Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Old Decks > project_management_year_1_20230227145010 > Flashcards

project_management_year_1_20230227145010 Flashcards

1
Q

Prof Duccio Turin definition of Construction

A

Need to consider its :Output - What type of buildingProcess - The people involvedCharacteristic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Brief 3

A

Determines requirements ClientsUsers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Land 3

A

LawyersChartered SurveyorsLand Use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Design 3

A

Consultants - Arch, Eng, QSStatutory Consent - Local AuthorityStandards - Proff Institutions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Procurement 3

A

Purchasing goods/servicesContractual Arrangements Tendering Process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Construction 3

A

Components, Plant, Labour, CapitalSub/contractorsStandards/Building control/Safety

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Occupation 4

A

EquipmentFixtures/FittingsITFurniture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Maintenance 1

A

Facility Management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Building Cycle

A

Where the circle leads back to Land| Brief, Design, Land, Procurement, Construction, Occupation, Maintenance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Characteristics of Construction

A

Buildings Expensive Building process is large and complexFragmented Industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

How did the BuiEnv develop

A

Urbanisation, Building type, Standards/control, Management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Early Civilisation (3)

A

Relied on natural resources: Reeds, Trees, LeavesNeeded for Shelter and portableSkills within the family

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Roman Impact (3)

A

753 BC to 27 BC and 64 AD to 1453 ADSophisticated structures/infrastructure/townsBuild Mats, stone, concrete, bricks, tiles, decorationBuilt largely by the Military

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Dark Ages

A

Rural Farming focus around monasteries| Black Death 4m to 2.4m lack of tradesmen cost increase

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

17th, 18th, 19th Century

A

Wool Industry, Industrial buildings, Towns, large estatesIncreased Building Demand/complexityFormation of Bodies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Industrial Revolution

A

Wool/steam engine - Factories, mining, transportUrban housing for rural-urban migration workersPublic sector buildings, gov/edu/healthDisease/hygiene problems led to gov planning/control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Number of listed buildings

A

500,000 England and Wales

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Evolution of Management of Projects

A

Created split design/construction, fragmented design/main contractor has responsibility of delivery. Discontented results created the project manager

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Medieval Period (4)

A

600-150012 trade guilds where tradesmen followed workDesign followed trade practicesLarge Projects led by master tradesman or mason

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Gothic Style (2)

A

Pointed Arch, Rib Vaulting (ceiling), Flying Butress| Enabled Slender, Higher, Complex structures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Renaissance Period (4)

A

1500-1600Grand Tour, introduced to other European designsBuildings influenced by craftsIntroduction of architect and contracting unit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Classical Period (4)

A

1600-1800Architect established, designed and contracted to buildEmergence of ContractorsChristopher Wren and Inigo Jones

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Victorian Period

A

1800-1900Introduced Engineer Institutionalisation of constructionSeperation fo design and build

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

20th Century (5)

A

Commercialisation of clients and buisnessUnique buildings not necessarily follow styleFunctionalism of designDemand for complex buildings Increased Fragmentation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

3 Factors evolving planning

A

IndustrialisationUrbanisation and population growthOvercrowding and Disease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Town Planning

A

-Diff Disciplines: Public Health, Building control, Housing Management, Town/Country Planning Asso 1899 Sir Ebenezer HowardLetchworth/Welwyn

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Drivers of Construction Demand (Macro) (3)

A

Economic GrowthPolitical/Economic PolicyPopulation Growth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Drivers of Construction Demand (Micro)

A

Business activity/investmentResponse to society demandsMaintaining the building/building stock

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Client

A

An individual or organisation that commissions the construction of a building

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Factors effecting the Con. Industry

A

Nature of the demandDiversity of types of project Low barriers to entry/exit for firmsManner of industry evolution

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Manner of industry evolution

A

Seperation of design and construction and manner of work carried out.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Broad Definition of Construction

A

Manufacturers of building products, (equipment/ components), various professional services by architects, surveyors, engineers and property managers’

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Narrow Definition of Construction

A

Estimating the activity of firms that construct and maintain buildings and infrastructure – that is, just those businesses that undertake on-site activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Overview - Nature of Con. Industry (8)

A 
Highly fragmented, involving many organisations/ parties,highly complex, high uncertainly, high levels of risk, proceeds in sequential stages, expensive,dangerous
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Characteristics of Projects (6)

A 
Uniqueness - Location and issiesClearly defined objectives - Time cost QualityFixed timescaleTeam of people - TeamworkNo practice or rehearsal Change
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Impact of Large Projects

A

Creates employmentImpact environmentCen/Loc Gov - Envi, Planning, Quality/workman standards

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Product Life Cycle (PLC) (9)

A

Inception, Feasibility, Strategy, Pre Construction, Construction, Commissioning, Occupation, In-use, start

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Consideration for each PLC Stage

A

ScopeParticipants and their rolesKey activities and output

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Scope Management

A

Defining what work is required and then making sure all of that work – and only that work – is done.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Input to Construction Process (7) Management

A

Need, Land, Labour, Materials, Plant, Information, Captial

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Output of Construction Process (5) Management

A

Finished Building, Investment, Employment, Profit, Carbon Emissions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Fragmentation

A

Lots of parties involved although mostly for short periods of time in the process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Health and Safety

A

1 of the highest fall/fatality per 1000| Workers 2x likely, disabling injury than other industries

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Health and Safety Statistics

A

5% of total employment31% of total fatalities 10% of major/substantial injuriesLast 25 years 3,000 people have died

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Overview - Management of Con. Industry

A

Over last 100 years the design & construction split and lack of manager has caused conflict and an adversarial culture. Introduction of PM a response to this problem.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Widening Procurement Options

A 
Package Deal/TurnkeyManagement Contracting Design and build/design and developConstruction ManagementContractor Fee not fixed Price, able influence design
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

CIOB PM Defintion Abbreviated

A

Overall planning, control and co-ordination of a project from inception to completion aimed at meeting a client’s requirements, ensuring completion on time, within cost and to required quality standards

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Basic PM Functions (4)

A

Scope ManagementTime Management Quality ManagementCost Management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Integrative PM Functions (4)

A

Risk ManagementHR ManagementCommunications ManagementContract/Procurement Management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

What is PM About (4)

A

Achieving ObjectivesManaging GroupsKnowledge of Technical ProcessAnalysis and Control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Qualities/Skills PM Need (4)

A

Develop/maintain team spiritOrganise and LeadRight qualities of temperamentMaturity of judgement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

Project Management Techniques (5)

A 
Project ScopePlanning and schedulingFinancial ManagementStakeholder ManagementRisk Management
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

3 Measures of Project Success

A

Project Functionality - Performance of final productPM Effectiveness - Delivery in accordance to objectives Participants Commercial Performance - Whether PT gained financially from their contribution.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

Categories of Land Owners

A 
Traditional - Church crown aristocracyIndustrial - firmFinancial - institutionDevelopers - for profitHouseholders - home ownersConservation Charity - national parks
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

Value of Property Effected by (8)

A 
Size/QualityLocationAgeLocal DemandAvailability of similar PropertyLocal TransportLocal amenities Value of similar properties
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

Development Appraisal

A

Compares Total Revenue with Total Cost of schemeHow much land/construction costCost of borrowingProject rental income/investment yield

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Development Appraisal Variables (7)

A 
Land PriceBuilding CostProject CostRental IncomeInterest Yields Investment Yields Time - Length uncertainty
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

Optimum Property Investor Position

A

A prime propertyGood quality productLong pre-let w/ blue-chip (does well in downturn) tenantA fully repairing & insuring lease arrangementRegular upward rent reviews

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

Current Major Issues in Con.

A

30% of projects still exceed their cost budget by 20% and 75% miss target completion by 10-15%.Significant moves to change industry, w/ more single source arrangements + collaborative working.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Emerson Report (criticism of industry)

A

Emerson Report (1962) concerned with relationships in the building process – lack of liaison, separation of education of professionals,

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Banwell Reports (criticism of industry)

A

Banwell Reports (1964 & 1967) concerned with project organisation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

Higgins & Jessop Report (criticism of industry)

A

Higgins & Jessop Report (1965) identified the need to co-ordinate design & construction First to suggest the overall co-ordination role

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

Drivers for Change in Con.

