ARE 5.0 Project Management Questions and Answers 100% Pass

ARE 5.0 Project Management Questions and Answers 100% Pass Project Management Includes project planning, scheduling, monitoring, coordinating and directing, updating documentation, closing out the job, and following up with clients. Partnering Various stakeholders in a project (such as the architect, owner, contractor and vendors) all participate in the decision-making process. Bar Chart Method commonly used for scheduling design and construction projects. Tasks are listed in chronological order on vertical access and time period is listed on horizontal axis. (Aka Gantt Chart) Dependency The relationship between a task that must be completed before another can start. Critical Path Method (CPM) Common scheduling tool that graphically depicts all the tasks needed to complete a project, the sequence in which tasks must occur, and each task's duration. Float The maximum length of time a noncritical task can be delayed or extended before it causes a delay. Work Plan A detailed project schedule, breaking the project down into its component tasks and assigning staff members and other resources to each task. (Aka Fee projection) Pro Forma Statement listing the expected income that the project will generate and the expected costs to build the project. Value Engineering Reviewing individual systems and materials to see if the same function can be accomplished in a less expensive way. Building Cost The money needed to construct the building, including structure, exterior cladding, finishes, and electrical and mechanical systems, as well as the contractor's overhead and profit. Site Development Costs Cost of parking, drives, fences, landscaping, exterior lighting, and irrigation systems. Furniture, Fixtures, and Equipment (FF&E) Costs of movable equipment, furnishings, accessories, and window coverings. Professional Services Architectural and engineering fees as well as costs for services such as topographic surveys, soil tests, special consultants, appraisals, and legal consultation. Financing Includes the long-term interest paid on permanent financing as well as the immediate costs of loan origination fees, construction loan interest, and other administrative costs. Debt Service The cost to pay off the construction loan for a project and is generally considered an ongoing cost over many years, not part of the original cost of the project. Top-Down Approach An approach for estimating fees where the PM begins by estimating the total fee needed to complete the project using a combination of rules of thumb and historical data. Bottom-Up Approach An approach for estimating fees where the PM begins by breaking the project down into individual tasks and estimating how much time will be needed to complete each one.