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50 Planning, Estimating and Cost Management. - Statistics

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General Stats
  • This quiz has been taken 1 time
  • The average score is 2 of 48
Answer Stats
Hint Answer % Correct
What does EMV stand for in risk analysis? Expected Monetary Value.
100%
How much float does a task on the critical path have? Zero
100%
What is Risk Acceptance? Acknowledging the risk and setting aside a contingency fund to pay for it if it happens.
0%
What does ACWP stand for? Actual Cost of Work Performed (the real money spent so far).
0%
What is an Excusable Delay? A delay caused by the client; the contractor gets extra time and financial compensation.
0%
What is an Inexcusable (Culpable) Delay? A delay caused by the contractor; no extra time, no extra money, and potential penalties apply.
0%
What is an Elemental Cost Plan? A multi-rate method that breaks down building costs by major physical components (elements).
0%
What is a Neutral Delay? An "Act of God" (like extreme weather); the contractor gets an Extension of Time (EOT) but no extra money.
0%
What is a "Top-Down" or "Single-Rate" estimating method? A quick estimating method used in early stages when detail is low.
0%
How must a "Function" be described in VE? As an active Verb + Noun (e.g., "Support Building", "Exclude Weather").
0%
What is the Unit of Accommodation Method? A single-rate method that multiplies the cost of one functional unit (like a student bedroom) by the total number needed.
0%
What is the definition of Value Engineering (VE)? : A systematic method to improve the "value" of a project by analyzing the function of its elements.
0%
What is the formula for Cost Variance (CV)? BCWP - ACWP.
0%
What is the formula for Schedule Variance (SV)? BCWP - BCWS.
0%
What is the main purpose of a WBS? break the project scope down into manageable, deliverable-oriented components.
0%
What does BCWP stand for? Budgeted Cost of Work Performed (also known as Earned Value).
0%
What does BCWS stand for? Budgeted Cost of Work Scheduled (the planned value of work we expected to finish by today).
0%
What does a "Design Development Risk" allowance cover? Costs arising from incomplete design information or coordination gaps.
0%
What does an "Employer Change Risk" allowance cover? Costs arising from potential scope changes requested by the client during construction.
0%
What does a "Construction Risk" allowance cover? Costs arising from site conditions, weather, and poor productivity.
0%
What is the formula for calculating the Value Index (VI)? Cost ÷ Worth.
0%
What is Resource Levelling? Delaying tasks to meet strict resource limits, which will extend the final project duration.
0%
What is Risk Avoidance? Eliminating the risk entirely by changing the project plan or design.
0%
What does EOT stand for? Extension of Time.
0%
What visual tool is used to trace a problem backward to its fundamental root cause? Fault Tree Analysis.
0%
What is the Critical Path? he longest sequence of dependent tasks that determines the shortest possible project duration.
0%
What are the four main types of construction resources? Human (Labour), Material, Machinery (Plant/Equipment), and Financial.
0%
Name two sustainability/programme benefits of switching a concrete frame to a timber frame. Lower embodied carbon and faster on-site erection.
0%
What does OBS stand for? Organizational Breakdown Structure.
0%
What is the formula for calculating BCWP? Percentage Complete (PC) × Budget at Completion (BAC).
0%
What is the formula for calculating Expected Monetary Value (EMV)? Probability (%) × Impact Cost.
0%
What visual chart shows the peaks and troughs of daily resource demand? Resource Histogram.
0%
What matrix combines the WBS and OBS to assign roles? Responsibility Assignment Matrix (RAM).
0%
What are the three core steps of Risk Management? Risk Identification, Risk Analysis, and Risk Response.
0%
What is Resource Smoothing? Shifting tasks within their available float to flatten resource peaks without delaying the project end date.
0%
What is Risk Transfer? Shifting the financial impact of the risk to a third party (e.g., using a fixed-price contract or insurance).
0%
Name the three major building elements that usually make up 80% of a project's cost. Structure, Envelope, and MEP Services (Mechanical, Electrical, Plumbing).
0%
What is Resource Aggregation? Summing up the daily resource requirements based on the schedule.
0%
What is Risk Mitigation? Taking active steps to reduce either the probability or the impact of a risk
0%
What is the Pareto Principle in construction estimating? The 80/20 rule; roughly 80% of project costs are tied up in just 20% of the building's elements.
0%
What is Float The amount of time a task can be delayed without delaying the final project completion date
0%
What does a Value Index (VI) greater than 1.20 indicate? The element costs over 20% more than its functional worth, making it a prime candidate for VE.
0%
In the Last Planner System, who are the "Last Planners"? The people at the workface making daily/weekly decisions (foremen, trade supervisors, subcontractors).
0%
If your Schedule Variance (SV) is a negative number, what does it mean? The project is behind schedule.
0%
If your Cost Variance (CV) is a negative number, what does it mean? The project is over budget.
0%
According to NRM1, how should a project manager determine the size of a contingency fund? Through systematic risk analysis, rather than just adding an arbitrary flat percentage.
0%
What is the primary goal of the Last Planner System? To make reliable short-term commitments and stabilize the workflow.
0%
Traditional scheduling focuses on what "should" be done. What does Lean Collaborative Planning focus on? What "can" be done by removing constraints early.
0%
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