active Check to include Clear and return to Menu Close Closed captions. Press the spacebar to toggle captions on and off. Continue Continue Exit Filter FINISH finish Definition definition Glossary Terms Menu Please rotate your device NEXT next Notes Captions Bio More info Captions pause play Send an email PREV previous Question List replay Resources resources Restart Resume Search... search Search in: Search Results Skip Navigation. Hit enter to return to the slide. Slide Text SUBMIT ALL submit all SUBMIT submit volume <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Welcome to the Introduction to Job Cost module."> <Style FontFamily="Roboto Condensed" FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" Elevation="Normal" DisplayCase="AsIs" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="As an engineer, you play a crucial role in contributing to the growth and success of our Granite business. One of your critical responsibilities is to accurately assign job costs incurred on your project. In this module we will cover an overview of job costing and how it impacts your role. "> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletFont="Arial" /> </Style> <Span Text="This module covers:
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="18" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="The significance and effects of proper job costing on a project.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="18" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="An Engineer’s job cost tasks.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="18" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="The relationship between job cost and budget, quantities, costs, and revenue.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="18" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="The impacts and importance of tracking and assigning costs and quantities accurately.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="18" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Job cost life cycle, cost control process, components, and types.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="18" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Job cost best practices and the PDCA model, and
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="18" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Risk Management practices"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Let’s start by defining Job Cost. Select “Job Cost” to continue. Here at Granite, Job Cost is “a systematic gathering of all costs elements, and associated quantities, for record and analysis.” The job cost creates historical records and forms the basis for future bids. It is the field who controls job costs. By accurately assigning job costs and creating the historical record, you are building our business. We should not underestimate how critical job cost data is to improving the project. It provides real-time data that allows us to correct an issue and influence the cost outcome of the project. 
"> <Style FontSize="12" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text=""> <Style FontSize="12" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Let’s start by defining Job Cost. Select “Job Cost” to continue. Here at Granite, Job Cost is “a systematic gathering of all costs, elements, and associated quantities, for record and analysis.” The job cost creates historical records and forms the basis for future bids. It is the field who controls job costs. By accurately assigning job costs and creating the historical record, you are building our business. We should not underestimate how critical job cost data is to improving the project. It provides real-time data that allows us to correct an issue and influence the cost outcome of the project."> <Style FontSize="12" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Let’s start by defining Job Cost. Select “Job Cost” to continue. Here at Granite, Job Cost is “a systematic gathering of all costs elements, and associated quantities, for record and analysis.” The job cost creates historical records and forms the basis for future bids. It is the field who controls job costs. By accurately assigning job costs and creating the historical record, you are building our business. We should not underestimate how critical job cost data is to improving the project. It provides real-time data that allows us to correct an issue and influence the cost outcome of the project. "> <Style FontSize="12" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Let’s start by defining Job Cost. Select “Job Cost” to continue. Here at Granite, Job Cost is “a systematic gathering of all costs elements, and associated quantities, for record and analysis.” The job cost creates historical records and forms the basis for future bids. It is the field who controls job costs. By accurately assigning job costs and creating the historical record, you are building our business. We should not underestimate how critical job cost data is to improving the project. It provides real-time data that allows us to correct an issue and influence the cost outcome of the project. "> <Style FontSize="12" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Engineer job cost tasks include all aspects of accurate cost and quantity reporting. This module introduces you to the concept of job cost. We will explore your tasks in greater detail in other modules. Click each task to learn more."> <Style FontFamily="Roboto Condensed" FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" Elevation="Normal" DisplayCase="AsIs" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="12" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Job cost is critically linked to the budget and project profitability. Forecasts are also impacted by job cost and budget. Let’s take a closer look at the relationship between budget and job cost.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="12" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Job Cost is a record of what it actually took to build the work. The success or failure of a job is measured by our final costs being less than or greater than our budgeted cost.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="12" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="The cost budget includes the amount of time and cost, based on the Estimator’s assessment, that is planned to build the work.