A 
Quality driven agendaCommitment to peopleCommitted leadershipFocus on customerProduct team integration
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

Improving the project process

A

Product development Product implementationProduction of componentsPartnering the supply chain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

Tagets for improvement

A 
Capital Cost - -10%Construction Time - -10%Defects - -20%Accidents - -20%Productivity - +10%Turnover/Profit - +10%
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

Egan Report

A 
199830% of construction is reworked,Labour is only 40-60% efficient,10% of materials are wasted,Accidents can account for 3-6% of total project costs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

Change to Collaborative Culture

A 
Integrated teamsNo blame cultureSharing ‘pain & gain’PartneringFrameworks.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

Project Management changes

A

Introduction of client-facing manager of overall process| Use of a PMgr now mandatory on public sector projects

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
69
Q

Construction 2025

A

UK should be in 2025- 33% in both initial cost and the whole life cost- 50% inception-completion time new build/refurb asset- 50% in greenhouse gas emissions inbuilt environment- 50% trade gap all exports/imports for product/materials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
70
Q

Drivers of Con 2025 delivery

A

Improved image of the industryIncreased capability in the workforceA clear view of future work opportunitiesImprovement in client capability & procurementA strong & resilient supply chainEffective research & innovation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
71
Q

Types of Castles

A

Shell Keep - Round/Curtain WallHall Keep - Large multi storeyHigh Curtain wall - Defence structure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
72
Q

Evolution of PM

A

Master tradesman PM More commercialisation, control cost client QSArchitect taking over design1800 split of architect and contractorDesign and construction kept drifting apartFormation of professional bodies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
73
Q

Tudor

A 
1485-1560Non religious show off wealthSteep RoofFireplacesSmall Windows
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
74
Q

Elizabethan / Jacobean

A 
1560-1620Large mansions for aristocracy Grand TourJetting / Dutch GablesMore sophistication of housing
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
75
Q

Planning Policy

A

Process of policy making, control and implementation.Public health - Indust rev hygeine/diseaseHouse Man - C’cil Housing, prevent mass cheap housingBuilding COntrol - Important over time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
76
Q

Inception

A 
Initial Stage Statement of objectivesEnvironmental MandateApproval of feasibility Appointment of PM
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
77
Q

Feasibility

A

Establishing/reviewing options to achieve objectivesUnderstand client demands/appraising optionsFinancial viabilityClient decision to proceed to strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
78
Q

Strategy

A

PM takes clients preferred optionsAssembling the teamEstablish infrastructure for managing/controlling projectFacility Management/Procurement strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
79
Q

Pre - Construction

A

Implement plans of strategy stageExecution of design process, obtaining legal consentClient approval with construction works

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
80
Q

Construction

A

Facilities construction defined by design| Process involves greatest n.o of people/orgs/expenditure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
81
Q

Commissioning

A

Confirms building services systems are installedCommission strategy/schedule Training of client staff

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
82
Q

Completion

A

Formal transfer of completed facilities Single or phased over timeEnsure client has knowledge/capability to operateFinal inspections

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
83
Q

Evo Man Project : Middle Ages

A

ClientMaster Mason organises trade guildsMeasurer equate work to pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
84
Q

Evo Man Project : 16th

A

Introduction of Architect| Functional specialists

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
85
Q

Evo Man Project : 18th

A

Introduction of Engineers, QS, Main contractorSubcontractorsQS - 2 Measurer Client+Contractor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
86
Q

Evo Man Project : 20th

A

Introduction of PM, design teams

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
87
Q

Estimate Value of Property

A

Similar propertyComparative contractors - cost of constructionResidual method - future estimateInvestment - opportunity cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
88
Q

High Net to Growth Ratio

A

Maximising floorspace to let out| Minimise circulation space

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
89
Q

Latham Report

A

Need for better teamwork and co-operation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
90
Q

Hardwoods 6

A 
Long-lastingAngiosperms (seed vessel)Longer to grow Most hardwood species are tropical Need to be managed sustainablyDeciduous trees
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
91
Q

Softwood 4

A

Gymnosperm (naked see)60-120 years relatively shorter growth1/3 of worlds wood / 80% of UK From Conifers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
92
Q

How many types of Timber

A

30,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
93
Q

Wood Properties 3

A

Low thermal conductivity - good heat storageHigh strength - 2/3 of all houses timber frameLow weight

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
94
Q

Anisotropic

A

Different properties when measured in different ways| Wood stronger across the grain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
95
Q

Wood Conversion

A

Cut logs into sections| Finished by planing or sanding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
96
Q

Tree Workings

A

Trunk gives structural strengthBark prevents mechanical damage Radical rays move food into sapwood for storage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
97
Q

Potential Wood Damage

A

Fungi - Metabolising organic material (Wet/dry rot)InsectsFire Damage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
98
Q

Fire Retardants

A

Reduce flaming of surfaceSlows it downImpregnation with leach-resistant chemicalsSurface coatings.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
99
Q

Preserving Timber

A

Fungicides/Insecticides| Impregnation modification - Chemicals to fill gaps

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
100
Q

Properties of Steel (6)

A 
High Strength Good Ductility High StiffnessSuitable for prefabricationHighly recyclableWorked by sawing, drilling, flame cutting, welding bolting
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
101
Q

Steel

A

Alloy of Iron and Carbon0.4% carbon 2x strength1% carbon 3x strengthMore carbon incr tensile (hard) not strength more brittle.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
102
Q

Iron

A 
Element Heated to 900AllotropicHematite/MagnetiteExtracted with coal and limestone
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
103
Q

Cast Iron

A

Remelting Pig Iron w/ steel and cast iron scrap| Finished product has a high carbon content

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
104
Q

Pig Iron

A

Used to make Cast and Wrought Iron| 4-5% Carbon

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
105
Q

Wrought Iron

A

Pig Iron heated with Iron oxide in a furnace| Carbon/impurities react with oxygen to form slag

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
106
Q

Cast Iron Properties

A 
3-4% CarbonBetter than Wrought Corrosion resistant BrittleSuitable for castingNot suitable for Hot working
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
107
Q

Wrought Iron Properties

A 
Low 0.15% High 0.5-1.5%Good Resistance die to oxide layerReasonable tensile strength, Malleable and toughCan be forged, complex workCannot be cast, tempered or welded
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
108
Q

Uses of Steel

A

Hot or cold rolled sectionsOff site quality controlRapid assembly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
109
Q

Iron/Steel Corrosion

A

Destructive attacks by external elementsWater vapour (rust)/electrolysis/oxygenAbrasion of protective coatings expose metalTemperature change expan/cont may fracture coatingsHumidity > 70% will initiate rusting but occurs > 50%Pollutants help hold moisture on the surface of the metal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
110
Q

Protective Coating

A

Painting - rust and mill scale must first be removedVitreous enamel - molten enamel form corro-resis coating Plastic coatings - coating PVC, acrylicSteel needs a zinc pretreatmentZinc is used to galvanise steel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
111
Q

Zinc Coating

A

Spraying or dipping in molten zincBarrier to the environmentBetter surface for welding/paintingDurability depends on thickness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
112
Q

Steel Reinforcement in Concrete

A

Take the tensile stresses away from concreteCarry proportion of the compressive stressesControl fire

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
113
Q

Fire Protection Steel

A

Steel incombustible, strength reduced by high tempsLoad bearing strength reducesStructural integrity lost at 550Intumescent paint, expand 25-30 times, 2 hour protection

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
114
Q

Concrete composition

A

Cement, Sand, Aggregate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
115
Q

Slump Test

A

Determines workability on site| Indication of correct consistency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
116
Q

Concrete Accelerators

A

Increases reaction between water and cement, set faster| Calcium Chloride

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
117
Q

Concrete Retarders

A

Decreases rate of settingReduces 28 day strengthPhosphates/hydroxycarboxylic acids

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
118
Q

Water-resisting admixtures

A

Hydrophobic| Stearates or Oleates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
119
Q

Air-entraining Admixtures

A

Improve workabilityReduce risk of segregationIncrease frost resistance Decrease compressive strength

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
120
Q

Foaming Concrete

A

Low density

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
121
Q

Concrete Failure

A 
Chemical attack Frost - Freeze ThawAbrasionFireMovement – heat & moisture, creepCracking/spalling from corrosion of steel reinforcement
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
122
Q

Concrete Chemical Attack

A

Leaching Sulphate AttackAlkali-Silica ReactionCarbonation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
123
Q

External Sulphate Attack

A 
Water containing penetrates concreteSeawater - Sea defencesAcid RainExtensive crackingExpansionLoss of bond between cement paste and aggregateLoss of strength
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
124
Q

Internal Sulphate Attack

A

Sulphate included in concrete when mixedSulphate rich aggregatesScreening and testing should prevent this

