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3 APC_J Brookes > Quantification and Costing > Flashcards

Quantification and Costing Flashcards

1
Q

How do you value a valuation?

A

Preliminaries
Measured works %
Provisional Sums
Variations
Materials on/off site
Retention

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2
Q

What types of Preliminaries are there?
How do you value Preliminaries?

A

Time related - based on programme

Fixed - based on Preliminaries carried out at a particular time

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3
Q

What are some examples of Preliminaries?

A

Fixed:
Site set up
Licences

Time Related:
Staff resource
Security
Plant
Temporary Services

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4
Q

What is a Final Account?

A

A financial statement of all adjustments to a contract and final cost an employer is liable to pay

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5
Q

What’s included in a Final Account?

A

Contract Sum
Variations
Prime Costs
Variations
Claims
NOT LDS

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6
Q

What is the Final Account procedure?

A

Contractor submits FA
Not submitted 3 months, 2 month notice
Due 1 month from date of submission of final statement

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7
Q

What Pricing Documents are there?

A

BoQ:
Detailed design available
Specific quantities known
Time consuming

SoR:
Have rates
Works hard to quantify

Work Schedule:
List of required works
Allows contractor to calculate

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8
Q

What is a Provisional Sum?

A

An allowance for a specific element of works that cannot yet be accurately measured

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9
Q

What is the difference between a defined and undefined provisional sum?

A

Defined:
Nature of construction
How and where fixed
Quantity/scope
Allows preliminaries and programme

Undefined:
Minimal information
Brief description

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10
Q

What are Prime Costs?

A

An allowance estimated for supply of materials

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11
Q

How do you value change?

A

Price measured works
Quotations
Dayworks - cannot be property valued

Inc: prelims; plant; ohp

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12
Q

What are L&E heads of claim?

A

Preliminaries
Labour
Equipment
Prolongation

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13
Q

Why have methods of measurement?

A

Industry standard
More familiar
Easier to agree

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14
Q

What is a functional unit?

A

A unit of measure used to represent the prime use of a building; NRM1

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15
Q

What would you exclude from NIA?

A

Walls/columns
Landings/halls
Lift rooms/plant rooms

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16
Q

What is Cost Modelling?

A

The development of anticipated costs with limited information
Previous projects and scale

17
Q

How do you build up a rate?

A

First Principles:
Labour
Materials
Plant

18
Q

How do you calculate OHP?

A

Depends on market
Similar projects of size and nature

19
Q

Why SMM7 updated to NRM?

A

New suites reflect how industry is
Calculate risk, more up front details

20
Q

What is a Base Cost estimate?

A

NRM1:
An estimate of known factors without allowances for risk, inflation

21
Q

Value Change?

A

Rates in contract or fair and reasonable
Dayworks - when works can’t be priced normally

ex - excavating uncertain ground conditions

22
Q

When was NRM updated and why?

A

Effective Dec 21

ICMS - International Cost Management Standard (carbon emissions)
IPMS
RIBA 2020

Single method for reporting/classifying construction projects

23
Q

Why have IPMS?

A

Written by non profit professionals
Ensure measured in a consistent way

24
Q

What is life cycle costing?

A

Total cost over lifecycle

Assess cost peformance of works constructed - aimed at facilitating choices:
What will need to be done
When
How much will it cost carried out (cashflow and option appraisal)

25
Q

Benefits of LCC?

A

COSTS OF OWNERSHIP
Promotes realistic budgeting

26
Q

How do you cost LCC?

A

Construction - finance; construction; statutory charges
Operational - cleaning
End of life costs

27
Q

Difference between LCC and WLC?

A

LCC: focusses only on construction/maintenance/operation

WLC: Includes client and user costs eg financing, land

28
Q

How calculate WLC?

A

Non construction - land/fees
Externalities - depreciation

29
Q

What is equalisation/normalisation?

A

Compare tenders on an equal basis - anticipated cost of project

Use: average/highest/pte

PSums
Elements missing
Pricing preliminaries in same way
Remaining client risk

30
Q

Current market conditions?
Labour/material

A

Labour:
Shortage (brexit/ukraine)
Increase 5-25%
Cause delays

Materials:
Shortage (brexit/ukraine)
Steel costs (ukraine)
Driving energy costs up
long lead in - advance payments
Delays

31
Q

Current market conditions?
procurement

A

Contractors choose - size/risk
Long lead-in - advanced procurement - advanced payment bonds
Hard to fix prices - supply chain
Higher cost for materials and labour

32
Q

How do you value change?

A

Primary costs in CSA
Form new rates
Agree fair rates
Dayworks

3 APC_J Brookes (16 decks)

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