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="12" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="There is also a revenue budget, which represents cost plus margin.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="12" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="The cost budget may be redistributed to reflect a different plan, but the total budget dollars do not change unless the contracted amount changes.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="12" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Additionally, the forecast is a final cost determined by a detailed analysis of monthly job costs. This analysis evaluates risks and opportunities and documents a most probable outcome.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="12" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="In the relationship between budget and job costs, it is important to note that accurate job costing helps track against the budget and/or forecasted costs."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="So why should we track costs as they relate to projects? Click the buttons below to learn more. "> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="We are a cost and quantity-driven business. For the project, it is important to know if we are doing better or worse than the budgeted costs. Most of our success metrics are based on whether or not our actual production, exceeds or falls below our planned production.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="It is also important to track costs for overall business reasons, including ensuring accuracy in forecasts and financial reports. Correct forecasts and financial reports depend on accurate cost and quantity tracking. Accurate cost and quantity tracking impacts other factors, such as cost estimates for future projects."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Now that we know why we should track costs, let’s look at what we should track. Tracking costs (or dollar amounts) is meaningless unless we also track and record the corresponding quantities. Quantity tracking and reporting are essential for monitoring operational success and for giving data for future estimates. 
"> <Style FontFamily="Roboto Condensed" FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" Elevation="Normal" DisplayCase="AsIs" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Select each tab to learn more."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Let’s look at a few of the job cost components in detail, starting with tracking costs and quantities. Granite’s job cost system is a quantity-driven system where there should be a quantity associated for any cost incurred. This way, we can compare our performance against the budget, forecast and prior period performance. It also allows us to project the costs needed to complete work, based on the forecasted unit cost. 
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="For example, let’s say we have an item with a budgeted amount of $100,000, and a budgeted quantity of 10,000. If we spent $30,000, are we tracking to budget? In this case, there’s no way to tell, because we don’t have actual quantities."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Let’s look at how quantities flow through a project and budget. Starting with the production history, we create a ground up, resource-based bid and estimate quantities and costs. In pre-construction, the estimated costs are budgeted and takeoffs include verified quantities. During execution, we record and report actual costs and quantities incurred. We also analyze our production and productivity and make improvements as needed. The analysis enables us to review the business performance of the project, and build a new production history for another project. 
"> <Style FontFamily="Roboto Condensed" FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" Elevation="Normal" DisplayCase="AsIs" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text=""> <Style FontFamily="Roboto Condensed" FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" Elevation="Normal" DisplayCase="AsIs" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Select the buttons to learn more about the project and business perspectives."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="Select all the correct statements below. Then, click Submit."> <Style FontSize="12" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="Complete the following question. Then, click Submit."> <Style FontSize="12" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="The Job Cost Cycle is an integral part of the Project Lifecycle. The tracking of job cost and quantities runs throughout the Job Cost Cycle and is an iterative process from job startup to job closeout. Job cost history is continuously accumulating through the project work and is shown in the Project Final Report. Remember that as we build the work, we continuously accumulate job cost history. "> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="As we strive to meet or beat our budgets, it helps to understand how we control costs. Cost control is a process, and the best time to control costs is before we actually start spending money, by having the right plan in place.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Cost control is a cyclical process which starts in the preconstruction phase with the budget. It continues throughout construction as we track actual costs, and compare those costs to budget and forecast amounts. Next, we evaluate our performance and decide on opportunities for improvement. Along the way, we are building an accurate history which helps create the estimate and budget for the next project."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="As historical information develops throughout the project, it is available for viewing daily, weekly, and monthly to assess potential improvements to our plan. "> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> <Span Text="Click the buttons to learn more."> <Style FontSize="12" FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="To better understand the relationship between job cost and project profitability, let’s examine a project timeline. 
