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Midterm COST MANAGE

QuestionAnswer
Is home office staff considered a billable item? No it's non reimbursable
What are costs for project staff considered that are billed to the owner? reimbursable
What is the outline of the significant work items that will have associated cost of schedule considerations attached called? work breakdown structure
What document defines what a particular contractor is responsible for? Scope of Work
Can a schedule be used to forecast general conditions for a job? Yes
In a GMP contract does the GC make their money from the fee? Yes
Can a GC pocket the savings in a GMP? NO
In a lump sum contract can the GC keep leftover money? Yes
Should a lump sum project bid have high allowances and holds? NO
What is the contractor's earnings after the expenses are subtracted? Profit
What do you attach to a bid for information on included and excluded details? Assumptions and Clarifications
What are General Requirements? The things needed to execute a project that are non permanent like equipment
What is the money the owner pays as per the contract? Price
What is bid leveling? Getting all the bids to the same level of completeness and accuracy of scope
Can a superintendent change the GR on a project? Yes they manage the field operations
What is the total money received by contractors before deductions? Revenue
What are General Conditions? The management and admin costs to run a project
Can submittals help you forecast general conditions? Yes, reaching out for approval on materials can help the team adjust to meet the needs in the field
What is labor burden? Labor wages, benefits and total taxes paid for an employee to the employer
What is the actual amount of money spent to complete a project? Cost
What is the earnings of a contractor after all the expenses have been subtracted Profit
What are expenses incurred that are not directly tied to the project considered? Overhead
Created by: user-1994679
 

 



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