Level 1 Competencies Flashcards
(37 cards)
Cost and scheduling assessment
Cost and scheduling assessments are reviews of the project’s baseline cost estimate and schedule for completeness and accuracy, confirming that cost estimates and schedules are realistic, benchmarked and doable.
Baseline development
A ‘baseline’ is simply a point of reference. It is common for project management professionals to speak of three main points of reference; scope, cost and time.
Supply chain strategy
An organisation’s supply chain typically contains companies that turn a series of basic materials, products or services into a finished product for it to use. A well-managed supply chain, which understands the ultimate objectives and interests of its client can be crucial in the successful delivery of projects.
Governance and assurance
Governance refers to the set of policies, regulations, functions, processes, procedures and responsibilities that define the establishment, management and control of projects, programmes and portfolios (P3). Lack of, ineffective or inappropriate governance is often a root cause of failure or delivery issues for our clients.
Contract administration
Effective Contract Administration ensures that all Parties to a contract (and any appointed representatives) realise their rights and discharge their obligations within the contract both correctly and efficiently. It also demands that all other associated contractual arrangements and the requirements of 3rd parties are diligently administered to ensure delivery of the contract scope is achieved.
Programme management office
The term PMO can refer to one of three similar organisational methods of better managing opportunities: Project, Programme or Portfolio Management Offices (PMO). At any level they are applied within the hierarchy, they act as a governing function for one or more opportunities within a programme or portfolio, or for a single project (usually large and complex).
Supply chain management
Supply chain’ is the term used to describe the linkage of companies that turns a series of basic materials, products or services into a finished product for the client. All construction companies, be they client, main contractor, designer, surveyor, sub-contractor, or supplier are therefore part of a supply chain.
Value management
Value management is an established, structured approach to both requirements management and solutions development. This is a consultative approach that focuses on the value that can be generated by stakeholder requirements. Value is often is derived from cost, quality and time.
Cost benchmarking
Setting a realistic benchmark as an initial baseline is all about managing expectations. By fully understanding the client, and their requirements we can provide a realistic, robust baseline to establish the expected financial performance of the project. Our clients can make confident decisions from the outset, and the design team understand the overall picture with regard to cost constraints. - Tender price indices to uplift for inflation
Cost estimating
An estimate is an approximate figure arrived at following specified procedures, consideration of facts, and calculations. It does not imply an exact figure and will be continually refined as additional information becomes available. The estimate forms the cost budget against which forecast of spend can be monitored throughout the life cycle of a project or programme.
Whole life costing
“Whole life cost analysis utilises an identifide and established principle for servicelife planning and a systematic framework for undertaking servicelifeplanning of any planned construction throughout itslife cycle.
Whole life costing takes into account the total cost of a product or service over its lifetime, from concept through to disposal including purchase, hire or lease, replacement, maintenance, operation, utilities, training and disposal.”
Cost planning and engineering
Cost planning is a budget distribution technique that is implemented during the design stages of a project/programme to break down the cost limit into cost targets for each element. The cost plan results in a statement of how the project team proposes to distribute the available budget among the elements of the scheme.
Cost auditing and assurance
Cost Assurance helps our clients understand where they may be exposed to overpaying their Contractors. Our work is helping clients better understand the way in which their Contractors are set up to capture, manage and report on costs.
Value engineering
Value engineering is the structured and managed approach to defining, measuring and improving value on a programme. Value is typically defined as the relationship between function (what it does) and resources (what it costs, how long it takes, etc). Value can, therefore, be improved through increasing function and/or reducing resources used.
Procurement and contract strategy
The contract strategy considers all aspect of the requirements and defines appropriate contract terms with all 3rd parties that motivates suppliers to perform to deliver clients required outcomes.
Contract documentation
Contract administration is the process by which the requirements of the contract are managed to ensure that obligations and commitments of the relevant parties are delivered in a planned and organised way such that contract objectives are delivered in timely and efficient manner.
Contract management
Contract management is focused on the delivery of the contracts scope rather than the contractual mechanisms which are covered in the contract administration service.
Tender evaluation
Once tender documents have been received from bidders, a detailed process of assessment must be undertaken to identify the preferred tenderer. This process is called tender evaluation. Client organisations will often expect the project manager to lead, manage and co-ordinate the tender evaluation process. The output from the tender evaluation will form the basis of the content of the tender report which will be used as a key decision making tool for investment authorities within client organisations.
Contract negotiation and award
Successful and efficient negotiated outcomes for mutual gain can be achieved by the use of recognised business negotiation best practices and techniques. These require accurate perceptions; thorough preparation and planning; and objective engagement and communication processes in a collaborative relationship of trust, understanding and respect.
Business commercial strategy
Development of the commercial strategy is the first stage in delivering the project to the client’s commercial objectives as set out in the client’s business case. Typically this will balance the derivation of maximising value for money whilst minimising commercial risk.
Procurement management
Procurement management is required to navigate through the process and involves all the activities associated with coordinating, managing, and delivering a package of works/supplies/services from the planning stage to the contract award stage
Controls, development and transformation
This service is concerned with the definition and establishment or transformation of technical competencies in project controls and performance management to support the client’s project management objectives.
Baseline development
The ‘baseline’ is the agreed course of action; it is a point of reference. It is common for project management professionals to speak of three main baseline components; scope, cost and time (schedule).
CAPEX, OPEX and lifecycle estimating
An estimate is an approximate figure arrived at following specified procedures, consideration of facts, and calculations. It does not imply an exact figure and will be continually refined as additional information becomes available. The estimate forms the cost budget against which forecast of spend can be monitored throughout the life cycle of a project or programme.