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="From the pursuit or estimate phase, or start of the project, to the current day, our actual cost cannot be changed. From the current day to the project end or closeout, we have a window of opportunity to use job cost history to help inform the balance of the project. Each day, this window to influence change and make the project more profitable closes."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="·" BulletFont="Symbol"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Costs are tracked in e1 and broken down into Cost Codes and Cost Types.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="·" BulletFont="Symbol"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Cost Codes are a high-level classification, that allow for tracking by work activity; and have an operations focus.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="·" BulletFont="Symbol"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Cost Types are a detailed breakdown of cost categories that group similar costs; and have an accounting focus. "> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="Now let’s take closer look at the relationship between cost code and cost type. Here is a list of common costs. Where do you think each cost originates? Select a cost, and drag it to the correct category on the right, where it originates. Then, click Submit."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="By matching the cost to the category, you can see how each cost type provides details of specific costs. Cost types are indicated by the first letter of the category, or by the 5-digit account numbers assigned to them in e1."> <Style FontSize="12" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Cost codes have an operations focus, and in e1, they allow for tracking cost by work overall activity, which is less detailed."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Cost types are the cost categories "> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> <Span Text="within"> <Style FontSize="12" FontIsBold="True" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> <Span Text=" a work activity package, in e1, and are more detailed."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Let’s look at this example for Project X. We need to find out how much labor went into concrete for Project X. Concrete is the cost code in e1.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="To find out how much labor went into concrete, we can look at the Cost Types for the Concrete Work Activity."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="The overall cost account structure, which we will explore in detail in the "> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> <Span Text="Assign Costs "> <Style FontSize="12" FontIsBold="False" FontIsItalic="True" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> <Span Text="module"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> <Span Text=", "> <Style FontSize="12" FontIsBold="False" FontIsItalic="True" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> <Span Text="brings Operations and Finance together. The cost account structure enables us to organize the costs that we track and input on the project, for meaningful financial reporting."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="Complete the following question. Then, click Submit."> <Style FontSize="12" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="Complete the following question. Then, click Submit."> <Style FontSize="12" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="Complete the following question. Then, click Submit."> <Style FontSize="12" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Select a job cost activity and drag to the Do’s and Don’ts pile to determine if the activity is a "> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> <Span Text="best practice "> <Style FontSize="12" FontIsBold="True" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> <Span Text="(Do’s) or "> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> <Span Text="incorrect practice"> <Style FontSize="12" FontIsBold="True" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> <Span Text=" (Don’ts). Then, click Submit."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Now let’s look at another job cost component, Risk Management. Risk is inherent to job cost. However, some costs have more risk than others. We analyze, pay for, and manage each risk differently. In a common project scenario, the following may occur. Labor and equipment have high degrees of risk. These costs usually correlate to labor, so we often think of labor and equipment together. Also, subcontracts and materials may be at a lower degree of risk.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Click the buttons for examples of each risk."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="The degree of each risk might be different on your projects. "> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Risk Management is an important part of job cost because we want to understand where the majority of risk comes from in the project. As we manage risk related to job cost, we want to successfully take the following actions. Click the buttons to learn more. "> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Consider these Risk Management best practices."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="As we build work and continuously adjust the work plans, it’s a good opportunity to recall the PLAN-DO-CHECK-ADJUST (or PDCA model) and Continuous Improvement.
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="While we leverage historical cost data, adjust the forecast, and improve profits, PDCA can help us think through how we manage current operations, cost tracking and opportunities. It is important to note that PDCA is also an iterative process throughout the life of the project. 
"> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="12"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Click on each quadrant of the racetrack to see how we apply PDCA to job costing in your project."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="Complete the following question. Then, click Submit."> <Style FontSize="12" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Determine the correct response. Then, click Submit."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Select the correct phrase to complete the statement. Then, click Submit."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Congratulations! You have completed this module. Please read the summary of what we covered. To earn credit for completing this module, click NEXT to continue."> <Style FontSize="12" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="Please click the EXIT button to receive credit for this module."> <Style FontSize="12" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document>