{"id":118968,"date":"2023-09-07T21:42:50","date_gmt":"2023-09-07T21:42:50","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=118968"},"modified":"2023-09-07T21:42:52","modified_gmt":"2023-09-07T21:42:52","slug":"are-5-0-pjm-project-execution-2023-guide-with-complete-solution","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/09\/07\/are-5-0-pjm-project-execution-2023-guide-with-complete-solution\/","title":{"rendered":"ARE 5.0 – PJM – Project Execution 2023 Guide with complete solution"},"content":{"rendered":"\n

Best approach to meeting client expectations for construction budgets – carefully
monitor the relationship between scope, quality, and cost as a design is being
developed
When a conflict, sit with the client and review and adjust one or more of the project
parameters of quality, time, and cost before proceeding to the next step in the design
process
To stay on top of issue, budget compliance & adjustment problems added to mtg
agendas and discussed regularly w client and proj team
Challenges of managing consultants that PM must allot time and resources for –
Consultant coordination<\/p>\n\n\n\n

    \n
  1. Reaching finish line at the same time and avoiding disruption when docs are issued<\/li>\n\n\n\n
  2. Making sure all parties using same versions of plan backgrounds<\/li>\n\n\n\n
  3. Uncovering and coordinating conflicts bet work of diff disciplines
    Quality management responsibilities of PM – PM to manage and control project’s
    quality level
    Must be a daily concern
    Redlines
    Helping w specs and dwgs
    Most of all, know the status of work at all times
    Oversee and direct quality management controls as they are performed
    PM responsibilities for Document Reviews – Doc reviews as opportunity to find uncover
    mistakes before they create problems during construction
    Schedule time\/resources for internal reviews of CDs before bidding
    Reviewer could be PM, leader from another proj, or spec writer
    External reviews also helpful and should be welcomed (engineers, consultants, owners,
    constractors, agencies that give permits.)
    Managing expectations of client tips – Help client set expectations
    Have frank discussion of potentially tough issues
    Use technique of creative conflict (process of engaging in debate to be able to recall
    issues later on to gain concensus. Do this when change is requested, not after. Even is
    architect overruled, owner will remember concerns were expressed)
    Dont use jargon that is “undefined” or absolute by client or might be setting unreslistic
    expectations (“our docs are %100 complete)
    Suitable alternative for
    “We look forward to designing a first-class new school for you.”

    “100% Complete Construction Documents”
    “50% Schematic Design Set”
    The masonry walls have been completed.” – We look forward to designing your new
    school project.
    Issued for Construction”
    “Interim Schematic Review Set”
    “The masonry walls appear complete.”
    Explaining consequences as a responsibility of PM – For example, if a client decides to
    eliminate waterproofing on the basement walls, it is not enough for the architect to
    simply disagree with the decision. The project manager should go a step further and
    explain that the decision could result in water leaking into the basement, causing
    damaged finishes and expensive repair costs. While such consequences may seem
    obvious to the experienced project manager, they might not be so obvious to the owner.
    Client wanting to save money on building system. Architect to explain increase of cost
    of building maintenance
    Monitoring tips for PM – Most projects require a montly evaluation
    Monitoring terms – Net service revenue
    Planned cost
    Job-to-date
    Estimate-to-complete
    Estimate-at-completion
    Planned estimate at completion
    Percent complete
    Multipliers (break even, overhead, effective multiplier, target, planned multiplier,
    estimate at completion multiplier)
    Billed\/invoiced amounts
    Earned revenue amounts
    Billed-not-earned
    Earned-not-billed
    Net service revenue – Net fee determined by subtracting consultant fees from the
    gross fee for the project
    Planned cost: – Labor hours and dollar amounts planned at project initiation
    Job-to-date (JTD): – Labor hours and dollar amounts spent as of current date

    Estimate-to-complete (ETC): – Labor hours and dollar amounts estimated from current
    date to project completion
    Estimate-at-completion (EAC): – JTD plus ETC labor hours and dollar amounts
    estimated at project completion
    Planned estimate at completion: – Over\/under calculation indicating labor hours and
    dollar amounts at project completion relative to planned estimates
    Percent complete: – Current work in place for the project, phase, or task, expressed as
    a subjective percent complete and not based on the percentage of labor hours or dollar
    amounts spent
    Break-even: – (direct labor + overhead)\/direct labor
    Overhead: – overhead\/direct labor
    Effective multiplier: – current, subjective percent complete\/direct labor
    Target: – firm-wide standard target multiplier, including profit target
    Planned multiplier: – net service revenue or compensation\/planned cost
    1,025,000\/334,778= 3.06
    Estimate-at-completion (EAC) multiplier: – Total NSR\/EAC labor dollars
    Single most important factor used in project tracking and monitoring; it must be done
    honestly, accurately, and regularly to achieve project success. – Estimate-to-complete
    Billed\/invoiced amounts: – Amounts billed to clients based on contract compensation
    amounts and percent complete
    Earned revenue amounts: – Revenue recognized in the accrual accounting system
    based on subjective percent complete times net service revenue
    Billed-not-earned (BNE): – Amounts billed to the client but not recognized as earned
    revenue in the accrual accounting system
    Earned-not-billed (ENB): – Amounts recognized as earned revenue in the accrual
    accounting system but not billed to the client
    The simplest and quickest means to see where the project is now, where it is projected
    to be at the end of the project, and what needs to be adjusted to bring the project back
    within budget. – The effective multiplier and EAC multiplier<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    Best approach to meeting client expectations for construction budgets – carefullymonitor the relationship between scope, quality, and cost as a design is beingdevelopedWhen a conflict, sit with the client and review and adjust one or more of the projectparameters of quality, time, and cost before proceeding to the next step in the designprocessTo stay on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-118968","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/118968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=118968"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/118968\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=118968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=118968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=118968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}