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Cost Accounting And Financial Management For Construction Project Managers 1st Edition Len Holm - Solutions
A) Utilizing another case study project, prepare a work package for direct labor for a system of work such as concrete foundations, CIP concrete walls, tilt-up concrete walls, or SOG. Attach the original portion of the estimate that refers to this work package. B) As an alternate to a separate
What is an EV analysis used for?
Figure 9.2 work package represents a more complicated scenario. What was the cost and schedule status as of days two, four, and six? Was the foreman ahead or behind schedule and by how much, and was he or she over or under budget, and by how much? Work Days: Estimated Hours/Day Cumulative Hours
If a GC was on a cost-plus project, without a GMP, how would payment on an EV basis affect them if they were a) Under-running their estimate, b) Over-running their estimate?
If your project had estimated the foreman would spend 1,000 hours by June 1, but he or she had only spent 800 hours, is your team over budget or under budget or ahead of schedule or behind schedule? And by how much?
When would a contractor not want to use an EV curve for payment basis?
Which of the nine options in Figure 9.1 would be considered by a contractor to be a) Most preferable, b) Least preferable, c) Completely neutral? Work Days: Estimated Hours/Day Cumulative Hours Actual Hours/Day Cumulative Hours Earned Hours/Day Cumulative Hours Man-hours: 350 300 250 200 150 100
9.What are the calculated CPI, CV, SPI, and SV for Figure 9.2 as of day eight and how does that compare to the results discussed in the narrative earlier? Work Days: Estimated Hours/Day Cumulative Hours Actual Hours/Day Cumulative Hours Earned Hours/Day Cumulative Hours Man-hours: 400 360 300 240
In your opinion, what might have happened with the appliance work package in Figure 9.2? Why did the curve rise so quickly, flatten out, and then rise again? Work Days: Estimated Hours/Day Cumulative Hours Actual Hours/Day Cumulative Hours Earned Hours/Day Cumulative Hours Man-hours: 400 360 300
List three different terms which mean home office GCs.
Does ABC apply to every contractor?
Does ABC apply to every construction project?
Which types of a) Contractors.b) Construction projects lend themselves best to ABC processes?
If HOOH is reduced, and fee is kept constant, what happens to profit?
Of the eight examples presented in this chapter, which a) already have benefited from ABC and/ or lean without necessarily identifying it as so, and/or b) could benefit from ABC applications?
Does the use of ABC require a facilitated workshop? When would this be most applicable and why?
Solve for HOOH from the revenue equation and its derivatives earlier, creating one long equation utilizing as many of the variables and cost elements as possible.
Review the expanded GCs template on the eResource. What additional items might be moved from jobsite general conditions to direct work activities?
This is not necessarily an ABC question, but what are some of the reasons a GC would choose to employ subcontractors versus performing the work with its own direct craftsmen?
Other than the examples listed here, provide three examples of a) Home office GCs costs, b) Jobsite GCs costs,c) Jobsite direct costs.
What is the difference between lean construction and ABC?
List three advantages of buying local materials.
What is the difference between a subcontractor and a supplier?
What is an advantage of having too much material on site versus not enough material?
If room is not available to store material on site, where can it be stored?
What happens if the doors, door frames, and door hardware package is bid higher than what was budgeted on a TVD project?
List three advantages of off-site prefabrication versus on-site casting for a system such as concrete beams.
Other than a hospital, list three project types which may be suited for lean construction processes.
Other than the examples listed earlier, what types of materials or material systems might be prefabricated off site?
Prepare an argument why it would be better to a) Only schedule your foreman for 90% of his or her capacity, and/or conversely.b) Schedule your foreman for 110% of his or her capacity.
Are there any of the eight examples included in this chapter that you disagree are lean construction related? It is okay to disagree, just prepare your argument or make a suggestion for how it could be related.
Do you know of any other lean cost control techniques?
Prepare three VE ideas from your case study (hotel or other) and include them in a VE log.
How can a client keep the contractor from charging excessive rent or maintenance costs for a company-owned piece of equipment?
