Section 1.2 Elements of Analysis Flashcards Preview

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Flashcards in Section 1.2 Elements of Analysis Deck (18)
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ANALYSIS

 

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The examination of a complex whole and the separation and identification of its constituent parts and their relationships.

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BASELINE

In project control, the reference plans in which cost, schedule, scope and other project performance criteria are documented and against which performance measures are assessed and changes noted.

The budget and schedule that represent approved scope of work and work plan. Identifiable plans, defined by
databases approved by project management and client management, to achieve selected project objectives. It
becomes basis for measuring progress and performance and is baseline for identifying cost and schedule
deviations

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Codes of Accounts

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A systematic coding structure for organizing and managing scope, asset, cost, resource, work, and schedule activity information.

A COA is essentially an index to facilitate finding, sorting, compiling, summarizing, or otherwise managing information that the code is tied to. A complete code of accounts includes definitions of the content of each account

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DEMING CYCLE

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PLAN

DO

CHECK

ACT

(PDCA) CYCLE.

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VALUE ENGINEERING

 

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A practice function targeted at the design itself, which has as its objective the development of design of a facility or item that will yield least life-cycle costs or provide greatest value while satisfying all performance and other criteria established for it

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Scope

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The sum of all that is to be or has been invested in and delivered by the performance of an activity or
project

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The goal of estimate classification 

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The goal of estimate classification is to define the technical and project deliverables required to prepare an effective estimate.

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ACCURACY

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Correctness that the measured value is very close to the true value

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What is the end usage of Class 1

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Check estimate or bid / tender

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What is the end usage of Class 2

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Control or bid / tender

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What is the end usage of Class 3

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Budget authorization or control

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What is the end usage of Class 4

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Concept study or feasibility

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What is the end usage of Class 5

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Screening of feasibility

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What is the methodology for Class 1

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Deterministric

Detailed unit cost with detailed take off

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What is the methodology for Class 2

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Primarily deterministic

Detailed unit cost with forced detailed take off

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What is the methodology for Class 3

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Mixed but primarily stochastic

Semi detailed unit cost with assembly level line items

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What is the methodology for Class 4

 

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Primarily stochastic

Equipment factored or parametric models

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What is the methodology for Class 5

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Stochastic (factors or models) or judgment

Capacity factor, parametrics models