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
125
Q

DEF

A

Delayed formation of the mineral ettringiteHigh early temps prevents normal formation of ettringite.Expansion and cracking

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
126
Q

ASR

A

Alkali-Silica ReactionReact high alkaline cement + reactive silica in aggregateGel produces takes on water and leads to crackingOver time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
127
Q

HAC

A

High Alumina Cement Calcium aluminates rather than silicatesRapid strength developmentHowever mineralogical conversion reduced strengthIncreased vulnerability to chemical attack.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
128
Q

Steel Carbonation

A

Increases susceptibility to chloride attacks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
129
Q

Concrete Creep/Shrinkage

A

Long term deformation under sustained loads| Shrinkage depends on aggregate size

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
130
Q

Concrete Repair

A

Epoxy resin

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
131
Q

How Glass is made

A

High melting/viscosity reduced by adding sodium oxideReduces it from 1700Reduces energy and cost of manufacture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
132
Q

Float Glass

A 
Thinner 6mm or 0.4mm/25mmMolten glass poured on molten tin Floats on tin, evenly spreadThickness controlled by pour speedAnnealing (control cooling) exit as 'fire' polished productVirtually parallel surfacesCan be tinted
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
133
Q

How Float Glass is made

A 
Raw Material FeedMelting FurnaceFloat BathCooling LehrContinuous ribbon of glassCross CuttersLarge plate lift-of devicesSmall plate lift-of devices
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
134
Q

5 Main Glass Groups

A 
Soda-Lime Glass - Bulbs/ContainersQuartz Glass - High meltingBorosilicate glass - Chem resistantLead glass - Low Melting radiation shieldingAlumino-silicate glass - Glass fibre
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
135
Q

Glass Properties

A 
Light transmission •  Refractive indexThermal properties StrengthHardness - abrasion resistanceDurability - weatheringFire resistance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
136
Q

Gas Filled Glass

A

Argon gas| Lasts 15-20 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
137
Q

Recycled Glass

A

Landfill tax doubled in 2009Fibreglass insulationRemeltingFine Aggregate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
138
Q

4 Material Considerations

A

SuitabilityDurabilityReliabilitySustainability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
139
Q

Triple Bottom Line

A

SocialEconomicEnvironmental

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
140
Q

Construction Stat

A

50% of all materials globally used in construction| UK 200m tons of waste in 2012

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
141
Q

Building Cycle

A 
Extract Raw MaterialsPrimary/Secondary ManufactureConstructionBuilding UseEnd of lifeDemolish
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
142
Q

Waste Hierarchy

A 
LandfillRecover energyRecycle/CompostRe-useReduce
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
143
Q

4 R’s + D

A 
ReduceRe-useRecycleRecovery - (energy)Disposal
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
144
Q

OSP

A

Off Site ConstrucitonManufacture away from place of installationStandardisation/Pre-AssemblyOccur all year round increase productivityRapid on site construction/improve time predictabilityQuality control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
145
Q

Non-Volumetric Construction

A

Assembled within a factory| Don’t enclose usable space, flat/two- dimensional

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
146
Q

Volumetric Construction

A

Pre-assembled Pods (Kitchen/bathroom)| 3 Dimensional space

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
147
Q

Closed/Open Systems

A

Closed - Combine w/ components from same manufacturOpen - More Flexibility, can combine with othersNeed to be standard Sizes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
148
Q

Why Prefabrication

A

Quickly made water tight, early installation of servicesSome modular systems have services incorporatedFactory better quality control and in theory zero defects

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
149
Q

Factory Fabrication

A 
Quickly address skill shortagesGreater build cost accuracy Reduce on-site time/injuryWaste minimisedLess damage to components/no on site storageEnable integration of BIM with more ease
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
150
Q

Prefabrication Problems

A

Factory specific on-site foundations specific

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
151
Q

Walter Segal Method| Huf Haus

A

Timber primary design and modularStandardised - no waste, cut/alter material, reduce costReduce wet trades, concrete plastering and bricklaying5 trained men in 6 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
152
Q

EIA’s| BREEAM

A

Environmental Impact AssessmentMet environmental standardsSocial/economic impact considered

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
153
Q

Portland Cement

A

1824 - Joseph AspdinHeated mixture of clay & chalk gave hydraulic cementMix burnt limestone + clay more calcined until CO2 goneMaterial ground into fine cement powder

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
154
Q

Portland Cement Properties

A

Excellent strengthStronger than Roman cement5x stronger than hydraulic lime

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
155
Q

Portland Cement Development

A

Rotary KilnsAddition of gypsum control settingUse of ball mills to grind clinker and raw materials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
156
Q

Hydraulic Lime| Non Hydraulic Lime

A

Limestone with reactive clay, hydration similar properties Portland cementHigher Clay stronger and less permeable 18-25%No clay non hydraulic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
157
Q

5 Types of Cement

A 
Portland Cement Portland-composite CementBlast furnace CementPozzolanic CementComposite Cement
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
158
Q

Sustainability in Concrete

A

Reduce amountLow embodied C - Heat eff, diff fuels, Clinker substitution Use of recycled materialsCarbon capture and storage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
159
Q

ThermosettingThermoplasticsElastomers

A

Synthetic polymers can be:Thermosetting - harden on heat and do not re-meltThermoplastics - soften and melt on heatingElastomers - Rubber retain original shape

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
160
Q

4 Mineral Constitutions of Cement

A

Alite BeliteAluminate Ferrite

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
161
Q

Cement Clinker

A

Clinker a nodular materialsLarge rotating drum containing steel ballsGypsum ground in to control setting properties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
162
Q

Clinker Process

A
  • Clinker cools, liquid crystal = aluminate, ferrite low belite- Fast cool good - lots hydraulic react silicates + small, intergrown, aluminate and ferrite crystals.- Slow cool less hydraulic react silicates + coarse crystals of aluminate and ferrite - over-large aluminate crystals can lead to errattic seeng of cement.- Very slow cool, alite decomposes to belite + free lime.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
163
Q

Thermoplastic Example

A

PTFE| ETFE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
164
Q

Thermosetting Example

A

Phenolic ResinsAmino AcidsPolyester Resins

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
165
Q

Epoxy Resin

A 
ThermosetAdhesiveGood electrical insulator Hard / brittle unless reinforcedResists chemicals well
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
166
Q

Polyester Resin

A 
ThermosetStiff / hard / brittle unless laminatedGood electrical insulator Resists chemicals well	Casting and encapsulation Bonding of other materials
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
167
Q

PTFE

A 
ThermoplasticResistant to chemical attackLight in weightNot brittleInexpensiveAdaptableCause minimal tissue reaction
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
168
Q

ETFE

A 
ThermoplasticHigh corrosion resistanceStrength over a wide temperature rangeHigh melting temperature, Excellent chemical / electrical / high-energy radiation resis
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
169
Q

Elastomeric

A

Undergo large deformations / high elasticityLarge chain molecules twisted/coiled random mannerRubber

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
170
Q

Additives

A

Added to improve desired propertiesPlasticisers - increase flexibilityFillers - Reduce cost, improve fire resistance, chalk/sandPigments - Dyes/pigments added Stabilisers - Reduce degradation by absorbing UV lightFlame retardantsHeat Stabilisers - work same under increased heat

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
171
Q

Admixture

A 
Modify setting/hardening properties of cementAcceleratorsAir-entraining - lightweight blocksRetardingWater reducing - plasticisers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
172
Q

Clay and Clinker

A

From clay reactants in the kiln of Lime, Silica, Alumina and iron produce the four mineral

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
173
Q

Glass additions

A

Soda - reduce melting temp of silicaFlurospa and soldium sulphate - reduce bubblesCalcium/magnesium - stronger glass

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
174
Q

Paint component

A

Pigment - colourBinder - bind to surfaceSolvent - control properties of paint for applicationExtender - go further

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
175
Q

Plastic Sustainability

A

Un recyclable plastics| Reduce different types, easier to recycle

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
176
Q

Unfired Brick

A 
Air driedReduces shrinkage Improves strengthLow embodied energyEasier to recycleNo moisture resistance more sustainable
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
177
Q

Stone

A

Igneous - GraniteMetamorphic - Marble (limestone)/slate (clay)Sedimentary - Limestone/clay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
178
Q

Brick Creating

A 
Press, wire cut, mouldedDriedKiln3 different temperatures100 water, 400 burning carbon matter, 900 sintering
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
179
Q

Power Culture (Handy)

