In Earned Value Analysis, this index intends to determine whether a project is on budget. Please define the following cost types: a) Direct Cost, b)Production Support Costs (GC's/GR's) and c)G\&A/Home Overhead. Achieving this volume of work at the planned CM ratio would result in a company covering its fixed overhead costs, but it would neither make or lose profit for that year. Looking at an Income Statement, where would I see the effects of the profit earned on projects? Fixed Overhead Costs Gross Profit Total Contract Direct Cost Labor Cost Going into the new year, your firm had a solid plan for the bid margins you would employ to make the current business plan work. However, 4 months into the year, you are finding that the margins you are bidding are not competitive enough and you are losing job after job due to your pricing. The revenue you had planned on is now in jeopardy. What moves could you make to ensure that the planned net profits of your firm are still achieved by year end? What kind of cost is labor dollars paid to a laborer to install drywall on a project? Direct Cost Production Support Cost (GC's/GR's) G\&A/Home Overhead What is NOT a part of a good cost control system ? Chart of Cost Accounts Cost Data Balance Sheet Project Cost Reporting The lecture slides on Integrated Project Management (Chapter 5) stated that one of the objectives was to allow management attention to be focused on Work Packages in trouble. Please explain how this would be accomplished via Integrated Project Management. What is the major flaw of the Schedule Performance Index? What kind of cost is the rental cost of the project site trailer? Direct Cost Production Support Cost (GC's/GR's) G\&A/Home Overhead We learned that General Conditions and General Requirements costs on a project are difficult to forecast and manage. Putting yourself in the position of a Project Manager, what processes would you put in place to both control these costs and to accurately forecast them? If a Construction Manager or General Contractor has this clause in their subcontracts, it allows them to not have to remit payment to a subcontractor before being paid by the Client. If performing work under this Contract Type, a contractor's billings will likely be based on a Schedule of Values or a Cost Loaded Schedule: GMP (Guaranteed Maximum Price) LS (Lump Sum) T\&M (Time and Materials) We learned that efficient cash management starts with an efficient billing process. Unfortunately, if you are a CM or a GC working on a job with a lot of subcontractors, you need their billings first so that you can compile a bill to the client. If you were running this type of project for a CM or a GC, what policies would you put in place with your subcontractors to ensure they remitted billings timely? What kind of cost is home office rent cost ? Direct Cost Production Support Cost (GC's/GR's) G\&A/Home Overhead