If we assume a discount rate, r, then the discount factor, D, to apply in Year n is: The present value of a sum A received in n years’ time, at Discount Rate r is given by: The future value in n years, of a sum A received today, at Discount Rate r is given by: The Net Present Value (NPV) is the sum of the present values of every payment (negative) and receipt (positive). The team behind the 6th Edition of the PMI’s Project Management Body of Knowledge (the PMBOK Guide) has been rather more generous. Technical skills necessary to enter careers in construction operation and/or maintenance of the built environment and supporting infrastructure. Construction workers must use math in a variety of ways while practicing their trade, including taking measurements, converting quantities and solving equations. Here are three common variants on a fixed price contract: Now let’s look at what we mean by various types of ‘Cost plus’ contracts: When you are putting together a Project Proposal or a Business Case, you need to demonstrate the value to the sponsoring organization of making an investment in the project. Completion of a minimum of one year of lower division math courses, including college algebra, trigonometry and analytic geometry. Students must complete all premajor courses before promotion to Advanced Standing. Understand construction project control processes. The numbers look huge. All Construction Management majors must take the American Institute of Constructor’s Constructor Qualification Examination (CQE) Level I Construction Fundamentals within one year prior to anticipated date of graduation. COMP 100 Computers: Their Impact and Use (3), CM 110/L Construction Drawings and Lab (1/1), GEOL 101/GEOL 102 Geology of Planet Earth and Lab (3/1) Units of run are typically based on 12 inches. And the syllabuses for both the CAPM and PMP qualifications are littered with PM formulas. But 95 percent of the time it will lie within two standard deviations. The simplest measure of spread is the range – the difference between the greatest data point and the smallest. For reasons you’ll see in a moment, it often gets the symbol s2. Career Possibilities . PMI®, PMP®, CAPM®, PMI-ACP®, PMBOK®, and The PMI Talent Triangle® are registered marks owned by Project Management Institute, Inc. ITIL®, PRINCE2®, PRINCE2 Agile®, MSP®, M_o_R®, P3O®, MoP® and MoV® are registered trade marks of AXELOS Limited. Construction workers should also have a willingness to learn. Project Manager to Project Leader: How Big is the Step? Since each of impact and likelihood is an estimate, we should really consider ranges for each, and a means of combining them that gives a range of values, rather than a single point estimate. copyright=new Date(); CM 321 Introduction to Mechanical and Electrical Installation (2) There are two ratios here; one common and the other one not. Formulas or formulae? The more observations you make, the more the average represents a true measure of the phenomenon. Upon graduation from UNLV Construction Management Program a graduate shall be able to: A Bachelor of Science in Construction Management (BSCM) is intended to provide graduates with analytical, management and communications skills that enable them to plan, schedule, organize and estimate costs for construction projects. Mode is the most frequently occurring value n the data. The Japanese Approach to Organized Efficiency | Video, 50 Great Project Management Blogs for 2017, The Best Project Management Blogs for 2019. There are two formal approaches to creating a Network Diagram: The Program Evaluation and Review Technique, or PERT, uses three-point estimates for durations, rather than the single point estimates used in the Critical Path Method (CPM). document.write("2015 -" + update + "," + " "); ‘Opportunity Cost’ is a valuation of the benefit of an opportunity we can no longer pursue, because of the alternative option we have chosen. They need to understand contracts, plans and specifications, and they have to be knowledgeable about construction methods, materials and laws and regulations. 60 to 70 units of transferable courses. CM 488A Construction Senior Design I (2) Note that the divisor of 6 is because we add 1 x O, 4 x M, and 1 x P. 1+4+1=6. A high value of SD indicates the data points are spread out over a large range. A low value of standard deviation (SD) indicates that the data points are close to the Average and we can have a higher confidence in it. Employ productivity software to solve technical problems. sitemap. The balance of risks for each is very different. The PERT approach also allows us to make simple estimates of the variation in the EAD, by calculating a Standard Deviation (s). Scottish Higher: BBC Nat 5: C (English and Maths) Year 2 College HNC: Construction Management - graded unit B . PM Formulas: Understanding the Math of Project Management, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Pocket (Opens in new window), Click to share on Pinterest (Opens in new window), How to Run a Great Project Team Meeting | Video, Project Manager’s Professional Coaching Program, Sample Project Management Videos from our Core Courses, I Need my Team to be Better at Project Management & Delivery, All Project Management Certification Programs, I Want to Study for Project Management Professional (PMP), The Project Manager’s PMP Exam Prep Guide, Day-to-Day Project Leadership that Gets Results, Delegation: How to Delegate without Stress, Our Top ‘Must-Read’ Project Management Guides, Project Management in Under 5 | Project Management Video Series, Coming soon… The Practical Project Management Podcast, All our Project Management Tools & Resources, OnlinePMCourses Kindle-exclusive Project Management eBooks Series. Completion of a minimum of one year of lower division math courses, including college algebra, trigonometry and analytic geometry. But, that investment is gone, whether we continue or not. Create written communications appropriate to the construction discipline. Project Management in Under 5 | Video series, Volume Licensing of Project Management Courses for Businesses, OnlinePMCourses Email Whitelisting Instructions. Understand construction accounting and cost control. Apologies if you like a good Greek plural ending on a dull Latin stem. Clearly, you want it today. CM 334/L Construction Equipment and Methods (2/1) A good-faith effort on the exam is required. Construction managers also communicate and coordinate with diverse teams of professionals such as architects, engineers, inspectors and skilled trades in both offices and at construction sites. It is important because we often justify (at least, emotionally) continuing with a failing or no-longer valuable project because of the huge investment we have already committed.

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