Module 1 Flashcards
(36 cards)
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?
Staffing Plan
Name four qualities of an ideal staff member
- Excellent
communication skills - Ability to keep on
track and stay
focused - Talent for
overcoming design
challenges and
obstacles as they
arise
4.Experience in the
specific project type
if a Project Manager is paid $32 an hour, what will his/her yearly salary be, not including bonuses?
32 x 2080 = $66,650 a year
Who is responsible for assigning staff and assessing their skills and work that needs to be done on a particular project?
Project Manager
How many hours are in a full time year?
40 hrs x 52 weeks = 2080 hrs
What are three typical staff benefit?
1.Vacation Days
2. Sick Days
3. Health Insurance
What are four overhead expenses in a typical firm?
- Employee
Compensation - Office Rent
- Computers and
printers - Insurance
Each staff member is assigned a _________ to cover salaries, expenses, and create a profit.
Billable Rate
What is the purpose of a billable rate?
Each staff member is assigned a billable rate to cover salaries, expenses, and 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.
3 & 5
What would the hourly salary for a Project Manager who is billed out at $95 an hour and works in a small firm with a multiplier of 3?
$95 / 3 = $32
What would be the billable rate of a Project Architect who earns $25 per hour in a large firm with a multiplier of 5?
$25 x 5 = $125 billable rate
Why would larger firms have a higher billable rate than smaller firms?
Larger firms typically incur more overhead (larger offices, more equipment, larger staff, and greater expenses)
The ratio of an employee’s billable hours to their total hours worked is called their ______?
Utilization Ratio
What is the utilization ration?
Ratio of an employee’s billable hours to their total hours worked
What is the formula for utilization rate?
(Billable Hours / Total Hours worked) x 100 = Utilization rate (%)
In a normal 40 hour work wee, if a Project Manager is assigned an 80% utilization ratio, how many hours are expected to be billable during the week?
40 x .8 = 32
32 hours
In a normal 40 hour work week, if a junior staff member is assigned a 100% utilization ratio, how many hours are expected to be billable during the week?
40 hours
What are some questions to consider to determine project fit?
1.What are the skills
needed?
2.Does the firm have
enough staff?
Experienced staff?
3.What other experts or
consultants are
required?
4.Does the project have
special
requirements?
5.Will new software and
training be required?
6.Does the firm have
experience in this
project type?
7.Does the location of
the project affect
ability to perform?
8.If project is in another
state, are one of the
Principals licensed in
that state?
9.Does the firm have
enough of a portfolio
or references to win
the project?
What is Flexible Staffing?
Teaming up with 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?
1.Extra help with no
commitment to keep
them on after project
is complete
2.No overhead costs
associated with
employee benefits
3.Allows firm to gain
specialized expertise
4.The borrowed or
contract employee
gets a fairly
predictable revenue
stream and workload
5.A contract employee
has more freedom in
setting their own
schedule and rate
6.Ability to pursue
larger project types
What are the three types of Firm Business Models?
- Efficiency Based
- Experience Based
- Expertise Based
What are the advantages of an Experience - Based firm?
1.We know what we are
doing
2.We can do unique
complex projects by
applying our accrued
knowledge
3.We leverage
relationships to
acquire projects and
collaborate to deliver
them
What are the advantages of an Efficiency - Based firm?
- We can do it better,
faster, cheaper
2.We do projects that
are not complex and
have many
repeatable elements
3.We employ the latest
production
technology and
continually improve
production processes
