ARE 5.0 Project Management questions and answers well illustrated.

ARE 5.0 Project Management questions and answers well illustrated. Project Management - correct answers.Includes project planning, scheduling, monitoring, coordinating and directing, updating documentation, closing out the job, and following up with clients. Partnering - correct answers.Various stakeholders in a project (such as the architect, owner, contractor and vendors) all participate in the decision-making process. Bar Chart - correct answers.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 - correct answers.The relationship between a task that must be completed before another can start. Critical Path Method (CPM) - correct answers.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 - correct answers.The maximum length of time a noncritical task can be delayed or extended before it causes a delay. Work Plan - correct answers.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 - correct answers.Statement listing the expected income that the project will generate and the expected costs to build the project. Value Engineering - correct answers.Reviewing individual systems and materials to see if the same function can be accomplished in a less expensive way. Building Cost - correct answers.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 - correct answers.Cost of parking, drives, fences, landscaping, exterior lighting, and irrigation systems. Furniture, Fixtures, and Equipment (FF&E) - correct answers.Costs of movable equipment, furnishings, accessories, and window coverings. Professional Services - correct answers.Architectural and engineering fees as well as costs for services such as topographic surveys, soil tests, special consultants, appraisals, and legal consultation. Financing - correct answers.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 - correct answers.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 - correct answers.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 - correct answers.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. Total Working Fee - correct answers.The fee available to pay people to do the job after subtracting fees for proffit, consultants and other expenses. Project Monitoring Chart - correct answers.Used to monitor employees' time sheets weekly in order to compare the actual hours expended to the budgeted time and take corrective action if the actual time exceeds the budgeted time. Communication - correct answers.The most important aspect of project management that includes 4 basic kinds known as work assignments, instructions, reward and punishment and social interaction. Consultant - correct answers.An expert who is not part of the firm's regular staff but is employed to work on one or more specific projects.