A

Peoples activities are strongly influenced by a dominant figurePower is held by the few and from the centre

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
180
Q

Role Culture (Handy)

A

Influenced by clear and detailed job descriptions in a well defined structurePower derives from a person position

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
181
Q

Task Culture (Handy)

A

Teams are used to solve the problemPower derives from expertise Matrix so no single source of power

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
182
Q

Person Culture (Handy)

A

Activities are influenced by the wishes of the individuals who are part of the organisation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
183
Q

Integration (Martin) Perspective

A

Culture values should be shared across the organisation, a unified culture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
184
Q

Differentiation (Martin) Perspective

A

Conflicting demands from individuals| Cultural pluralism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
185
Q

Fragmentation (Martin) Perspective

A

Constant changing of events, organisation as complex and unpredictable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
186
Q

Cultural Pluralism

A

When smaller groups within a larger society maintain their unique cultural identities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
187
Q

HRM

A

Strategies for managing people in order to achieve business objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
188
Q

Soft HRM

A

An approach to HRM based on treating employees as the most important resource in a business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
189
Q

Porters 5 Forces

A

Intensity of RivalryBargaining Suppliers/Sellers Threat of substitutes/new entrants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
190
Q

Hard HRM

A

An approach to HRM based on treating employees as a resource that needs to be managed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
191
Q

Project Culture

A

A set of beliefs, attitudes and behaviours that exist independently of the individuals in the project.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
192
Q

Culture (GR Mills)

A

Abstract, long-term and socially determinedOften associated with psychological traits and beliefsNot emergent, dynamic and incentive-driven interactions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
193
Q

Group Decision Making Positive (4)

A
  • Complete information/knowledge- Increased diversity of views and higher creativity- Wider acceptance/adoption of a solution- Group decisions accurate than decisions of individuals,
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
194
Q

Group Decision Making Negative (5)

A
  • Time consuming because solutions take longer- Individuals are quicker- Conformity pressures in groups- Group discussions may dominated by one/few members- Ambiguous responsibility
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
195
Q

Barriers to Team Motivation (6)

A

Unclear objectives/directionInsufficient resourcesPower struggles/conflicts not confronted/resolved Poor job securityShifting goals/priorities (wrong prioritisation)Barriers tackled directly by dealing with cause or indirectly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
196
Q

Belbins 9 Team Roles Idea

A

Groups need the right mix / balance of people (skills and behaviour) to be effective.May build productive working relationshipsPeople, action and problem solving oritentated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
197
Q

Intrinsic Motivation

A

Performing well in order to gain an internal reward, coming from INside the individual

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
198
Q

Extrinsic Motivation

A

Performing well in order to earn a reward

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
199
Q

Hygiene Factors (5)

A 
Factors causing job satisfactionSalary and benefitsWorking conditionsCompany policyJob securitySupervision and autonomy
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
200
Q

Theory X

A

Managers take a pessimistic assume they’re unmotivated and dislike work. Team members need to be prompted, rewarded or punished constantly to complete their tasks.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
201
Q

Theory Y

A

Optimistic view and use a decentralized, participative style. Encourages more collaboration and trust-based relationship between managers and their team members.Greater responsibility and try to develop employee skills

202
Q

Expectancy Theory (Vroom)

A

Increased effort leads to increased performance i.e. if I work harder then this will be better.

203
Q

Expectancy Theory (Vroom) 3 Points

A

Valence (bothered about outcome)Instrumentality (the outcome will affect something)Expectancy (expectation how good outcome will be)

204
Q

Expectancy Theory (Vroom) Process (4)

A

Individual effortIndividual PerformanceOrganisational RewardPersonal Goals

205
Q

Herzberg 2 Factor Theory

A

Hygiene factors and Motivators -

206
Q

Herzberg Dis/Satisfaction Idea

A

Sources of dissatis.. when removed, don’t produce satisfaction, but rather no dissatisfaction.Satis… from factors like job challenge/personal growth/etc

207
Q

Maslow Hierarchy of Needs (5)

A 
Psychological - Warmth/shelterSafety - Security/no fearSocial -  InteractionsAsteem - Regard/appreciationSelf actualisation
208
Q

Values (4)| MP GPaB

A

Guiding principles and beliefs / Motivations / Priorities| Personal/moral frames that influence behaviours/beliefs

209
Q

Attitude (4)EJ OPEABC I R

A

Evaluation or judgment concerning objects/people/eventsForm affective/behavioural/cognitive intention responseResult of direct experience/observation learning from env.Satisfaction or dissatisfaction

210
Q

Behaviour (4)| AAV

A

Actions that accord with valuesWays of conducting ourselves (good and bad)Balanced between personal/collective ways to act (e.g. Trustworthy, successful, polite behaviour)

211
Q

Personal Benefit of Values (4)

A

Provide consistency and self-awarenessHelp relationships with othersInform conflict or difference resolutionPromote compassionate communication

212
Q

Business Benefit of Values (4)

A

Informed strategy formationThe basis for bottom up vision and missionsStrengthen identityBuild between collaborators & wider stakeholders

213
Q

Values Based Management

A

All levels find ways to encourage organisation’s values.Allow for bottom up growth encouraging individuals Encourages addressing unavoidable dilemmas, all agree

214
Q

Bottom Up Growth

A

Training, supporting, advising and mentoring individuals from all areas of the organisation.

215
Q

Values Based Recruitment (3)

A

Deliberately employing people that align with current organisational values.Individuals implicitly attracted to places w/ similar valuesMore committed to strategic goals

216
Q

Values and Performance

A

Strong values can drive high/low performance| Depends on ability to align with its market/adapt strategy practices

217
Q

How Organisations Continue

A

Must gain/maintain a minimum level of approval from society to function. Necessary to recruit, obtain resources and find markets

218
Q

Values Definition

A

Values are a series of Personal/moral frames that influence behaviours/beliefs, but also need to be motivating concepts that people care passionately about

219
Q

Organisational Structure Definition (Mintzberg, 1979)

A

The sum total of the ways in which it divides its labour into distinct tasks and then achieves co-ordination among them

220
Q

Vertical Specialisation

A

The extent to which responsibilities at different levels are defined

221
Q

Horizontal Specialisation

A

The degree to which tasks are divided among separate people or departments

222
Q

Responsibility

A

A person’s duty to meet the expectations others have of him/her in his/her role

223
Q

Delegation

A

Occurs when one person gives another the authority to undertake specific activities or decisions

224
Q

Span of Control

A

The number of subordinates reporting directly to the person above them in a hierarchy

225
Q

Tall Structure

A

Narrow spans of supervision

226
Q

Flat Structure

A

Wide spans of supervision

227
Q

Empowerment

A

Giving employees greater control over their working lives, by determining how, what, when they complete a task

228
Q

Job Enlargement

A

The process of increasing the number of tasks and responsibilities an employee has.

229
Q

Job Enrichment

A

An increase in the level of responsibility that an employee has in order to increase motivation.

230
Q

Matrix Structure

A

A form of organisation in which the staff are organised into teams that include all necessary specialists.

231
Q

Maslow Concept

A

All humans have the same needs of which need to be met in order to move onto a new important need.

232
Q

Motivation Definition

A

Forces acting on (extrinsic) or within (intrinsic) an individual to cause them to behave in a particular way.

233
Q

Functional Structure

A

Grouping activities and employees according to their professional or functional specialisms

234
Q

Divisional Structure

A

Divisional around the individual products

235
Q

Network Structure

A

Organisations remain independant but join together for certain products or services

236
Q

Huemann et al HRM

A

New project need for a new HR strategy| Need for assigning personnel for projects, dispersement from projects, and linking project assignments to careers

237
Q

HRM Cycle

A

Normal - Selection, employment, release| Project - Selection, Employment, assignment, employment on project release from project, back to employment

238
Q

Three HRM Objectives

A

Attract effective workforce - Recruitment/HRM PlanningDevelop effective workforce - Training/AppraisalMaintain effective workforce - Salary/benefit/relations

239
Q

Mechanical HRM

A

Planning, Organising, Controlling, Monitoring, Reviewing| Control, systems, accepts status quo

240
Q

Dynamic HRM

A

Leading, Liaising, Delegating, Coaching, Motivating| Innovation, challenges status quo

241
Q

Employer gives to workforce HRM

A

Opportunity| Safe working environment

242
Q

Employee gives to employer HRM (3)

A

Loyalty/commitmentWilling to develop skillsIdeas and opinions

243
Q

Limit/damage engagement HRM (5)

A 
Job insecurity and fearRepetitive jobs with short cycle timesJobs causing high stress–little autonomy/InflexibilityUnfairness in pay and rewardsLittle career progression
244
Q

Human Resource Planning

A

A framework and approach that evolves and aligns human resource management and strategy to support long-term business goals. Matching resources to need

245
Q

Operations Management Definition Stack et al.

