Scheduling, Budget and Cost Estimating, Delivery Methods & Fees Flashcards
Area / Volume Cost Estimates
Cost estimate based on cost per square foot of area or cubic foot of volume. Best for firms that extensive information or specialty knowledge.
Construction Budget
85% of Project Budget • Anticipated contract price • Small contingency allowance for change orders • Other cost incurred during construction
Critical Path Method
A system of planning and scheduling construction operations that analyzes sequences and durations of time using network diagrams and identifies construction tasks that have great impact in schedule
Design-bid-build project delivery method
Traditional method or hardbid, is a project delivery method in which the agency or owner contracts with separate entities for both the design and construction of a project. There are three main sequential phases: • The design phase • The bidding (or tender) phase • The construction phase
Design-build project delivery method
The Owner contracts with a single entity that is responsible for both the design and the construction of a project.
Detailed Cost Estimates
A forecast of construction prepared on the basis of a detailed analysis of materials and labor for all items of work, as distinguished from preliminary estimate of construction cost based on current area, volume, or similar conceptual estimating techniques.
Cost-plus-fee
An owner agreement under which the contractor or architect is reimbursed for stipulated direct and indirect costs of performance of the agreement and, in addition, is paid a fee for services.
Fast track project delivery method
A construction technique by which construction on each element of a project is begun as soon as the design for that element is completed, without waiting for completion of the design for the entire project. Its principal objective is to shorten the overall construction time.
Fixed-price method (stipulated sum or lump sum method)
The contractor (or architect) give the owner a set price for completing the project. Contractor receives cost savings.
Float Time
The amount of time that a construction activity can be delayed without causing the project completion to be delayed
Cash Allowance
An amount established in the contract documents for inclusion in the contract sum to cover the cost of prescribed items not specified in detail, with provision that variation between such amount and the finally determined cost of the prescribes items will be reflected in change orders appropriately adjusting the contract sum.
Guaranteed Maximum Cost (Guaranteed Maximum Price - GMP)
The amount established by agreement between owner and contractor as the maximum cost of performing specified work. Client receives cost savings.
Network Diagram
The path in the network diagram that has the longest total required time is called the critical path
Percentage Agreement
An owner-architect agreement under which the professional fee is based upon a percentage of the construction cost of the project.
Project Budget
Cost for: • Construction AND Other (15%) • Fees • Surveys • Tests • Inspections • Utility Connections • Furnishings • Equipment
Gantt Chart
