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433 > Section 1 > Flashcards

Section 1 Flashcards

Introduction

1
Q

Nature of Projects

A 
Unique
Specific/known client
major investment
production in "temporary" plant
labour intensive
mobile assets
changing hazards
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2
Q

What are the 4 Construction Sectors?

A

Residential
Commercial
Industrial
Heavy/Highway

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3
Q

Characteristics of Residential Construction

A 
Wood and light gauge steel
Low overhead, high competition
Low profit margins
Close working relationship with owners
strongly influenced by interest rates and economy
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4
Q

Characteristics of Commercial Construction

A

Technically complicated
Specialty contractors involved
variety of materials

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5
Q

Characteristics of Industrial Construction

A 
Requires highly  specialized expertise
substructure construction is key
heavy materials; steel and concrete
schedule driven
technologically complex
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6
Q

Characteristics of Heavy/Highway Construction

A

Mostly financed by public
large quantities of small materials
HD construction equipment
higher profit margins

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7
Q

What are the key characteristics in Construction Management?

A

Resource driven
Control: Time, Cost, Quality and Safety
win-win strategy

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8
Q

Why might CM be needed?

A

Increased project size
Increased complexity
increased technical complexity
government regulations

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9
Q

Characteristics of a typical Construction Project?

A

Unique
Large
Outdoors
each project has new team

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10
Q

What is the role of the Owner?

A

Establishes budget
Defines project
Selects Designer/Builder team
Determines Project Delivery Methods

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11
Q

Difference between Public and Private Owners?

A

Project funded by Federal,Prov, or City with specific guidelines vs. residential, commercial office buildings, and minimal constraints on how the project is organized and managed.

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12
Q

What is the role of the Owner Representative?

A

Defines the scope, budget and timeline

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13
Q

Who are design professionals?

A

Architects (Lead vertical) and Engineers (Lead horizontal)

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14
Q

What is the role of an Architect?

A

Translate and develops an owner’s requirements so the constructor can accurately price schedule and construct.

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15
Q

What is the role of an Engineer?

A

Lead designers

Responsible for designing all the engineered systems in commercial buildings

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16
Q

What is the role of the Constructors?

A

Responsible for the ‘means and methods’ of construction.

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17
Q

Who are Specialty Contractors?

A

also known as Subcontractors

The constructor is responsible for hiring

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18
Q

Who’s responsibility is it to hire Sub/Specialty Contractors?

A

The Constructor, ie the CM or General Contractor

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19
Q

Who are the Trades?

A

Responsible for physical construction

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20
Q

What are the 3 types of Organizational Structure?

A

Wide span of control
Departmental
Matrix

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21
Q

What does Wide Span Control look like?

A

Boss oversees all subordinates

22
Q

What does Departmental Organization look like?

A

Department heads oversee employees and report to managing head. No communication between departments.

23
Q

What does Matrix Organization look like?

A

Like Departmental, only with the addition of ‘gangplanks’ to link and allow communication between departments.

24
Q

What are the 3 types of business ownership?

A

Sole Proprietorship
Partnership
Corporation

25
Q

What is Sole Proprietorship?

A

An individual owns, manages, and provides necessary financing.

26
Q

Benefits of Sole Proprietorship…

A 
Easy to start
Simplest business form
No business tax
Owner retains all profits
Easy to dissolve
27
Q

Disadvantages of Sole Proprietorship…

A

Limited financial capacity
Unlimited liability
vulnerable to business environment

28
Q

What are the 3 types of Partnership?

A

General
Limited
Joint Venture

29
Q

What is a General Partnership?

A

One or more persons co-own a business by contributing capital, equipment, and/or property.
Profits allocated based on individual share.

30
Q

Benefits of General Partnerships…

A

Each partner is an active manager
Each partner personally for business debts and profits
Business continuity can be stipulated in agreement
Combined financial resources

31
Q

Disadvantages of General Partnerships…

A

Each partner has unlimited liability to 3rd party
Any partner can bind into an agreement
Double taxes, income+profit
Requires strong trust

32
Q

What is a Limited Partnership?

A

Co-owner’s liabilities and profits are limited and are equal to the amount of capital and property invested in.
Liability does not extend to personal assets.

33
Q

Benefits of Limited Partnerships…

A

Increased opportunity to raise capital.
Limited liability
Partnership not automatically dissolved with the death of a partner.

34
Q

Disadvantages of a Limited Partnership…

A

Limited partner provides no service to the business.

No authority in the signing of contracts.

35
Q

What is a Joint Venture?

A

A relationship between 2 or more companies who unite to form one company for a specific undertaking.

36
Q

Benefits of Joint Ventures…

A

Additional resources
Shared project risk
shares liability

37
Q

Disadvantages of Joint Ventures…

A

Shared profits and losses.
limited power to control.
difficult to arrive at concensus.

38
Q

What is a Corporation?

A

Legal entities created by binding individuals into one group under a corporate name.
Corporation is owned by its share holders.
Business controlled by a board of directors elected by share holders.

39
Q

Benefits of Corporations…

A

Limited owner liability
Extended financial resources
Uninterrupted life of the company

40
Q

Disadvantages of Corporations…

A

Costly to start
Double taxation of profits (Fed. and Prov.)
Strict Gov. regulations
Management may not carry the same drive for success as other forms of business ownership.

41
Q

What are some sources of risk?

A

Project type
Site or Location
Owner organisation
Accelerated Design-Build Schedule

42
Q

Who is often the greatest entity of Project Risk?

A

Owners

43
Q

Define ‘Delivery Method’

A

The manner in which the project team is organised.

44
Q

What are the 3 main Delivery Methods?

A

Design-Bid-Build
Design-Build
Construction Management

45
Q

How does Design-Bid-Build work?

A

Owner creates a contract with a designer, who then creates all the drawings and technical papers required. At which time the designer gives all the documents to the owner and ends the contract. The owner then asks for bids and awards the contract to build to a contractor.

46
Q

Advantages of Design-Bid-Build…

A

Single fixed price
Historical Precedence
Open competition
Active owner not required

47
Q

Disadvantages of Design-Bid-Build…

A

Difficult to Fast Track
No constructor input
Change orders needed

48
Q

How does Design-Build work?

A

Owner hires Design/Build company to do entire job. This company hires needed subcontractors.

49
Q

Advantages of Design-Build…

A

Single contract
Collaboration between designer and constructor possible
Fast Tracking possible

50
Q

Disadvantages of Design-Build…

A

Firm cost established late

no designer-constructor balance

51
Q

Advantages of Pure CM…

A

Saves owner resources
Provides technical expertise
Competitive pricing

52
Q

Disadvantages of Pure CM…

A

Firm cost established late

Project cost NOT Guaranteed

433 (9 decks)

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