Location (tentative): Leo 233 (Manhattan College Leo Hall, 3825 Corlear Ave, Bronx, NY 10463).
Dates: Mondays 1/23/23, 1/30, 2/6, 2/13, 2/20, 2/27 (MIDTERM EXAM), 3/6, 3/20, 3/27, 4/3, Wed 4/12, 4/17, 4/24, 5/1, and 5/8/22 (PRESENTATION & FINAL PROJECT DUE). Total 15 sessions. Time: 6:30-9:15 pm.
Course Summary: This course teaches the cost engineering tools that are typically encountered in construction management, and is based on the Construction Financial tools in Procore- one of the leading providers of cloud-based applications for construction. Students develop a thorough understanding of cost management theory, workflows, calculations, documentation, and reporting, and the intricate role of user permissions. Topics include cost control, budget, prime contract, commitments (subcontracts and purchase orders), change events, rough estimates, proposals, change orders, trade allowance tracking, budget transfers, prime invoices, commitment invoices, sub jobs, reporting, and internal auditing. The payment application process and retainage calculations are thoroughly explained. Transition to a Guaranteed Maximum Price (GMP) contract structure with associated holds and allowances. Learn to develop change management workflows based on sound cost engineering rules.
Required Textbook:There is no required textbook, Instructor will provide handouts that complement Procore’s support
Visit https://app.procore.com and get Support (https://support.procore.com/)
Project Manager (Financial Management) Certification is mandatory (see Homework #1)
Course Topics:
Part 1 (Mid-Term Exam Topics)
Overview of Procore®, a leading cloud-based project management software. Overview of Project Stakeholder Roles and Titles. Overview of Financial Management: Cost Codes, Cost Types, Prime Contract, Budget, Commitments, Change Orders, Change Events, Direct Costs, Invoicing, Budget Views and Cost Control
Drawings and Specifications.
Budget Setup with Considerations for Purchasing Strategy v. Project Estimate Breakdown
Commitments: Trade Contracts, Purchase Orders, Schedule of Values (SOV)
Prime Contract: SOV, Financial Markups (Construction Contingency, General Conditions, Fee, Insurance, Bond, etc.)
American Institute of Architects (AIA)-based Payment Applications (Invoices) and Billing Periods
Change Event Workflow and Rough Order of Magnitude (ROM)
Requests for Quotation (RFQs), Commitment Change Orders (CCOs)
Prime Potential Change Orders (Prince PCOs), Prime Contract Change Orders (PCCOs)
Part 2 (Included in Final Project)
Invoicing Part 2: Change Order Invoicing, Stored Materials Tracking, and Sliding Scale Retention
Standard and Custom Budget Views, Budget Snapshots
Budget Transfers, Remaining Contingency, Funding the Commitments, and Balancing the Budget
Contingencies: Trade Contingency (Forecast to Complete), Construction Contingency, and Owner Contingency
Commitment Allowances: Tracking and Billing
Guaranteed Maximum Price (GMP) Contract, Budget Considerations (GMP Holds & Allowances), Multi-Prime Contract Approach
Bidding Tool
RFI Tool
Change Event QA/QC Audits
- Teacher: Bousleiman Sal