A

Operations management is the activity of managing the resources that produce and deliver products and services

246
Q

Ops Man Supply chain management

A

The operations managers needs to procure supplies to integrate and deliver client requirements on time

247
Q

Ops Man Inventory management

A

To develop a sound inventory management system to retrieve the raw materials as and when required

248
Q

Ops Man Quality management

A

Need to be in touch with the quality assurance personnel so that the quality of the deliverables fulfil the agreed quality criteria / compliance standards

249
Q

Operation Managers Objectives (4)

A

Budget - OM depart budget/overheads, salaries, income and other benefits / costs, PM has project budgetsSchedule - OM day busines/schedule, PM project deliveryStaff Management -OM recruit/assign people to projectsSkill Development - OM skills/career development

250
Q

Process Management

A

Aim to continually improve processes, driving change and use business process to align with expectation

251
Q

Supply Chain Management

A

The process of getting materials/services from| the supplier, to the contractor and then to the client

252
Q

Goods/services cost for projects

A

External businesses goods/services in construction industry account for 80% of total project cost

253
Q

Systems SCM is made of

A

Engineering, marketing, manufacturing, Logistics, and management

254
Q

5 Principles of SCM

A 
Know the customerAdopt Lean Philosophy Information infrastructureIntegrate business processesUnite decision support systems
255
Q

SCM Benefits (3)

A

Focus core skills, outsource to partners in supply chainEstablish relationships w/ firms in supply chain Customer satisfaction enhance economic value. Through improved asset utilisation, cost/profit margins.

256
Q

Barriers for SCM (5)

A 
Lack of integration/Fragmentation/trustConflict contractu relati.. between client/contractor/supplierNature of projectCulture at the workplaceInappropriate organisation structure,
257
Q

Resolve Barriers of SCM (2)

A

Sub-contractors/suppliers should integrate into coms and reporting structures within their organisational structuresCloser relationships to personnel working on projects.

258
Q

Performance Management

A

Setting and achieving organisational goals that produce desirable business results where efforts must align with overall goals/strategy understood by everyone

259
Q

Performance Management Cycle (3)

A

Planning/Defining - Responsibilities/Skills/BehaviourOngoing Feedback/Facilitation/EncouragementReview - Continuous improvement

260
Q

Power and Control Simons 1995 - Belief System

A

How value / excellence is created through strong relations| Core Values

261
Q

Power and Control Simons 1995 - Boundary System

A

Defines minimum standards and makes clear what negative activities are off-limits/unacceptableRisks to be Avoided

262
Q

Power and Control Simons 1995 - Interactive

A

Sharing information, ideas and encourage creativity and sense new patterns of changeStrategic Uncertainties

263
Q

Power and Control Simons 1995 - Diagnostic Control

A

Monitor performance / output progress towards targets| Critical Performance Variables

264
Q

Key Performance Indicators

A

HRM - Retention rate, overtime, trainingProduction - Efficiency rates, costsMarketing and Sales - Growth, brand value

265
Q

Personal Development Plan

A

Creating an action plan based on awareness, values, reflection, goal-setting and for personal development

266
Q

Organisational Behaviour 3 Part

A

Individuals in organisations micro/personality systemWork Groups (meso-level / cultural system)How organisations behave (macro-level / social system)

267
Q

Organisational Behaviour Definition (OB)

A

Human behaviour in orgs, the interface between human behaviour-orgs, and orgs itself

268
Q

What OB Covers (6)

A 
Organisational values and behaviourMotivationRelationshipsCommunicationsOrganisational behaviourAttitudes/PersonalityCounterproductive work behaviour (Dark side of work)
269
Q

OB Iceberg

A

Visible organisational interactions| Stress, emotions, feelings, loyalties ect.

270
Q

SMART

A 
SpecificMeasurable AttainableRelevant Timely
271
Q

Tort

A

A civil wrong which causes harm to another

272
Q

5 Types of Tort

A 
NegligenceNuisanceDefamationTrespassRule in Rylands v Fletcher
273
Q

Tortfeasor

A

A person who commits the tort

274
Q

Civil Standard of Proof

A

Balance of probabilities

275
Q

Mandatory Injunction

A

Undo or remedy any damages

276
Q

Prohibitory Injunction

A

Discontinue a wrongful act

277
Q

Ratio Decidendi

A

Rule of law which future decisions are based

278
Q

Obiter Dicta

A

A judge’s opinion not essential to the decision therefore not legally binding as a precedent.

279
Q

Precedent

A

Similar cases should be decided in a similar way

280
Q

Stare Decisis

A

The doctrine of binding precedent

281
Q

Per Incurium

A

Careless decision

282
Q

Damages

A

Compensatory DamagesAggravated DamagesPunitive Damages

283
Q

Interlocutory Injunction

A

Temporary injunction - Prevents defendant from doing something or to remedy any damage prior to a full hearing - Normally for Pollutors

284
Q

Tort of Negligence claimant must show

A

Duty of CareBreach of DutySuffering of Damage

285
Q

Duty of Care

A

Caparo TestProximity needs to be establishedForeseeable DamageFair, just and reasonable to impose a duty

286
Q

Breach of Duty

A

Show that behaviour has fallen below expectations

287
Q

Suffering of Damage

A

Consequence has led to damage

288
Q

Donoghue vs Stevenson

A

1932 AC 562 Lord AtkinConcept of duty of care was establishedIntroduces concept of proximity (Neighbour principle)

289
Q

Caparo v Dickman

A

1990Created the 3 part testNegligence development from Donoghue

290
Q

Ward v Tesco Stores Ltd

A

1976Res Ipsa Loquitur - Thing speaks for itselfEstablish a prima facie case of negligenceDefendant needs to prove they were not negligent

291
Q

Barnett v Chelsea & Kensington Hospital

A

1969But For defendant actions they wouldnt suffered lossHospital not liable, would act have occurred

292
Q

Causation

A

Claimant needs to show had the breach not occurred there would be no damage Breach-Damage connection (but for)

293
Q 
Bradford v Robinson RentalsOverseas Tankship (UK) Ltd v Morts Dock & Engineering Co Ltd
A

[1967] Application / [1961] BasedRemoteness Frostbite not unforeseeable of extremely cold weather

294
Q

Limitation period for Negligence

A

6 Years

295
Q

Volenti non fit injuria and Defence

A

No injury can be done to a willing personThere has been agreement to assume the riskFull knowledge to the nature and extent of the riskA voluntary decision by the claimant to assume the risk

296
Q

Negligence Definition

A

Failure on the part of the defendant to take care as the law requires to ensure that no harm comes to the plaintiff

297
Q

Professional Negligence| Bolam v Friern Hospital Management Committee

A

Standard of care expected someone carries out a jobJudge McNair in 1957Bolam Test

298
Q

Expert Evidence

A

Fellow members of the defendants profession

299
Q

No Experience| Nettleship v Weston

A

1971| Standard of care of learner driver same as experienced

300
Q

Vicarious Liability

A

Imposing strict liability of employers on the actions of their employees

301
Q

Storey vs Aston

A

1869Caused accident due to negligenceFrolic of his own established - no liability

302
Q

Salmond Test

A

A tort is committed in employment if :Wrongful act authorised by the master Wrongful and unauthorised act authorised by the master.

303
Q

Occupier

A

A person who has sufficient control of the premises/ land.

304
Q

Occupiers Liability

A

A specialised branch of negligence, and allows a claimant to sue an occupier of land or premises for damage or personal injury which occurs on the premises.

