comprises cost and time planning, which start with establishing what needs to be done to deliver a project.

(a)  

covers everything that a project delivery requires.

(a)  

WBS

(a)  

PCB

(a)  

The initial step in managing a project is

(a)  

is establishing the goals of the entire project and determining how those goals can be accomplished.

(a)  

Scope of a project commonly referred to as (a)   in construction projects, is the entirety of what needs to be done to accomplish project goals.

Initiator of the Project Planning Process

(a)  

The lowest level to which the work is broken down is called the

(a)  

is a document that provides all relevant information for all work packages of the WBS.

(a)  

WPD

(a)  

is the amount of resources needed to produce a specific quantity of a product includes a variety of resources such as materials, labor, machinery, equipment, finances, technology, know-how, premises, logistics that does not include profit.

(a)  

cost plus profit

(a)  

refers to the profit margin added to the cost.

(a)  

cost or price of specific quantity of good.

(a)  

can also be prepared for an assembly to simplify calculations.

(a)  

In the prepared food section several hot and cold dishes are offered and they—and not the ingredients—are priced per weight or by the container size used. The prepared food in this example is the “assembly” of several ingredients, the prices of which are conveniently merged to one (a)  

All cost items that are included in a specific cost or decomposed parts of a cost are referred to (a)  

is the cost for the materials used in delivering the product and/or service

(a)  

is where the accounting system provides management with the accounting data after the opportunity has passed for management to respond to and correct the problems indicated by the data.

(a)  

is where the accounting system provides management with the accounting data in time for management to analyze the data and make corrections in a timely manner.

(a)  

consists of all of the accounts necessary to track the financial data needed to prepare the balance sheet, income statement, and income taxes.

(a)  

is the easiest of the accounting methods to use. Revenue is recognized when the payment from the owner is received and expenses are recognized when bills are paid. Profit at any point equals the cash receipts less the cash disbursements

(a)  

This method tries to provide a more accurate financial picture by recognizing revenues when the company has the right to receive the revenues and by recognizing the expenses when the company is obligated to pay for the expenses, rather than when its cash flows occur.

(a)  

This method recognizes revenues and expenses at the completion of the project. The benefit of recognizing revenues and expenses at the completion of the project is that the revenues and expenses are known. H

(a)  

This method requires construction companies to recognize revenues, expenses, and estimated profits on a construction project through the course of the project.

(a)  

is a snapshot of a company’s financial assets, liabilities, and the value of the company to its owner—often referred to as net worth or equity— at a specific point in time.

(a)  

are those resources held by the company that will probably lead to some future cash inflows.

(a)  

are obligations for a company to transfer assets or render services at some future time for which the company is already committed to.

(a)  

is the claim of the company’s owner or shareholders on the assets that remain after the liabilities are paid.

(a)  

shows a company’s revenues, expenses, and the resulting profit generated over a period of time.

(a)  

is the income recognized from the completion of part or all of a construction project.

(a)  

are those costs that cannot be charged to a specific construction project or be included in the equipment costs section of the income statement.

(a)  

consists of income tax liabilities as well as deferred income taxes.

(a)  

is used on multiple construction projects the allocation of equipment costs to construction jobs is much more complicated than the billing of materials, labor, and subcontractor’s services.

(a)  

are the same as cost of sales in other industries.

(a)  

is the amount of resources needed to produce a specific quantity of product.

(a)  

include profit added to cost.

(a)  

BIM

(a)  

PPP

(a)  

PFI

(a)  

a function traditionally undertaken by quantity surveyors, therefore remains of critical importance to project success.

(a)  

During this stage it is necessary to identify what the consultant or contractor should do under the contract, consideration of the selection options including open, selective or negotiated, identification of specific health and safety requirements, development of the contract requirements and, in the public sector, consideration of the EU procurement directives.

(a)  

During this stage it involves setting the selection and award criteria, inviting expressions of interest, developing a long list and reducing it to a short list. In the public sector this will involve advertising in the Official Journal of the European Union (OJEU) – formerly known as the OJEC. On major projects this will normally involve the compilation of a pre-qualification questionnaire.

(a)  

During this stage it involves interviewing and inviting tenders, evaluating tenders, negotiating and awarding the contract and finally debriefing all tenderers.

(a)  

This technique relies on the selection of one or more suitable cost analyses and adjusting them in time, quantity, quality and location in order to provide an estimate of the building. It is a technique which is used as the means to establish the cost plan which should confirm the budget set at the feasibility stage and to establish a suitable cost distribution within the various elements.

(a)  

These techniques are invariably based on gross floor area (GFA) approaches when the total floor area of the required building is calculated and then multiplied by an appropriate unit rate per square metre of floor. In former times volumetric approaches were used, but this technique has largely fallen out of favour as large errors can arise.

(a)  

this technique is very simplistic, crude but of course quick. It does not take into account plan shape, number of floors, ground conditions etc. It is considered extremely risky to use this technique except at the very earliest stages of inception. Often statistical techniques are employed in an attempt to improve the accuracy and reliability of the estimate.

(a)  

is sometimes referred to as the Class III estimate as it uses information developed to a level of definition described as Class III. At this stage the designers will have identified the major equipment and determined their required outputs. This will provide an opportunity to enable the estimator to make enquiries of potential suppliers regarding the availability and price of key components. The appropriation estimate will typically have an accuracy of –15% to +25% (JDB, 1997).

(a)  

the final estimate produced immediately following commitment to the major capital expenditure is the definitive or Class I estimate with an accuracy in the range of –5% to 10% (JDB, 1997).

(a)  

initiates the process of managing a project.

(a)  

comprises cost and time planning, which start with establishing what needs to be done to deliver a project.

(a)  

covers everything that a project delivery requires.

(a)