Definitions
Project Controlling
Change Orders
Net Working Capital
Contracts
100
The difference between the order value and job-to-date revenue.
What is Backlog?
100
Meeting to review project status, document situation and plan and to escalate any issues if needed.
What is monthly MPC meeting?
100
Your change order estimate must be generated in this tool
What is SiQuote?
100
Increase this by managing terms with subcontractors and vendors
What is Accounts Payable?
100
The contract should tell you the length and starting point (ie. Beneficial Use) of this contractual requirement
What is Warranty?
200
Average collection period, from invoice date to payment.
What is DSO (Days Sales Outstanding)?
200
Requirement for sub quote over $100,000
What is Performance Bond?
200
Use this margin % as a guideline for your change order estimate if the contract does not have a requirement
What are Business Unit Change Order Margin requirements?
200
Mary Shortridge & Deborah Benjamin
What are the names of the Branch Collectors?
200
If this is a stipulation in our sales contract and a stipulation in our customer's sales contract, we may be required to also include the stipulation in our subcontractor contract
What is Flow Down?
300
A cost which has not yet been paid, but an agreement, such as a purchase order or contract, has been made that the cost will be incurred.
What is Committed Cost?
300
Primary project controlling report published by the zone
What is ZPM report?
300
Project managers cannot sign change orders if they contain these.
What are Terms & Conditions?
300
Tips for setting this up for success include: 1. front loading costs 2. reviewing subcontractor costs/payment plan 3. Increase value of material (2.5X cost) 4. Ask for mobilization 5. Make sure to follow the contract if favorable billing terms
What is Schedule of Values?
300
A document from a customer committing to issue a contract for a project
What is an LOI?
400
Amount set in the contract to compensate for breach. We like to avoid these and cap them if we cannot.
What are Liquidated Damages?
400
If each PM does this each month, we can accurately plan manpower and communicate the branch expectations for the month, quarter & year
What is forecast?
400
The tax structure used for a change order estimate should be based on this
What is tax structure for base project?
400
Bill ahead of expected revenue by this much in order to avoid a constant net-unbilled cost position.
What is 10%-15%?
400
If the contract stipulates compliance with the Davis Bacon Act, we must provide this information with billings
What is Certified Payroll?
500
Actual Costs as a % of Planned costs * Sell price - Progress Billings
What is Cost in Excess?
500
Adjustment of plan to claim Pipe/Productivity or Slip by cost category
What is PCA (Plan Cost Adjustment)?
500
The single most important thing to review in a contract before getting started to avoid change order acceptance issues
What is Scope?
500
Does not change Net Working Capital for the month, but is critical to do as early as possible to improve net working capital.
What is billing?
500
If the payment terms in a contract are PWP, how many days after our customer gets paid does Florida law require we get paid?
What is 5-7 business days?
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