If a civil contractor which owned 30 pieces of major earthmoving equipment had to store all of that equipment during an economic downturn, how would that equipment be cost-coded?
If there are so many risks with owning equipment, why would a BOD of a commercial construction company set up a separate LLC and get into that business?
How do third-party equipment rental companies account for their equipment repair and maintenance?
Looking back to our Table 12.3 forklift depreciation example, assuming a 2019 purchase date, what is the book value of the equipment at the end of the third full year of ownership for each of the options presented? Table 12.3 Straight-line depreciation options Forklift Example, Five-Year Useful
What is the difference between book value and salvage value?
If a PM for a GC is provided with a company car, where is the rental of that car charged: a) on an open-book negotiated project, and/or b) on a closed-book lump sum bid project?
What are two uses this book has for the abbreviation ‘OE’?
Other than the uses mentioned earlier for the superintendent’s diary, what else might be included on that important project management tool?
Provide an example of at least one additional piece of equipment which could be added to each category of the equipment types listed in this chapter.
Provide two examples of why the jobsite team should rent equipment from an arm of the construction company and two why they should rent from outside sources.
If you were a PM, would you rather obtain your construction equipment from an outside third-party equipment supplier, rent from a separate construction equipment division of your employer, or use internally owned equipment? Explain your answer.
How might you as a jobsite accountant legally get around the limitations the client places on your owned equipment charges in an open-book project? Is your answer ethical?
Prepare a spreadsheet for your CEO assuming you are a jobsite accountant or a PM comparing all of the different options for equipment ownership and operation and maintenance responsibilities. How are they contracted? Who pays for what?
Draw an organizational chart for a construction firm which rents a tower crane from a supplier, hires a moving firm to deliver it to the jobsite and return it to the supplier when complete, hires another firm to erect it and later dismantle it (including the use of an ‘assist crane’ and
On January 1 of 2017 your company purchased the following equipment. How much will you depreciate for the fiscal year ending in 2020 when you have your CPA file your tax return on April 15, 2021 assuming a straight-line depreciation method? How much will you have depreciated total as of this point
How can a cash flow curve be used negatively by a client or bank towards a contractor?
Why is direct construction work performed with a contractor’s own work force considered riskier and therefore they expect a higher fee?
Why should PMs view cash flow curves as a ‘get-to’ and respond gladly when a client requests one be developed?
The cost loaded schedule is an intermediate step in developing a cash flow curve. What are two documents necessary to prepare the cost loaded schedule?
Should a cash flow curve always be a perfect bell-shape curve? Explain why or why not.
There are three different methods for how jobsite general conditions are factored into the cash flow projection and are ultimately invoiced. Name them.
How would the cash flow curve presented for Evergreen Construction Company change if: a. The project start date was delayed for one month, b. All of the site improvements were re-scheduled to be accomplished during early shell construction rather than near the completion of the project, c. The
What would happen to a PM who a) Operated in red for the first time on his or her construction project,b) Repeatedly operated in the red on all of his or her projects?
Is a GC-subcontractor ‘pay-when-paid’ contract clause ethical? Is it legal?
What would happen to a GC’s cash flow if it had been scheduled to receive its invoice from the client on the 30th of month two but did not receive it until the 30th of month three? What would happen to subcontractors of subcontractors if all were subsequently paid 30 days after receipt of payment?
List one or more ethical and legal possibilities a contractor could use to improve its management of jobsite cash flow beyond those discussed here.
Prepare an argument for your client why you should receive a 10% down payment before you start any work on their project.
Assume a GC has the following expenses for month one of their project. Will they be in the red or black when they receive payment, less 10% retention but including a 5% fee, on the 10th of month two and by how much? Direct labor of $40,000 committed to evenly throughout the month; Short-form PO
Assume the same expenditures as Exercise Eight but now the client does not pay until the 30th of month two. Is the GC now in the red or black and by how much?Data in Exercise EightAssume a GC has the following expenses for month one of their project. Will they be in the red or black when they
Draw a cash flow chart for a fourth-tier supplier such as the mechanical subcontractor’s ductwork insulation subcontractor’s material supplier. You may need to draw a quick organization chart. Assume the ductwork insulation is installed on May 1. Assume standard contracts and pay periods and
Why should all team members wait until completion of subcontractor buyout to finalize the SOV?
