NCARB PROJECT MANAGEMENT
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Agency
Speak for-another party
Addendum
A written or graphic document, issued by the architect during
the bid period prior to the execution of the contract, that
modifies or interprets the bidding documents by addition,
d...
Agency
Speak for-another party
Addendum
A written or graphic document, issued by the architect during
the bid period prior to the execution of the contract, that
modifies or interprets the bidding documents by addition,
deletion, clarification or correction
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Design-Build
The owner contracts with one entity (a person or firm) to
provide both design and construction services, that entity then
subcontracts portions of the work to others as needed
Construction Manager
Supervise all or part of a building projects.
Multi-prime contract
a project in which the owner has contracts with several prime
contractors
Sole Proprietorship
The simplest business type; is owned by an individual (total
management control). Main disadvantage owner is personally
liable for the company's debt's and losses.
General Partnership
,Two or more partners share in the management, profits, risks of
the business. Income is shared among the general partners
and is reported on personal tax forms, Each general partner is
personally liable for business debts and liabilities.
Limited Partnership
One general partner and at least one limited partner. General
partner invest in the business, manage it, and are financially
responsible for it. Limited partners are investor who receive a
portion of the profits, but who have no say in the management
of the company.
Disadvantage of Limited Partnership
All partners are responsible and liable for the actions of the
others. Personnel assets vulnerable to lawsuits and other
claims. Income taxed at individual rates. If one partner wants to
withdraw, the partnership is usually dissolved.
Corporations
Association of individuals that exists as a legal entity apart from
its members. Created only in accordance w/ statutory
requirements. i.e stockholders, directors, officers
Disadvantages of a corporation
-double taxation
-cost of setup and report filing
-each shareholder is financially liable only for the amount of
money he/she invest.
S corporation
A unique government creation that looks like a corporation but
is taxed like sole proprietorships and partnerships. Must be
domestic no more than 100 shareholders. Allocates income
and losses on their shares of the business's income and losses
on their holdings. Shareholders report their shares of the
business's income and losses on their personal federal tax
returns and are assessed tax at their individual rates.
Professional Corporation
For professionals such as architects, lawyers, doctors,
accountants, and interior designers. Similar to other
corporations except that liability for malpractice is limited to the
person responsible for the act.
, LLC (Limited Liability Company)
Combines the advantages of a partnership and a corporation.
Profits and loses are passed through the business to each
member who must report a profit or lose on his/her personal
federal tax return.
Joint Venture
Temporary association of two or more persons or firms for the
purpose of completing a specific project or achieving a specific
goal.
Standard of Care
Legal concept, defined as the level of skill and diligence that a
reasonably prudent architect would exercise in the same
community, in the same time frame, and given the same or
similar facts and circumstances.
Departmental Organization
Staff is organized into departments, each of which specializes
in a different function. A project moves from one department to
another in its route from start to finish. i.e Horizontal
Organization / Flat Organization
Accrual Accounting
accounting method that records revenues and expenses when
they occur, not necessarily when cash actually changes hands
Cash Accounting
Revenue and expenses are recognized at the time the
business receives the cash or pays a bill
Profit and Loss statement
Lists all the income and expenses of a business for a certain
period of time (Income Statement).
Utilization rate, overhead rate, break-even rate, net multiplier,
profit-to-earnings ratio, net revenue per employee, aged
accounts receivable
Cash Flow Statement
Shows actual inflows and outflows of cash or cash equivalents.
Cash is defined as money,checks, or anything accepted by
banks
Chargeable Ratio
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