

Question 12

True or False. Contingency time is providing extra time in the schedule for unforeseen delays.

Answer 12

True

Question 13

When using subcontractors, be sure to clearly describe the level of quality expected in their job specifications, this will help them _____ the job accordingly.

a: Bid
b: Understand
c: Plan
d: Track

Answer 13

a: Bid

Question 14

True or False. A permit to build a home could still be granted if the building department doesn’t receive the prints, plans and specifications.

Note: The building official is given the power to grant a permit when drawings are not necessary. But that would never include a project like building a house!

Answer 14

False

Question 15

The overall direction of the project is the responsibility of the _____________.

a: Project coordinator
b: Home owner
c: Financial advisor
d: Project manager

Answer 15

d: Project manager

Question 16

When two contracting firms unite their forces to construct a project it is called a:

Note: Some states even require that joint ventures purchase an additional license.

a: Partnership
b: Merger
c: Conglomerate
d: Joint venture

Answer 16

d: Joint venture

Question 17

In a residential building project by a contractor, to whom is the building permit issued?

a: Home owner
b: General contractor
c: Superintendent
d: Any of the above

Answer 17

b: General contractor

Question 18

The _________ method is an analysis that provides a diagram that depicts the longest continuous sequence of activities in a project, determining the overall amount of time to complete a project.

a: Bar Chart
b: Gantt Chart
c: Critical Path
d: Calendar Scheduling

Answer 18

c: Critical Path

Question 19

______________ is a form of managing tasks that is best for simple, less complicated projects. It enables the contractor to link specific tasks to a date, manage deliveries, payments and employment schedules in a very simple, straightforward way.

a: Gantt Charting
b: Critical Path method
c: Calendar scheduling
d: Queue scheduling

Answer 19

c: Calendar scheduling

Question 20

The _________ is responsible for all work phases and coordination of work.

a: Contractor
b: Superintendent
c: Expediter
d: Project manager

Answer 20

d: Project manager

Question 21

Which is NOT true about project scheduling?

a: A bad project schedule can result in contractors not knowing when to do their work.
b: Improper scheduling may increase total job time
c: Project schedule are only required on major projects
d: If a project schedule is too general or too detailed, it can be unusable

Answer 21

c: Project schedule are only required on major projects

Question 22

True or False. Quality of construction, materials and work methods should be addressed in the specifications. Companies that are bidding can take these expectations into consideration when they are doing their estimates.

Answer 22

True

Question 23

Adding __________time is a method of allotting more time in the project schedule to account for unforeseen delays.

a: Uncertainty
b: Chance Happening
c: Extra
d: Contingency

Answer 23

d: Contingency

Question 24

Project managers rely on information provided by ____________to effectively schedule their projects:

a: Subcontractors
b: Records of similar past projects
c: Expediters
d: Both A and B

Answer 24

d: Both A and B

Question 25

When the project is nearing completion, a ________________is created during a walk through to determine any details that still need to be addressed in order to fully complete the project.

a: Punch List
b: Job Sheet
c: Detail Survey
d: Final Report

Answer 25

a: Punch List

Question 26

What are the steps involved in closing out each project?

a: Onsite walk-through to develop a punch list
b: Contractor/architect provide certificate
c: Owner makes final payment
d: All of the above

Answer 26

d: All of the above

Question 27

This chart graphs the starting and finishing times for individual tasks that make up the project.

a: Bar Chart
b: Gantt Chart
c: Duration Chart
d: Either A or B

Answer 27

d: Either A or B

Question 28

In a construction project, _________ time is the amount of time that a task in a project network or path can be delayed without causing a delay to other, subsequent tasks or to the overall completion date.

a: Contingency
b: Float
c: Duration
d: Flex

Answer 28

b: Float

Question 29

_______________ is a procedure that analyzes the requirements of a project and determines how best to decrease costs, increase profits, improve quality and performance, and enhance customer satisfaction.

a: Construction Analysis
b: Quality Assurance
c: Cost Coding
d: Value Engineering

Answer 29

d: Value Engineering

Question 30

What helps with keeping track of a job’s expenses?

