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ENCN371 > Week 2 > Flashcards

Week 2 Flashcards

1
Q

Definition of project cost estimation

A

The determination of probable costs of any given project where the estimate is prepared before the actual delivery of the project.

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2
Q

Purpose of project cost estimation

A

A forecast of all direct and indirect costs to complete a project (material, labour, equipment, and administrative costs).

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3
Q

What ways are there to estimate?

A
  • Parametric estimating, first divide a project into units of
    work. Then, determine the cost per unit, and then multiply the number of units by the cost per unit to estimate the
    total cost.
  • First Principles is the process of building-up prices, or rates, for an item or piece of work considering all the parts and activities needed to put it together
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4
Q

Example of cost indices

A

■ General Building
■ Manufacturing
■ Power
■ Water Supply
■ Sewerage/Solid Waste
■ Industrial Process
■ Petroleum
■ Transportation
■ Hazardous Waste

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5
Q

First Principles Estimating factors.

A

– Waste
– Labour
– Productivity
– Financials
– Overheads
– Contingencies
– Risk
– Profit

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6
Q

Estimate Components - Accuracy factors.

A

■ Construction materials

■ Labour

■ Equipment

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7
Q

From the Estimate Components, what need to be considered for Construction Materials.

A

■ Quantity

■ Waste

■ Pricing

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8
Q

Equation for labour cost related.

A

■ Total cost of labour = Σ total work hour (i) * wage rate (i)

■ Total work hours = Σ quantity of work (i) / productivity rate (i)

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9
Q

Monetary factors

A

■ Base Wage rates

■ Fringe benefits (extra compensation companies give their employees)

■ Wage premiums

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10
Q

Factors that affect productivity

A

■ External factors (Market conditions and Environmental conditions)

■ Internal factors (Work conditions and Management conditions)

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11
Q

Direct vs. Indirect Costs

A

■ Direct Costs:
Material
Labour
Equipment
Subcontracted items

■ Indirect Costs:
Project Field Office
Laydown yard
Project Management
Accounting

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12
Q

Contingencies

A

■ Contingency is that amount of money added to an estimate to cover the unforeseen needs of the project, construction difficulties, or estimating accuracy.

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13
Q

8 Project Phases

A

1.Project Establishment
2.Concept Design
3.PreIiminary Design
4.Developed Design
5.Detailed Design
6.Procurement
7.Construction Admin
8.Post Completion

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14
Q

what is Concept Design and Financial Feasibility phase…

A

Identify a potentially beneficial business opportunity and perform initial analysis, scoping and Order of Magnitude Estimate to determine whether the opportunity is worth further investigation.

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15
Q

Definition of Historical Estimate

A

This type of estimate uses costs taken from a similar project done in the past. The price can be adjusted for inflation or any different
parameters attached to this particular project.

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16
Q

Preliminary Design Phase or Parametric Estimate….

A

Perform adequate conceptual design to allow selection of the best of identified project approaches, analyse concept(s) and prepare Cost Estimate to confirm project viability.

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17
Q

Examples of Detailed Design or Detailed Estimate

A

■ All design parameters are complete.
– CM of concrete, tons of structural steel, interior finishes specified

■ Perform Quantity Take-off of all design parameters (cost components of the project.
– Quantity Take-off - A detailed measurement of materials and labour needed to complete a construction project. These measurements are used to format a bid on the scope of construction.

■ Detailed Estimate performed from unit rates assigned to each quantity take-off of
materials (includes material, labour, equipment, and admin)
– $/m3 of In-situ Concrete
– $/m2 of Gyp Board
– $/m of Fence

■ Detailed Estimate: +/- 5 %

■ Bottom-Up Estimate

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18
Q

The project management structure consisted of…

A

■ Time
■ Resources
■ Scope

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19
Q

The project can be divided into activities
(WBS) for:

A

■ Cost estimation
■ Scheduling

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20
Q

WBS stands for…

A

Work Breakdown Structure

21
Q

Work Breakdown structure should provide:

A

Fundamental procedures and activities such as (House –> Groundwork —> Reinforcing —> Pouring)

22
Q

what is Precedence Diagram Method (PDM)

A

■ Estimate the duration of each activity
■ Establish relationships between activities

23
Q

Precedence Relationship consists of:

A

■ Finish to Start (FS)
■ Start to Start (SS)
■ Finish to Finish (FF)
■ Lag
■ Milestones: 0 duration

24
Q

Finish to Start relationship

A

Activity B cannot start until Activity A is finished.