305
Q

Health and Safety at Work Act 1974

A

Section 4| Those in charge have to take reasonable care of visitors

306
Q

Commissioner for Railways v McDermott

A

1967 Occupier to have control over safety There is proximity between occupier, duty of care arises

307
Q

Occupiers Liability Act

A

1957Created common duty of care, liability similar to negligentCommon law exists, alongside statutory common DOC

308
Q

Premises Defintion

A

A fixed or movable structure including any vessel, vehicle or aircraft

309
Q

Fisher v CHT Ltd

A

1966Joint Liability, <1 Occupier, depends who failed their duty Contractor joint w/ club, plasterer electric shockEach defendant owed duty of care

310
Q

To be Occupier Liable

A

Degree of control over premisesControl allows assessment of state and safety Appreciation of failing to take care may result in injuryControl need not be exclusive or apply to whole premises

311
Q

Unfair Contract Terms Act

A

1977Occupier cannot exclude or limit liabilityRestriction must satisfy requirement of reasonableness

312
Q

Trespassers

A

Not visitors under 1957 Oc Li Act1984 Occupier liable if known danger on landChildren careful of features of allurementActionable without damage

313
Q

Trespass Liability

A

How serious was the dangerHow specific was the warning How the warning was givenIf warning was heeded then he would be reasonably safe

314
Q

3 types of Nuisance and Remedies

A

Public, Private, Statutory| Injunction, Damages Abatement

315
Q

Public Nuisance

A

A-G v PYA Quarries 1957Nuisance that will impact on more than just an individualIndividual claimants need to show they’ve suffered more(Harper v Haden & Son 1933)

316
Q

Private Nuisance

A

Reed v Lyons & Co Ltd 1945Interference of another use of enjoyment or right over land or damageNoise (transient?), smell, dust, encroachment

317
Q

Noise Nuisance

A

Control of Pollution Act 1974| Halsey v Esso Petrol 1961 - noise measured in decibels

318
Q

Granting Injunction Test

A 
American Cyanamid v Ethicon Ltd 1975Is there a serious issueWould damages be appropriate Balance of convenience lay Other special factors
319
Q

Nuisance Locality

A

Roskell v Whitmorth 1871| Character of neighbourhood

320
Q

Statutory Nuisance

A

Defined by statute in 79-82 EPAct 1990| Not stopped/abated = criminal offence

321
Q

Rylands vs Fletcher

A

1868Things that have been brought onto land and escaped Reservoir water escaping, flooding mining tunnels Contractor failed to block shafts / duty to prevent escape

322
Q

Ruling of Rylands vs Fletcher

A

Rule imposes strict liability - if escaped then liable| They had a duty to prevent escape

323
Q

Refined Rylands vs Fletcher

A

Cambridge Water vs Eastern Counties Leather plc 1994| The damage must be foreseeable

324
Q

Allocative Efficiency

A

Consumer valuation is equal to the economic cost. Occurs when Price=Marginal Cost. P>MC more should be produced. P

325
Q

Productive Efficiency

A

Combination of capital and labour in the most effective way, minimising their ATC. Producing at an output that coincides with the lowest point of a firm

326
Q

EOS Definition

A

The benefits to a firm of operating at an increased scale of production leading to reductions in average total cost.

327
Q

X-Efficiency

A

The need to be able to control the costs of the firm.

328
Q

Internal EofS

A

Economies of scale that arise within the firm as a result of growth, resulting in lower long run average costs. Moves AC down.

329
Q

External EofS

A

Economies of scale that arise from the growth of an industry and benefits firms within the industry, resulting in lower long run average costs. Moves AC down

330
Q

LDMR

A

As each unit of a variable factor is increased to a fixed factor, output increases at first, then it will decrease and become negative, due to the restraints of that factor.

331
Q

Marginal Product

A

The change in total product from employing one more variable factor.

332
Q

MRP

A

Change in a firms revenue from employing one more worker.

333
Q

Pecuniary Factors

A

Wage rate and the opportunity of bonus’s and working overtime.

334
Q

Lorenz Curve / Gini coefficient Definition

A

Illustrates the extent of income and wealth inequality in a society. Gini used to make international comparisons.

335
Q

Lorenz Curve Explain

A

Percentage of income Y axisPercentage of population X axisShows how far from being perfectly equal, not straight lower groups don’t earn as much. Governments can use progressive taxation and amount of benefits paid.

336
Q

Circular Flow Definition

A

The flow of goods/services and income between producers/firms and households/consumers.

337
Q

Leakages (Expenditure):

A

The outflow from the circular flow of income. Imports, taxation, savings.

338
Q

Injections (Income):

A

When people spend money on goods/services money is put into the economy. Government spending, Exports, Investment. Expenditure of people into the economy.

339
Q

Expenditure Method

A

C + I + G + ( X - M )

340
Q

Cyclical Unemployment

A

Demand deficient - Less demand for firms products, labour isn’t required. Loss in growth of economy.

341
Q

Structural Unemployment

A

Immobility of labour Occupational - Loss of skills from the changing of industryGeographical - Don’t move to find work

342
Q

Aggregate Demand

A

Total spending on domestic output at a given time.

343
Q

Automatic Stabilisers

A

Forms of government spending and taxation that dampen down the affects of fluctuations without government policy changes.

344
Q

Cost Push Inflation

A

Increases in the average price levels as a result of increases in the cost of production.

345
Q

Demand Pull Inflation

A

Increases in the average price level resulting from excessive increases in aggregate demand.

346
Q

Economic Growth

A

The growth in the value of output in the economy.

347
Q

Expansionary Monetary Policy

A

Changes in the money supply (increase), rate of interest (cut) and exchange rate (lower) which are designed to stimulate aggregate demand.

348
Q

Fiscal Drag

A

The reduction in disposable income that occurs when tax bands are not in line with inflation.

349
Q

Fiscal Policy

A

A governments policy in regards to taxation, public spending. It can be loose/expansionary or tight/deflationary.

350
Q

GDP

A

The total value of goods and services produced by a country based in an economy.

351
Q

Multiplier

A

An increase in the levels of injections in the circular flow of which increases aggregate demand.1 / (1 – mpc(1 - t))

352
Q

Production Possibility curve

A

The allocation of resources between two products in production, given current resources and state of technology.

353
Q

Consumer Surplus

A

The difference between the price a consumer is willing and able to pay and the price that is required to make the purchase.

354
Q

PED

A

The responsiveness of quantity demanded given a change in price. % change in quantity / % change in price.

355
Q

Normal Good

A

Goods for which an increase in income leads to an increase in demand.

356
Q

Inferior Good

A

Goods for which an increase in income leads to a decrease in demand.

357
Q

YED

A

The responsiveness of demand given a change in income. % change in quantity / % change in income.

358
Q

XED

A

The repsonsiveness of quantity demanded of one good given a change in price of another. % change in demand for good 1 / % change in price of good 2.

359
Q

Producer Surplus

A

The difference in price a producer receives for a good / service and the actual price they are willing to accept for the good/service.

360
Q

Economic Problem

A

The need to make choices regarding the allocation of limited and finite resources amongst infinite and competing wants.

361
Q

Giffen Good

A

Higher price increases demand, increase in demand is due to the income effect of the higher price outweighing the substitution effect. Can’t buy other goods.

362
Q

Veblen Good

A

Demand rises as price rises, attribute it with quality

363
Q

Complementary Goods

A

Goods for there is joint demand.

364
Q

Substitute Good

A

Competing goods.

365
Q

Income Effect

A

Price change effects consumer income. If price rises, it cuts disposable income and lower demand.

366
Q

Substitution Effect

A

An increase in the price encourages consumers to buy alternative goods. Measures how much the higher price encourages use of other goods, assuming same income

367
Q

Philips Curve

A

Relationship between inflation and unemployment| Classical reject, Keynesian support

368
Q

Okuns Law

A

As unemployment increases production decreases

369
Q

Classical Economics

A

Long run aggregate supply curve is inelasticReal GDP effected supply side, investment/productivityIncrease AD only cause inflation

370
Q

Laffer Curve

A

Determines optimal tax rate, until a point people willing to to pay a certain rate, after people seek to reduce tax liability or not work because money will go to governmen

371
Q

Reserve Ratio

A

The amount banks keep in liquid reserve i.e cash| 1/RRR

372
Q

Debt

A

Lending from banks or bond buyers

373
Q

Equity

A

Selling shares/stake| Publicly / Privately

374
Q

Retained Profit

A

Previous years profit not distributed to share holders as dividends

375
Q

Trade Credit

A

Pay suppliers later than they get paid

376
Q

Invoice Discounting

A

Selling trade debt for a fee

377
Q

Free Cash Flow

A

Operating Cash Flow - Capital Expenditure| Cash gener from revenues - acquir/maintain fixed assets

378
Q

Operating Expenditure

A

Ongoing cost to running a business

379
Q

Simulation

A

Estimation of probabilities of different possible outcomes

380
Q

Break-Even Analysis

A

Analysis of level of sales at which the project breaks even

381
Q

Exogenous| Endogenous

A

Internal Cause| External Cause

382
Q

Option Pricing

A

A contract giving purchaser right to buy asset in future at specified strike price.Protect material price changes Option seller must have asset to hand

