Learning stand by GkG

  Estimate:- It is the process which guide us to determine the cost, quantity, tools, plants and labours which are needed to complete the work for project with in time of completion. The actual cost of a work is known at the completion of the work. Account of all expenditure is maintained day-to-day during the execution of work in the account section and at the end of the completion of the work when the account is complete, the actual cost is known. The actual cost should not be differ much from the estimated cost worked out at the beginning. Estimating material:- From the estimate of a work it is possible to determine what materials ( in what quantity ) will be required for the work. Estimate labour:- The number and kind of workers of different categories who will have to be employed to complete the work in the specified time can be found out from the estimate. Estimate plant:- An estimate will help in determining the amount and kind of equipment needed to complete the work. Estim...

  Types of contract:- 1. Lump-sum contact:- This is a single fixed price contract. In this contract contractor agrees to perform specified job for fixed sum. The owner provides the contractor exact specification of the work. In this contract both the parties try to fix the conditions of the work as precisely as possible. Advantages:- Owner is aware of the cost of the project before the project construction starts. It avoids a lot of details and accounting by both owner and contractor. Contractor gets free hand to execute the work. In this contract is used with design construct method of delivery, contractor gets opportunity to use value engineering. Disadvantages:- It is very difficult to accommodate any charge in design and specification. This contract is as good as the accuracy of the contract document. If error exist in the contractor document the contract need to be renegotiated and hence more risk is involved from the owner ride. In the  case of unforeseen hazard during t...

  Project life cycle:- Project life cycle is a framework for managing any type of project. It is a four step process. By which teams achieve project success. Managed by the project manager. Starting the project --> Organising and preparing --> Carrying out the work --> Closing the project 1. Project initiation:- Define and authorised project. Purpose, vision, mission. Objective and success criteria. Schedule and budget Name and authority of sponsor. Checks the resources available with the business. 2. Planning:- Determine the approach you will take and define all the details of how project will be done. In this step the team identifies all of the work to be done. The project x and resources requirements are identified along with the strategy for producing team. A project plan is created outlining the activities tasks dependencies and time frames. Project manager prepare project budget by providing cost estimates for the labour, equipment and materials cost. 3. Implementati...

  What is organization? Organization is a systematic arrangement of people working together towards a common purpose it is composed of a group of individuals acting as a unit for the attainment of an objective.                                    Or Organization is a group of people who work together. Organization exist because people working together can achieve more than a person working alone. It is the idea of putting things together in a logical order.