25
Q

Start to Start relationship

A

Activity B cannot start until Activity A is started.

26
Q

Finish to Finish relationship

A

Activity B cannot finish until Activity A is finished

27
Q

What is Early start (ES)?

A

Earliest time an activity can start

28
Q

What is Early Finish (EF)?

A

Earliest time an activity can finish

29
Q

What is Late Start (LS)?

A

Latest time an activity can start without project delay

30
Q

What is Late Finish (LF)?

A

Latest time an activity can finish without project delay

31
Q

Relationship between Early start and Early finish [Forward pass computations]

A

ES + Duration = EF

32
Q

Relationship between Late finish and Late start [Backward pass computations]

A

LF - duration = LS

33
Q

Resource Unconstrained Schedule

A

■ First iteration/initial attempt.
■ No resource or timing constraints.
■ Let relationships between activities drive the computation of project completion date.
■ Shows which activities are TRULY critical.
■ Maximize use of FS relationships.

34
Q

Equation needed for float calculation

A

■ Total Float (TF) = LF - ES - dur
■ Start Float (SF) = LS - ES
■ Finish Float (FNF) = LF - EF

35
Q

Scope Management and Project Planning

A
36
Q

Definition of project charter

A

High level statement of what is to be done and
the boundaries to a project

37
Q

Brief summary of procedure for project planning

A

Boundaries to a project/ High level statement –> project brief (detailed documentation) –> method statements (outline how the product will be assembled) –> Work breakdown structure (subdividing the scope of the work into manageable packages) –> Planning of time, cost, labour resources

38
Q

What is the first step in managing a project

A

Identify the work required to be undertaken to achieve the deliverable (the product)

39
Q

Rule of drawing activity nodes

A

Early start, , Early finish
Float , Activity description/number, Duration
Late start, , Late finish

40
Q

Rule of drawing activity constraints

A

■ The critical path – the series of activities that have zero float.

■ Activity float – a measure of an activities flexibility.

■ Free float – float an individual activity can use up without effecting the early start of the next activity.

■ Total float – the float shared with other activities in a group [arm].

41
Q

Precedence Diagram Method (PDM)

A

■ Estimate the duration of each activity
■ Initial take-off should be unconstrained
■ Establish relationships between activities

42
Q

Cons of Precedence Diagram Method (PDM)

A

■ All goals are based on estimates, which contain uncertainties

■ Estimates of activity times generally include a large safety margin

■ ‘Student syndrome’ may operate: human nature for many of us means activities are left to the last possible minute
■ ‘Parkinson’s Law’ may prevail: an activity will expand to fill the time available

■ The way that progress is measured is in error – by the time the PM is notified of a problem it is already too late to prevent it!

43
Q

Work Breakdown Structures

A

■ Disaggregation: break down to finite components of work [Work Packages]
■ Integration: allocate resources
◦ Assign responsibility
◦ Schedule

44
Q

Category of Work Breakdown Structures

A

■ Functional
◦ breakdown by location/space & activity/function e.g. Entry, Living Room, Family Room, Kitchen, etc.
■ System
◦ breakdown by building assemblies/systems
■ Component
◦ breakdown by materials
■ Activity
◦ breakdown by tasks
■ Cost
◦ breakdown by cost categories

45
Q

Definition of Work Package

A

■ Defined element of work
◦ Series of activities
◦ Result is a deliverable or a major component of a
deliverable
◦ Milestone on schedule
■ Assigned responsibility
■ Scheduled start & finish
■ Budget

46
Q

Activity Take-off (Resource-load Activities)

A

■ Allocate resources to each activity
◦ Duration reflects assumed level of resource
◦ Introduce resource constraints
■ Types of Resources
◦ Personnel
◦ Equipment
◦ Space

47
Q

Fundamental process for Schedule

A

■ Use of scheduling software to solve project network
■ Convert to bar chart for easy manipulation and communication of schedule information
■ Load with activity resource requirements
■ Identify resource shortfalls

48
Q

Cause of Unbalanced Bidding

A

■ Mathematically unbalanced:
◦ Bid containing lump sum or unit bid items which do not reflect reasonable actual costs
■ front loading
◦ Get more money at the beginning of the project by
overpricing the work done early in the project
■ Maximise Profit
■Material unbalance

ENCN371 (7 decks)

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