383
Q

Intrinsic Value

A

Difference between strike price and underlying asset

384
Q

Iron Triangle of PM

A

Time, Cost, Scope and Quality

385
Q

Sensitivity Analysis

A

Analysis of effect of changes in one variable

386
Q

Scenario Analysis

A

Project Analysis given particular combination of assumptions

387
Q

CAPM Model

A 
Cost of EquityKe = Rf + B(Rm - Rf)Rf - Risk FreeB - Risk EstimateRm - Risk MarketCAPM > 1 - Firms move more than marker more risk
388
Q

ROSF

A

(Net Profit after interest payment) / (Shareholder Funds)Single Year rate of return on each unit of share capitalNarrow assessment of profitability

389
Q

Capital Employed

A

Total Assets - Current Liabilities (Debt + Equity)

390
Q

ROTA

A

2 Part Du Pont PBIT / TA = (PBIT / T) x (T / TA) Relationship of OP margin + its asset turnover ratio

391
Q

ROCE

A

3 Part Du PontPBIT / TA = (PBIT / T) x (T / TA) x (TA / K)Efficiency of which its capital is employed Higher % the better

392
Q

ROE

A

5 Part Du Pont PAIT / E = (PBIT / T) x (T / TA) x (TA / K) x (PAIT / PBIT) x (K / E)

393
Q

Capital Worth

A

Total Assets - Total Liabilties

394
Q

Developers into 2 types

A

Speculative - Develop and Sell/Rent| Owner-user - Develop and use as part of the business

395
Q

Net Present Value

A

Comparing cost of project with future value of revenue discount rate applied so it can be compared with alternative investments

396
Q

Developer J-Curve

A

Initial High Risk -ve cost costs (trough high risk period)Trade Credit / off plan sales reduce risk and cash inflowCash revenues increase as costs get smaller

397
Q

End of a project

A

Divestment in Fixed Costs - Plant/equipment moved/sold| Divestment in Working Capital - inventory sold accounts receivable collected

398
Q

3 Components of Cash Flow

A

-ve cashflow from investment in fixed assets-ve cashflow from investment in working capital+ve cashflow from operations (revenue)

399
Q

Payback Definition

A

Time taken to recover initial investment| Packback period < specified cut off period

400
Q

Delay Causes in PFI Projects

A

42% - PM issue / subcontractor under finance/resourcing15% Jarvis PLc (railway) financial difficulties6% - Planning permission issue / dispute between parties

401
Q

Uncertainty vs Risk

A

Uncertainty cannot be quantified, unknown riskRisk is measurable and can be quantifiedActuaries collect data

402
Q

Exchange Rate Risk Mitigation

A

Forward Contracts - Lock agreed exchange rate OptionPrice Variance Clauses - Client agrees to take some exposure, as full hedge is expensiveHedging - Buy asset that will do opposite if euro crashes

403
Q

Asymmetric Information

A

Where one party has more info than another

404
Q

Securitisation / NINJA

A

Allowed mortgage obligations to be pooled together to create financial products that could be resold via capital markets No Income No Jobs or Assets

405
Q

Dutch Books

A

A set of odds and bets which guarantees a profit regardless of the outcome of the gamble

406
Q

Moral Hazard

A

One party gets involved in a risky event knowing that it is protected against the risk and the other party will incur the costs

407
Q

PFI

A

Type of Public Private Partnership Private firms paid more to complete gov contracts FIXEDIntegrated Public Procurement 700 projects signed 2013 Mar 9.6bn ann gov liabiliti 13/14

408
Q

PF2

A

Increased equity 15% from 10%No soft facilities managementOnly really used for schools and road project investments

409
Q

Profit Margin

A

PBIT / Turnover

410
Q

Interest Tax Burden

A

PAIT / PBIT

411
Q

ROCE

A

PBIT / Capital Employed

412
Q

Gearing

A

Total Assets / Capital Employed| Ratio of companies debt to value of ordinary shares

413
Q

Asset Turnover

A

Turnover / Total Assets

414
Q

Ponzi Scheme

A

Operator generates funds for old investors w/ new onesHigh risk FCF < INterest + principle paymentConstant Short run refinancing, increasing pot insolvency

415
Q

ADCSR

A

Ratio determining how many times your turnover is over your debt repayment

416
Q

Hedge

A

A risk management technique to reduce losses/gain/riskLeast risky FCF > principle + interest paymentFCF < Annual Debt Cover Service RatioLiquid asset kicker - margin of safety superfluous to ops

417
Q

Speculative

A

Medium RiskFCF > Interest paymentsTrading in an asset, risk losing everything or substantial gainRisk insolvency if variable interest rates incre above limitPay interest on loan/refinance in future to pay principal

418
Q

Flows of Funds into a company

A 
Sales RevenueGross Trading Profit - Current CoProdu/Interest PaymentTaxable Profit - TaxationNet Profit - DividendsRetained Earnings
419
Q

Internal Cash Flow

A

New Equity, New Creditors, New LT debt Finance| New Investment expenditure, Repayment of loans, increase financial assets

420
Q

Capital Intensity

A

Requiring of large amounts of resources in order operate

421
Q

Residual Claimant

A

After all costs of production have been paid the money left is to the residual claimants

422
Q

Securitisation Advantages

A 
Can be low risk ideal for pension fundsRegular and consistent cash flowAAA credit ratingsAssets removed from the business onto SPVPass on the risk
423
Q

Special Purpose Vehicle

A

A subsidiary company with asset/liability structure and legal status to fulfil narrow.specific/temporary objectives. Isolate from firm to reduce risk..

424
Q

CDO

A

Collaterised Debt Obligation| Debt, range of returns some more/less risky

425
Q

Banking Crisis

A

More people invest in CDO’s and demand increases Banks try to increase supply by offering more mortgagesPeople who can afford them already have themBanks offer to people that cannot afford them NINJADefaulting turns CDO’s into houses and they put them on the marketHigh supply reduces price and housing price collapses

426
Q

Securitisation Disadvantages

A

More complicated way of funding than bank loansPeople default and have asset rather than income Can cause global financial crisis

427
Q

Market Risk

A

Risk affecting whole market Cannot be diversified Systematic Risk

428
Q

Idiosyncratic Risk

A

Risk specific to a firm or industry| Can be diversified

429
Q

Advantages of Equity

A

Less risk, no monthly loan repaymentsDont take funds out of businessCredit problems only option

430
Q

Disadvantages of Equity

A

Investors return could be higher than interest payments Loss of controlPotential conflict

431
Q

Advantages of Debt

A

Control, once debt is repaid tie is severedLoan interest is tax deductible, dividends notPredictability of cash flow, agreed in advance

432
Q

Disadvantages of Debt

A

Qualification, need to have high credit ratingFixed payments bad for unpredictable cash flowCollateral risk

433
Q

Land Banking

A

Large areas of land waiting to be developed on

434
Q

Government Bonds

A

Debt security issued by government to fund spendingBacked by the credit of government so risk freePredictable income, greater guarantee and risk free

435
Q

NPV

A

Overall value of inward cash flows in excess of outward cash flows in present value termsAccept investment if NPV is positive

436
Q

Adv/Disadv of NPV

A

Recognises time Value of moneyTakes into account entire inflows and returns Projects may have unequal lives, returns or costs

437
Q

Finance

A

Pays at the beginning

438
Q

Funding

A

Pays at the endGov funding: tax payer funds eventually (education/health)User funding/private revenues: individual user via charging (toll, road, utilities)

439
Q

Private Finance

A

Banks and equity investors wanting a return| Financed by the gov borrowing money from private investors to pay for specific projects.

440
Q

Public Government Finance

A

Lend against future tax revenues.Public infrastructure, can be financed by the government earning future revenue from tax, which then is used to pay for specific projects.

