Section 9.2 Building Information Modeling Flashcards Preview

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Flashcards in Section 9.2 Building Information Modeling Deck (26)
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What is Building Information Modeling (BIM)

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Building Information Modeling (BIM) refers to a digital representation of the physical and functional characteristics of a facility. A BIM is a shared knowledge resource for information about a facility forming a reliable basis for decisions during the facility’s life‐cycle. A BIM is a shared resource for stakeholders to insert, extract, update or modify information in the BIM to support or reflect the roles of that stakeholder.

BIM is 3D, 4D, and 5D data‐rich representations of a facility created with intelligent objects.

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MAXIMUM OUT-OF-POCKET CASH

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The highest year-end negative cash balance during project life.

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What are The dimensions for modeling the information and geometry about a facility

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The dimensions for modeling the information and geometry about a facility are: 3D graphical modeling, 4D time modeling, and 5D cost modeling

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What does the term “intelligent object” mean and how do intelligent objects affect a cost estimate using a BIM

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Information for cost estimating in BIM is extracted directly from the design model through technology that is either interoperable or it is integrated between the technologies.

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How does each Level of Detail in a BIM relate to the cost estimate?

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The Level of Detail in a design model guides the cost estimating activities for which that BIM may be used.

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EQUITABLE ADJUSTMENT

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A contract adjustment in price or time under, certain contract clauses, or both, to compensate the contractor expense incurred due to actions of the owner or to compensate the owner for contract reductions.

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Who has the the burden of proof?

 

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Whether the change order request came from the owner or the contractor, the burden of proof is the responsibility of the requester.

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WORK PACKAGE

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A segment of effort or work scope required to complete a specific job which is within the responsibility of a single unit within the performing organization

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UNBALANCING

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A technique used in the pricing process to allocate estimated costs to accounts whose definitions do not fully reflect the nature of the cost being allocated

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EARNED VALUE

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Measure of the value of work performed so far, also called the budgeted cost of work performed (BCWP). The “value” of the work earned at the date of analysis (data date)

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COST PERFORMANCE INDEX/INDICATOR (C P I)

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The ratio of earned value to actual costs (C P I = B C W P  divided into A C W P )

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Difference between Capital and O&M Cost

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Generally a capital expenditure is for new equipment or facility or a significant repair or replacement of that facility. It will have more than a one-year life. O&M expenditures are generally repairs to existing equipment or facilities that represent much less than the value of the items which are being repaired

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Why is important the estimate classification

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Estimate classifications assist all parties in gaining a mutual understanding of the basis of the estimate.

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PROJECT DEFINITION

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Process of exploring thoroughly all aspects of proposed project and to explore relations between required performance, development time and cost

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Most Likely Value

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In risk analysis, usually refers to the mode of a distribution. If the distribution is multimodal, uniform or complex, this may express the estimator’s judgment

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RISK ANALYSIS

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A risk management process step (part of risk assessment) and methodology for qualitatively and/or quantitatively screening, evaluating and otherwise analyzing risks to support risk treatment and control.

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Exposure

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In risk management, refers to the potential or actual impact of one or more risk events or conditions

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MITIGATION

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A risk response strategy for threats intended to reduce consequences and/or the probability of occurrence. In contracting, refers to the affirmative obligation of each party to a contract to take action to decrease, lessen or minimize damages (time and money) to the other party

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OPPORTUNITY

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Uncertain event that could improve the results, or improve the probability that the desired outcome will happen.

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What is the porpouse of risk management?

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Risk Management is designed to reduce the risk caused by uncertainty.

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What is an algorithm

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An algorithm is a procedure that produces the answer to a question or the solution to a problem in a finite number of steps.

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What are direct field costs

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Engineering and construction costs associated with the construction site rather than with the home office.

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Whai  is pricing

 

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the amount of money asked or given for a product

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GENERAL & ADMINISTRATIVE COSTS (G&A)

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The fixed cost incurred in the operation of a business. G&A costs are also associated with office, plant, equipment, staffing, and expenses thereof, maintained by a contractor for general business operations.

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Conditioning

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Conditioning is adjusting the estimate to conform to all contract conditions. Contract conditions define the rights and obligations of the contracting parties. They include “general conditions” and “special conditions

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BOND, BID

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A bond that guarantees the bidder will enter into a contract on the basis of the bid.