Key Words Flashcards
(33 cards)
Cost control
Monitoring and managing expenses to keep within budget
Budget Management
Planning, tracking and adjusting financial resources to keep a project affordable
Tendering
Process of inviting suppliers to bid for providing goods, services or works
Procurement
Selecting and buying services, materials or contractors
Valuations
Interim assessments of the work done so far, release payments to contractors
Final account
Agreed total cost at completion, including any changes or claims
Change management
Process for handling changes to design, scope or cost
Variation
Change to the scope of works that often affects cost or time
Cost forecast
Predicting the final cost based on trends and current progress
Value engineering
Reviewing designs to find ways to have the same function or quality at a lower cost
Cost-benefit analysis
Comparing advantages and costs of a proposal to come to a decision
Contingency allowance
Budget set aside to cover unexpected costs
Bill of Quantities (BoQ)
Document listing materials, parts and labour needed for work
Schedules of Rates
Lists of unit prices for works used to value changes or minor works
Specifications
Descriptions of materials, workmanship and standards for a project
Take-off
Measuring quantities from drawings or specs to prep cost estimates or BoQs
Scope of works
Description of tasks and deliverables a contractor is responsible for
Programme delay
Situation where construction falls behind agreed schedule
Critical path
Sequence of tasks that affects the completion date
Site instructions
Directions issued on-site, relating to design changes or urgent work
Defects liability period
Time after project handover during which the contractor must fix any defects
Health and Safety
Following rules and procedures to protect workers and site users from harm
NEC contracts
Construction contracts that encourage collaboration and flexibility
JCT contracts
UK construction contracts that set out the rights, obligations and payments between parties