441
Q

Why is debt desirable

A
  • Interest on debt is cheap thus reduces liability so shareholders get more for their return.- Replaces the need to issue new shares & dilute ownership (debt still enables ownership of company)
442
Q

Prioritisation on liquidation of assets

A
  1. Administrator’s fees2. Fixed charge holders (senior debt)3. Preferential creditors (e.g. employees)4. Floating charge holders.5. Unsecured creditors (e.g. trade creditors and unsecured debt)6. Subordinated debt holders7. Preference shareholders8. Ordinary shareholders
443
Q

Time Value for Money

A

100 now, Greater purchasing power, future cash is less certain borrower may default Borrowers need more profit cos of delay receipt

444
Q

Myers 1984

A

Pecking order - used retained earnings first

445
Q

Shareholder Returns

A

Share price appreciation - increase in market value| Dividends - share in net profit

446
Q

Forward / Backward Looking

A

Based on previous historical transactions| Expected future profitability

447
Q

What do Projects Face

A

Inflation: impact real future valuesDemand: impact on revenuesDesign: can specification be achieved.Construction risk: on time & budget.Availability: contractual levels of output.Legislative: legal changes affect operations.Policy: will general policy change(refinancing gain share)Maintenance risk: can we predict OPEX.Planning risk: can projects meet planning.Technology: can we rely on innovation (reducing costs)

448
Q

Developer| Contractor

A

May not receive payment until project is finished & sold.Receive staged/interim progress payments from client.

449
Q

IRR

A

Discount rate that makes NPV = 0| At what discount rate will you break even

450
Q

Liquid Asset Kicker

A

Uncommitted capital used to cover deficits between debt service & net FCF

451
Q

Cash flow margin| Capital value margin

A

Assumed certainty of net cash flows.| Assumed appreciation of asset

452
Q

What is more risky

A

Bigger is more risky, greater variance in the mean| Smaller but higher less risky as less variance

453
Q

CAPEX

A

Money spent acquiring/maintaining fixed assetsMore expensive than future OPEXNot subject to discountin expensive present value terms

454
Q

Whole Life Cost

A

Total cost of ownership over a lifetimeCost of build + operationsCAPEX + OPEXHigher CAPEX today for lower OPEX tomorrow

455
Q

Performance Bond

A

Provide surity/insurance against construction risk| Assess contractor risk failure and price on: Job complexity, schedule, contractor expertise, past performance etc

456
Q

Relevance of Du Pont

A

Separate influences of profitabilityCompanies overall financial health/stabilityClues on business strategy

457
Q

Gilts

A

Lending against future tax revenues

458
Q

RRR

A

Required Reserve Ratio| Amount of money they need to to prevent insolvency

459
Q

Expansionary Monetary Policy

A

Increase aggregate demand / increase growthCutting interest rates or increasing money supplyMore borrowing - more spending - AD1 incr AD2 LRASLower unemployment

460
Q

Why EMP Doesn’t Works

A

Consumer confidence low, dont want to spendCredit crunch banks may not have funds to loanGlobal - fall in expo negates effects of incr comsumption

461
Q

Low Interest Rates

A

Reduce cost of spending so more likely toReduce incentive to save so spend money insteadLower repayments more disposable incomeReduce value of pound - SPICED

462
Q

Interest Rate and Pound

A

Lower incentive for foreign investmentsLess hot money flowsLower demand so pound falls

463
Q

Contractors Gearing

A

Lower Gearing 0-20%Higher equity vs debt Pay more tax, less interest, equity is not tax deductible Return attributed to shareholders is highROSF is low and Earnings per share is low

464
Q

Developers Gearing

A 
Higher Gearing 60-80%Higher debt vs equityPay more interest, less tax Return to shareholders is lowerLess equity so return per share/ROSF is higher
465
Q

Why are Government Bonds risk free

A

Can easily increase taxes and generate revenue to pay off their debt, more easily than a firm

466
Q

How to determine the correct discount rate

A

Need to use WACC, weighted debt and equity| Compares proportion is funded by debt / equity

467
Q

ROCE vs ROSF

A

ROCE measures profitabili/effici of capital employed(Higher ROCE means greater returns)ROSF is a profitability measurement of the firm(Higher greater return in dividends for shareholders)

468
Q

Debt investor more risk adverse?

A

They’re guaranteed to get something in returnInterest payment or asset Equity, ordinary shareholder lowest repayment Debt Seniority Equity won’t make you bankrupt

469
Q

Accounting Cost vs Opportunity Cost

A

Rev - Explicit costs (raw mat/utilities/cost of production)| Value of next best alternative forgone when decision is made includes implicit costs

470
Q

High vs Low Capital Intensity

A

Costs come from investment in machines, equipmentContractors with lots of plant Software developers with few machines

471
Q

Similar ROCE to ROSF

A

When gearing is 0| There is no tax

472
Q

Assumptions about future project cash flows can be relied upon?

A

No certainty for cash flow, needs to be adjusted for riskDiscount rate an estimationActually uses a discount rate to get present valueEasy to compare/contrast projects

473
Q

Two types of firms- Risk profiles in terms of attracting equity investors, - Key indicators equity investors use to assess investment potential

A

Talk about systematic risk If all plots on capm line then all unique risk Spotify has high systematic riskThames water low systematic risk

474
Q

Firms more debt than ROCE

A

-K=TA-CL=D+E-Incr debt incr liabilities not have enough assets to pay debt, insolvency -Increase risk of administration and finally bankruptcy -Debt can finance growths likely to increase total assets -Incr TA incre K which also has the effect of incre ROCE

475
Q

Benefits of Investing in each firm

A

Stock Y riskier, great area around 0% high risk 0/- returnStock Y great area over X higher chance of high returnStock Y greater variance more riskyStock X return less but mean is higher

476
Q

CAPM Diagram

A

Y - Expected return X - Standard deviation (risk)CAPM > 1 - Firms move more than marker more riskRf intersects diversification curve BIncreasing expected returns without increasing stnd dev

477
Q

Scatter Graphs Firm A / B

A 
Positive Beta above 1 like 1.6Lower Beta between 0-1 like 0.5Beta 1 - S&P 500Beta > 1 - NASDAQBeta < 1 - Utilities
478
Q

Benefits Today Costs Tomorrow

A

Discount rate used to give accurate measurement| If discount rate is wrong makes it useless

479
Q

Narrow Definition of Construction

A

Firms that deliver projects

480
Q

Broad Definition of Projects

A

Includes wider supply chain that provides material resources

481
Q

Construction 2025

A

-33% costs+50% delivery time-50% emissions+50% net exports

482
Q

Global Energy since 1973/2015

A

1973 - Oil 46| 2015 - Oil 30%

483
Q

UK Nuclear Power Plants

A

53% of UK Power by renewables15 reactors, half retired by 202524% of UK power

484
Q

How to improve/targets energy| UK Climate Change Act

A

Improve energy efficiency, reduce demand, more low carbon options, renewable sources2008 - Reduce greenhouse gasses by 80% from 1990 by 2050

485
Q

Weightman Review

A

Following Fukushima 38 lessonsLayout/design of plantFlooding risk/emergency response arrangementsSafety reviews

486
Q

Energy Hierarchy

A 
ReduceImprove energy efficiency 0 carbon sourcesNear 0 carbon sourcesUse non renewables as cleanly as p[possible
487
Q

Impact Equation

A

Ehlrich + Holden| Population x affluence x technology

488
Q

Sustainable development definition

A

Development which meets the need of the present without compromising the ability of future generations to meet their own needs

489
Q

Pitt Review

A

Summer 2007 flood 13 dead 55000 properties floodedMet office work with environment agencyRobust building/Planning to protect communities5.5m properties at risk

490
Q

Urbanisation of the UK

A

2050 65% of people will live in urban areas

491
Q

Reasons for flooding

A

Areas built overImpermeable surfaces like tarmacNeed for more drainage

492
Q

Types of flooding

A

Rivers/natural watercourses (fluvial)Sea - low landRainfall - Land / sewers / reservoirs / canals

493
Q

Flood plain types

A

Functional flood plain - where water would flowWithin natural plain but protected by banksFlood zones 1, 2, 3a, 3b

494
Q

SUDS

A

Sustain Urb Drain Syst cope with run off/create habitats Filter strips - takes water from impervious areasSwales - ditchesInfiltration Basin - depressions storing water Purvious surfaces - Allow water through brick driveways

495
Q

Ocean Acidification

A

Absorbing CO2 50% of anthropogenic C02| Affects ocean food chain

496
Q

Anthropogenic Pollution

A

Originating in human activityRice fields, natural gas, landfill, agricultureMethane 21x potent than CO2, landfill main source

497
Q

E.F Schumacher Quote

A

Wrote Small is beautiful| It is inherent in the methodology of economics to ignore mans dependence on the natural world

498
Q

Japanese/British Pre-fab

A

Produce 150,000 homes a year| Leadenhall 340m 85% pre-fab Laing O’Rouke

499
Q

Products impacting the environment

A

80% of the products we produce impact the environment

500
Q

BAPsSAPsHAPs

A

Biodiversity Action PlanSpecies Action PlanHabitat Action Plan

Old Decks (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions