7: Glossary
- Page ID
- 41287
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- Building Information Modeling
- Cost Management
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The process of planning and controlling the costs associated with running a business. (Gartner 2022)
- Modeled Square Foot Estimate
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A modeled square foot estimate, or sometimes simply referred to as a square foot estimate, uses several building characteristics related to important building systems to construct a model building cost per square foot of area. The estimate can account for varying structural systems, facade systems, perimeter quantity, and other project add-ons. The method used in this class will be from the Guardian Square Foot Estimating Guide.
- partnering
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commitment between two or more organizations for the purpose ofachieving specific business objectives by maximizing the effectiveness of each participant’s resources (CII 1996)
- prime contractor
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A prime contractor holds a direct contract with the owner or developer of a facility.
- Rough Order of Magnitude (ROM)
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An estimating approach that provides a rough estimated construction cost. In this course, we will use the Reported Square Foot estimating approach within the Guardian cost estimating guide for performing a Rough Order of Magnitude estimate. Note that project team members may have their own databases of previous construction costs that would allow them to perform the ROM estimates with historical cost information.
- self-performing
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When a construction company 'self-performs' work, they will have their own employees, e.g., carpenters, laborers, etc. putting the work in place on the construction site. It is important to note that many construction management firms do not self-perform much work on a project.
- Specialty Contractor
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A specialty contractor performs a specific scope of work on a construction project.
- Value Engineering
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An organized effort directed at analyzing the functions of systems, equipment, facilities, services and supplies for the purpose of achieving the essential functions at the lowest life-cycle cost consistent with the required performance, reliability, quality, and safety.' (Source: Office of Management and Budget, Circular No. A-131, 1993)
- Value Engineering (VE)
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An organized effort directed at analyzing the functions of systems, equipment, facilities, services, and supplies for the purpose of achieving the essential functions at the lowest life-cycle cost consistent with required performance, reliability, quality, and safety. (Source: OMB, Circular No. A-131, 1993)