Level 3 Questions - UBS (Cost Reporting) Flashcards Preview

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Flashcards in Level 3 Questions - UBS (Cost Reporting) Deck (15)
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1

Talk me through the process you adopted to ensure the cost report aligned with the client's internal reporting procedures?

The cost report included a headline summary which included:
-

2

How was the cost report tailored to suit the client's reporting procedures?

The cost report included a headline summary dashboard which included..

- a financial summary
- key movement in the month
- contingency expenditure
- provisional sums
- status of change (agreed, to be agreed)
- % works certified to date

3

What were the client's internal reporting procedures?

The client had to report internally so therefore used the headline summary dashboard to convey this information

4

How would you advise a client if they said they did not want a cost report?

1) Explain the benefits of using a cost report

2) Offer to produce a shortened version / 1 pager

3) I would still maintain a cost report for my own due diligence and to regularly report to the client

5

How did you advise the client on the reporting frequency?

I advised that a typical cost report would be issued on a monthly basis as this aligns with the payment timescales set within the contract

6

What other ways could you have amended the cost report to suit the clients needs?

- Could have produced a 1 pager

- Could have issued a cost report on a more frequent basis (weekly)

7

How did you advise the client on UBS on project costs?

- Issued monthly cost reports

- Weekly change control meetings to discuss change management to date

8

How did you advise the client on UBS on change control?

- I included sections within my cost report which highlighted instructions agreed, instructions yet to be agreed, anticipated instructions and early warnings

9

What information did you advise your client on each month?

- Current position
- Anticipated final account
- Instructions (agreed, yet to be agreed, anticipated)
- Early warnings
- Provisional sums
- Contingency and risk
- Cash flow forecast against actual

10

How did you advise the client on UBS on project contingency? How was this managed throughout the project?

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11

How did you advise the client on UBS on project progress?

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12

Talk me through the process of producing / finalising and presenting the cost report to the client?

1) Update cost report

2) Go through internal QA process

3) Formally issue to client

4) Arrange a meeting to discuss cost report

13

If a member of the project team or the contractor was not adhering to the change control process, how would you ensure this was followed?

Remind them of the change control process

Refer to the flow chart which outlines the process

14

What changes did you advise the client of on UBS?

Total of 27 instructions on UBS

Examples include:
- change to cable size due to bending radius
- additional firestopping
- relocation of fire detection

15

How did you approach your meeting with the client to discuss reporting procedures and frequency?

1) Set up a meeting to go through key client objectives

2) Advise on benefits of cost reporting

3) Advise on timescales and frequency

4) Discuss the different sections of the cost report

5) Explain how a cash flow can be used to assess project progress

6) Discuss change control arrangements