Answer 30

Purchase Orders

Question 31

What is the difference between FOB Freight Prepaid and FOB Freight Allowed?

Answer 31

Prepaid: Requires the seller to pay for all shipping charges
Allowed: Requires the buyer to pay for shipping

Question 32

What are the 5 main discounts provided to contractors for early payment of bills?

Answer 32

Net 10: Payment is due 10 days after receiving the invoice
1/10 Net 30: 1% discount if paid within 10 days; otherwise the entire amount is due within 30 days.
1/10 EOM: 1% discount if paid by the 10th fay of the month after the purchases are shipped.
COD: Cash on Delivery
EOM: Payment due at the end of the month.

Question 33

What can negative cash flow lead to?

Answer 33

• An increased need to borrow money
• Paying subs and suppliers late
• Dipping into lines of credit
• Missing tax deadlines
• Inability to cover multiple projects at one time
• Taking money from resources that could otherwise be used to grow the company

Question 34

What are Cost Codes used for?

Answer 34

To monitor and evaluate a contractor’s costs during the course of a construction project. They are assigned to specific job categories, such as supervision, clean-up, labor/materials and project general conditions.

Question 35

What is Value Engineering?

Answer 35

A procedure that analyzes the requirements of a project and determines how best to decrease costs, increase profits, improve quality and performance, and enhance customer satisfaction.
It helps to balance function, performance, quality, safety and cost, providing maximum value for the project.

Question 36

True or False. Subcontractors also have a contract with the owner.

Answer 36

False. Only you do, make sure you can rely on their work.

Question 37

What is Calendar Scheduling?

Answer 37

A form of managing tasks that is best for simple, less complicated projects. It allows you to link specific tasks to a date, to manage deliveries, payments, employment schedules etc. All in a simple calendar.

Question 38

What is a Bar Chart or Gantt Chart?

Answer 38

Using this chart, you can show starting dates through completion of all phases of work and how they may overlap. This schedule will be reviewed at each progress meeting, the goal being to keep everyone on course.

Question 39

What is a Critical Path Schedule?

Answer 39

A logical sequence of activities within a project that have the longest duration times, allowing you to project the earliest completion date.
This is more elaborate and detailed than a bar chart.

Question 40

What is Q Scheduling?

Answer 40

This is the newest scheduling technique, no interference between any two activities is allowed at the same location. Trades pass through the different segments of the project in a sequence.

Question 41

What is Contingency Time

Answer 41

Providing extra time in the schedule for unforeseen delays.

Question 42

What is Float Time?

Answer 42

The time that occurs in between one task and its relation to the next.
EX: Task A has a duration of 6 days and is happening at the same time as Task B, which has a duration of 9 days. This means Task A has float time of 3 days in which to finish any outstanding work.

Question 43

What are the 12 Formal Steps for Close out?

Answer 43

1. The contractor submits formal notice to the architect and the owner that the construction project is substantially complete.
2. Based on his observation and discussions with the contractor, the architect documents substantial completion with the owner and the contractor. This may activate certain warranties, depending on the terms of the contract
3. If the project was a phased one, often the architect and owner will sign off on certain building systems being substantially complete. Be sure this is clearly documented since start dates for warranties and guarantees may vary.
4. The owner and architect make an on-site walk-through punch list noting any necessary corrections. The contractor makes the corrections noted on the punch list, and upon acceptance by the owner, the architect will issue a certificate of completion to the contractor with a copy to the owner. This officially documents that the terms of the contract have been met by the contractor.
5. The contractor documents and delivers all keys, record drawings, as-built drawings, testing and balancing reports, and any other documents required by the contract.
6. The contractor submits all guarantees, warranties, certificates, and bonds required by the contract.
7. All operation and maintenance manuals are sent to the owner.
8. The final payment request, including approved and signed change orders, is submitted by the contractor as a final accounting of the project.
9. All final lien waivers and affidavits are submitted. The contractor must show the owner that all invoices from subcontractors and material suppliers have been paid.
10. The architect sends a final certificate of payment to the owner; a copy also goes to the contractor.
11. The contractor provides the certificate of occupancy that indicates that building officials have approved the structure for use.
12. The owner makes final payments to the contractor and notifies the architect.