Flashcards in 2 - PjM Deck (239)
how many questions are in the PjM division on the NCARB exam?
how much time do you have on the PjM exam?
if you set aside ___ minutes for each of the case study problems, that leaves about ___ for the other items
what is the main topic for module 1 as well as the 2 areas of focus?
1. determine criteria required to assemble team
2. assess criteria required to allocate & manage project resources
what is the target % for module 1 on the exam?
what kind of plan will help you determine how the design work will be delivered, who will perform the work, and the projected profit of the project?
name the 4 qualities of an ideal staff
1. excellent communication skills
2. ability to keep on track & stay focused
3. talent for overcoming design challenges & obstacles as they arise
4. experience in the specific project type
who is responsible for assigning staff & assessing their skills and work that needs to be done on a particular project?
how many hours are in a full-time year?
40 hours x 52 weeks = 2,080 hours
if a PM is paid $32/hr, what will their yearly salary be, not including bonuses?
$32 x 2080 = $66,650/yr
if a CAD draftsperson is paid $20/hr, what will his/her yearly salary be, not including bonuses?
$20 x 2080 = $41,600/yr
what are 3 typical staff benefits?
1. vacation days
2. sick days
3. health insurance
what are 4 overhead expenses in a typical firm?
1. employee compensation
2. office rent
3. computers & printers
each staff member is assigned a _____ to cover slaries, expenses, & create a profit.
what is the purpose of a billable rate?
each staff member is assigned a billable rate to cover salaries, expenses, & create a profit
in a small firm, the billable rate might utilize a multiplier of ____ while in a larger firm it could be ____ or higher.
small = 3
larger = 5
what would be the hourly salary for a PM who is billed out at $95/hr and works in a small firm w/ a multiplier of 3?
$95 / 3 = appx. $32
what would be the billable rate of a project architect who earns $25/hr in a large firm w/ a multiplier of 5?
$25 x 5 = $125 per hour billable rate
why would larger firms have a higher billable rate than smaller firms?
larger firms typically incur more overhead (larger offices, more equipment, a larger staff, greater expense)
the ratio of an employee's billable hours to their total hours worked is called their _____?
what is the utilization rate?
the ratio of employees billable hours to their total hours worked
what is the formula for utilization rate?
billable hours / total hours worked
in a normal 40 hour work week, if a PM is assigned an 80% utilization ratio, how many hours are expected to be billable during the week?
40 x .8 = 32
in a normal 40 hour work week, if a jr. staff is assigned a 100% utilization ratio, how many hours are expected to be billable during the week?
what are some questions to consider to determine project fit?
- what are the skills needed?
- does the firm have enough staff? experienced staff?
- what other experts or consultants are required?
- does the project have special requirements?
- will new software & training be required?
- does the firm have experience in this project type?
- does the location of the project affect ability to perform?
- if project is in another state, is one of the principals licensed in that state?
- does the firm have enough of a portfolio or references to win the project?
what is flexible staffing?
teaming up w/ other architects or professionals on an as-needed basis
typically used by small firms to allow them to submit proposals for larger projects
what are the advantages of flexible staffing?
- extra help w/ no commitment to keep them on after project is complete
- no overhead costs associated w/ employee benefits
- allows firm to gain specialized expertise
- the borrowed or contract employee gets a fairly predictable revenue stream & workload
- a contrat employee has more freedom in setting their own schedule & rate
- ability to pursue larger project types
what are the 3 types of firm business models?
1. efficiency-based firms
2. experience-based firm
3. expertise-based firm
what are the advantages of an efficiency-based firm?
- can do the project better, faster, & cheaper
- projects are not complex and have many repeatable elements
- employ the latest production technology & continually improve the production process