Is Evergreen’s GMP SOV as presented in the left hand side of Table 14,1 based upon the oldor new CSI divisions? Table 14.1 Schedule of values worksheet CSI Division 3 4 5 6 7 8 9 10 11-13 14 21 22 23 21-23 26 27 26, 27 CSI Division 31, 33 32 32 31-33 1 Description Reinforcement & PT Foundations
What type of data is required to be submitted to support a payment request on a lump sumcontract?
Why are interim lien releases requested by the GC from subcontractors?
Why are subcontractor lien releases requested by the client from the GC?
Why might the GC’s PM want to pick up the owner’s check in person?
What would happen to a subcontractor’s lien release if the GC unilaterally revised theirinvoice and processed a check?
What would happen if Northwest Resorts discovered Evergreen Construction Company was overbilled by $2 million during a mid-project audit of our open-book case study project?
What are some materials or fabrications that a GC may be willing to pay a supplier for early if the materials were either stored on the jobsite or in the supplier’s yard and why those materials?
Assume this is a $20 million project and $10 million has been invoiced and received prior to this month. The GC is processing a $2 million invoice for this month. How much will the unconditional lien release be and how much will the conditional lien release be?
What should the GC’s PM do if one subcontractor does not send their invoice in on time? How would your answer differ if this were a large or a small subcontractor?
What should the GC’s PM do if the owner has a problem with one subcontractor’s proposed invoice during the 25th of the month walkthrough, but that subcontractor is refusing to modify its proposed invoice amount?
Proper pay request processing is an important project management and cost engineering responsibility. What are some other important responsibilities for the PM?
Assume this is a $10 million construction project and $8 million, including fees and other markups, worth of work is in place and has been invoiced. How much retention will have been deducted by the client based upon the following three scenarios? a. 10% retention rate.b. 5% retention rate.c. 10%
What is the difference between a COP and a formal contract change order and a claim?
Which method of dispute resolution will the parties follow?
How much backup should a PM or estimator or cost engineer include with a COP?
What is the preferred timing of incorporating formal contract change orders and why then?
What would happen to the GC’s PM if the client discovered pricing in the COP had beenfalsified or inflated?
When would it be beneficial for a contractor to perform change order work on a fixed pricebasis?
When would it be beneficial for a contractor to perform change order work on a T&M basis?
Other than the four typical change clauses described in this chapter, how might a changed condition warranting additional cost and/or time occur?
Prepare a flow chart identifying a discrepant condition, such as an incorrect soap dispenser in ten hotel room showers identified by NWR’s owner’s representative during a walkthrough, the direction to repair the problem from the architect, ordering and delivering materials, performing the work,
If the GC cannot get a subcontractor to price a change fairly, what should they do?
Prepare a COP for the Olympic Hotel case study project for the addition of restaurant kitchen equipment. Include the following costs: a. Miscellaneous architectural subcontractors totaling $7,500, b. 100 hours for ECC’s carpenter labor, c. Kitchen equipment purchase and installation at
Have you experienced a successful change management operation and/or an unsuccessful one? Why do you feel this was the case?
List three close-out items a cost engineer may be tasked to expedite.
If close-out lasts two to three months, what happens to a contractor’s fee?
Who on the GC’s team should manage punch list completion and why him or her?
When does liability for LDs stop?
What is the AHJ looking for when they inspect for the C of O?
How long is a standard building warranty?
Why does a project owner want surplus finish materials?
Before a project owner releases complete retention, what do they want from the GC? Notethere are several answers to this question.
What happens to a $5,000 warranty budget which is not used within the one year warrantyperiod ona) A lump sum project,b) A T&M project,c) A GMP project?
Prepare a close-out log for the hotel case study. Include at least ten subcontractor and supplier categories. Make whatever assumptions are necessary.Hotel Case Study:Many additional elements are necessary to complete the construction cost estimate. An estimate summary page will be utilized to
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