Exam (elaborations)
ARE 5.0 - PJM - Project Execution Questions with Solutions
- Course
- Institution
ARE 5.0 - PJM - Project Execution
[Show more]
Content preview
ARE 5.0 - PJM - Project ExecutionBest approach to meeting client expectations for construction budgets - answer carefully
monitor the relationship between scope, quality, and cost as a design is being
developed
When a conflict, sit with the client and review and adjust one or more of the project
parameters of quality, time, and cost before proceeding to the next step in the design
process
To stay on top of issue, budget compliance & adjustment problems added to mtg
agendas and discussed regularly w client and proj team
Challenges of managing consultants that PM must allot time and resources for -
answerConsultant coordination
1. Reaching finish line at the same time and avoiding disruption when docs are issued
2. Making sure all parties using same versions of plan backgrounds
3. Uncovering and coordinating conflicts bet work of diff disciplines
Quality management responsibilities of PM - answerPM to manage and control project's
quality level
Must be a daily concern
Redlines
Helping w specs and dwgs
Most of all, know the status of work at all times
Oversee and direct quality management controls as they are performed
PM responsibilities for Document Reviews - answerDoc reviews as opportunity to find
uncover mistakes before they create problems during construction
Schedule time/resources for internal reviews of CDs before bidding
Reviewer could be PM, leader from another proj, or spec writer
External reviews also helpful and should be welcomed (engineers, consultants, owners,
constractors, agencies that give permits.)
Managing expectations of client tips - answerHelp client set expectations
Have frank discussion of potentially tough issues
Use technique of creative conflict (process of engaging in debate to be able to recall
issues later on to gain concensus. Do this when change is requested, not after. Even is
architect overruled, owner will remember concerns were expressed)
Dont use jargon that is "undefined" or absolute by client or might be setting unreslistic
expectations ("our docs are %100 complete)
Suitable alternative for
,"We look forward to designing a first-class new school for you."
"100% Complete Construction Documents"
"50% Schematic Design Set"
The masonry walls have been completed." - answerWe look forward to designing your
new school project.
Issued for Construction"
"Interim Schematic Review Set"
"The masonry walls appear complete."
Explaining consequences as a responsibility of PM - answerFor example, if a client
decides to eliminate waterproofing on the basement walls, it is not enough for the
architect to simply disagree with the decision. The project manager should go a step
further and explain that the decision could result in water leaking into the basement,
causing damaged finishes and expensive repair costs. While such consequences may
seem obvious to the experienced project manager, they might not be so obvious to the
owner.
Client wanting to save money on building system. Architect to explain increase of cost
of building maintenance
Monitoring tips for PM - answerMost projects require a montly evaluation
Monitoring terms - answerNet service revenue
Planned cost
Job-to-date
Estimate-to-complete
Estimate-at-completion
Planned estimate at completion
Percent complete
Multipliers (break even, overhead, effective multiplier, target, planned multiplier,
estimate at completion multiplier)
Billed/invoiced amounts
Earned revenue amounts
Billed-not-earned
Earned-not-billed
Net service revenue - answerNet fee determined by subtracting consultant fees from the
gross fee for the project
Planned cost: - answerLabor hours and dollar amounts planned at project initiation
, Job-to-date (JTD): - answerLabor hours and dollar amounts spent as of current date
Estimate-to-complete (ETC): - answerLabor hours and dollar amounts estimated from
current date to project completion
Estimate-at-completion (EAC): - answerJTD plus ETC labor hours and dollar amounts
estimated at project completion
Planned estimate at completion: - answerOver/under calculation indicating labor hours
and dollar amounts at project completion relative to planned estimates
Percent complete: - answerCurrent work in place for the project, phase, or task,
expressed as a subjective percent complete and not based on the percentage of labor
hours or dollar amounts spent
Break-even: - answer(direct labor + overhead)/direct labor
Overhead: - answeroverhead/direct labor
Effective multiplier: - answercurrent, subjective percent complete/direct labor
Target: - answerfirm-wide standard target multiplier, including profit target
Planned multiplier: - answernet service revenue or compensation/planned cost
1,025,000/334,778= 3.06
Estimate-at-completion (EAC) multiplier: - answerTotal NSR/EAC labor dollars
Single most important factor used in project tracking and monitoring; it must be done
honestly, accurately, and regularly to achieve project success. - answerEstimate-to-
complete
Billed/invoiced amounts: - answerAmounts billed to clients based on contract
compensation amounts and percent complete
Earned revenue amounts: - answerRevenue recognized in the accrual accounting
system based on subjective percent complete times net service revenue
Billed-not-earned (BNE): - answerAmounts billed to the client but not recognized as
earned revenue in the accrual accounting system
Earned-not-billed (ENB): - answerAmounts recognized as earned revenue in the accrual
accounting system but not billed to the client
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62555 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now