Construction Management Final Exam LSU

Project Manager
the member of a construction team who is responsible for the business end of a project
Estimate Summary
summation of final project costs prepared by a contractor prior to submitting a bid
Close-out
process of completing the terms of a contract
Bar Charts (Gantt Charts)
simple graphic representation of a schedule that relates the progress of activities to a timeline
Network Diagrams
tool for making scheduling decisions and a way of representing a schedule that shows the flow of activities and the dependencies between them
Contract
legally binding agreement between parties
Delivery Method
organization structure for completing a project
LNG
liquid natural gas
Critical Path
the unbroken chain of activities that have no extra time built in; if delayed it will cause entire project to be delayed
Total Float
amount of time an activity can be delayed without affecting the end date of completion
Claim
a demand by one party seeking an adjustment in the terms of a contract
Negotiation
the process of reaching an agreement through discussion
Mediation
a dispute resolution technique that brings the parties together with the aid of a trained mediator (facilitator) to discuss the problem and find a solution to which both parties can agree
Arbitration
a dispute resolution technique that uses a trained arbitrator to make a ruling, which is binding or non-binding, depending on the terms of the contract
Dispute Resolution Board (DRB)
a board of three industry experts that works with disputing parties to resolve the dispute
Litigation
the process of using the court system to resolve a dispute; involves hiring legal counsel, preparing necessary documentation, and scheduling an appearance before a judge
Lein
an encumbrance that affects or limits title to a property
Mechanic’s lien
a technique unique to the construction industry that provides a way for anyone improving the value of real estate to get paid by putting an encumbrance on the title of the property
Commissioning
a practice that involves a formal review of all parts of a building’s systems to ensure that the project meets certain energy objectives
Punch List
a list of minor adjustments and repairs that must be completed prior to the owner’s final payment to the contractor
Contract Closeout
completion of fulfilling the terms of a contract
Contractor Closeout
when 100% of work is completed, including punch list and closeout documents, all the specs are submitted by the contractor
Construction Closeout
completion of physical work
Cost Plus Contract
type of contract in which the owner reimburses the contractor for actual costs and pays a bid or negotiation fee for overhead and profit to the contractor
Deliverable
an outcome; something specific that needs to be accomplished
Feasibility
the process of assessing the desirability, cost, and potential of a project so that a decision can be made regarding whether to move ahead
Lump-sum Contract
a type of contract in which a specified amount of work is provided by the contractor for a set price that is known up front
Unit Price Contract
a type of contract in which the contractor bids a fixed unit price and, at the completion of the job, the total quantities are determined and payment is made to the contractor based on actual quantities
Procurement
buying out the job
As-builts
updated plans
Master Schedule
prepared by the contractor during pre-construction
Retention
the owner keeps part of the money owed to the contractor for defective work