The construction field is filled with terminology. Some you might know and some you might not. Since we are a construction management company, located in Johnsburg, IL, we’ve provided some construction management terms to know!
M3 Construction Solutions serves Chicago, Crystal Lake, and McHenry in Illinois and Milwaukee in Wisconsin. This is just a very small portion of terms in the construction management field. We’ve also written about steel building terms. If you have any more questions or would like to get in contact with us you can reach us at 815-363-8493 or fill out a contact form.
Construction Management Terms to Know
1. Force Account
directed work accomplished by the contractor outside of the contract agreement
2. Life cycle cost
costs include all costs incident to the planning, design, construction, operation, maintenance, and demolition of a facility, or system, for a given life expectancy, all in terms of present value.
3. Milestone schedule
a schedule representing important events along the path to project completion. all milestones may not be equally significant. Heard when people say they’ve reached a major milestone? That’s the most significant part of the milestone schedule.
4. Punch List
A list made near the completion of the construction work indicating items of work that remain unfinished. This work that still needs to be performed by the contractor before completing the terms of the contract.
5. Record Drawings
Drawings (plans) that are prepared after construction is complete that represents the work that was accomplished under the contract.
6. Value Engineering
A specialized cost control technique that utilizes a systematic and creative analysis of the functions of a project or operation to determine how to best achieve the necessary function, performance, and reliability at the minimum life cycle cost.