mid-coast corridor transit project - mid-coast transit ... workshop 02-25... · •schedule of...
TRANSCRIPT
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Mid-Coast Corridor Transit Project
Managing Successful Construction Projects, part 2 of 2What small contractors can do to be successful on construction projects
February 25, 2016
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Who is MCTC
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Mid-Coast
Corridor Transit
Project• Extension of Trolley Blue Line
from Downtown to UTC Transit Center
• 10.9 miles of new LRT tracks
• Nine LRT stations
• Three miles of LRT fall within or adjacent to Caltrans right of way
• Two I-5 Crossings
MCCTP
MCCTP
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Welcome and Introductions
• Presenters
Tom Holmquist, President, TLH Consulting
Andrew Holmquist, MCTC, Engineer
Zeb Hutchison, MCTC, Engineer
Matthew Heminover, MCTC, Engineer
Ryan Richards, MCTC, Engineer
Gloria Rossiter, MCTC, Document Control
• Introductions
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Introduction
John Johnson, MCTC Subcontractor Liaison
• 30 years of construction experience
• Founder/Owner CMSI (DBE, MBE and SBE firm)
• Workshop Series Estimating & Bidding on MCTC Construction Contracts
Labor Compliance
Using E-Procurement Systems to Win Contracts
The ABCs of Underwriting
Managing Successful Construction Projects (part 1)
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Presentation Outline
• Cash flow
• Progress billing effects on cash flow
• Cost control techniques
• Maximizing field productivity
• Submittals
• Document control
• Q & A
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CASH FLOW
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Introduction
Tom Holmquist
President, TLH Management Advisory Services LLC
My Focus:
Provide my clients with financial and operational expertise and support to:
• Identify, develop, and execute business plans to create valuable businesses
My Background & Experience:
• Over 25 years of success leading financial operations of companies such as BAE Systems, Textron, Teledyne, Hughes Aircraft, PricewaterhouseCoopers
• CPA – retired, BS accounting Loyola Marymount University
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Discussion Topic
Cash Flow Analysis
What is?
Why is it important?
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Primary Objective
“Compel you to absolutely, look forward to, enjoy, and celebrate cash flow analysis.”
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What is Cash Flow
Measure of Cash your receive (Cash In)
Less: Cash you spend (Cash Out)
= Cash Generated or (Cash Used)
Keep It Simple (KIS)
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Why is Cash Flow Important?
Need cash flow to obtain the resources to:
• Conduct business (recruit and pay employees and suppliers)
• Invest in capital equipment
• Invest in facilities
• Invest in new products
• Pay down debt
• Be financially viable (a key to winning more business)
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Why is Cash Flow Important?
THE GOAL – Generate cash flow to
Increase the “Value of you Business”
Example:
A $100,000 Certificate of Deposit generates $10,000 in annual cash flow at 10% interest
How much is your business worth if you can generate $10,000 in annual cash flow?
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Keys to Generating Cash Flow
Measure and manage (Implement Cash Flow Analysis Tool)
Know and manage your cost structure
Bid, win, and execute profitable contracts
Invest in people, resources, tools, facilities, equipment that will generate cash flow (Return on Investment Analysis)
“ A difficult thing to do is spend money”
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Keys to Generating Cash Flow
Submit customer invoices timely and accurately.
Be the squeaky wheel regarding invoice collection.
Negotiate payment terms with your vendors.
Negotiate optimal banking terms.
Manage your 20% or more partner – Uncle Sam. Don’t forget tax obligations.
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Example - Weekly Cash Flow Plan
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PROGRESS BILLING
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Introduction
• Andrew Holmquist, PE
• Education
– Licensed Civil Engineer
– Bachelors & Masters in Civil
Loyola Marymount University
• Resume – 15 year Career
– First job $1/day
– Second job $10,000/software license
– Third job $100,000/design contract
– Fourth job $1B/construction project
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Progress Billing
• Henry Principle – High Earning Not Rich Yet
• Progress Billing is One Piece of Your Cash Flow
• 8 Steps to Submitting a Pay Application
• Clear, Concise, Complete & Correct
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This is Henry
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Billing Might Feel Like a New Animal
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Step 1 - Prepare to Accomplish the Task
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Step 2 – Select the Right Vehicle
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Step 3 – Coordinate with the Prime
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Step 4 – Brainstorm Solutions
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Step 5 – Resolve any Issues
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Step 6 – Submit a 4 C’s Pay App
The 4 Cs
• Clear
• Complete
• Correct
• Concise
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Step 7 – Don’t Just Wait for the Check
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Step 8 - Keep Building More Work
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Progress Billing
• Types of Agreements
• Sub-Contract
• Materials Purchase Agreement
• Service Agreement
• Schedule of Values (SOV)A line item breakdown of the contract
Follow the contract line items (Attachment A)
Review SOV with the Prime Contractor before 1st progress billing
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Progress Billing
• Billing and payment procedureAgree on percentage of work complete with Prime
Fill in the pay application and submit
Include waiver release, updated schedule, certified Payroll, etc.
FYI, the Prime submits Progress billings to the Owner on a Monthly basis
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Back Up Might Include
• Receipts for Materials on Hand
• As-Built Drawings
• T&M Tickets
• Photos
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Sample Pay App
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Sample Pay App Continued
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COST CONTROL
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Cost Controls
• Description of cost controls
What are cost controls?Technical description
What they really are
Why are they important? It is the vital other half of a functioning business
You can’t control what you don’t know
Allows for accurate forecasting
Accurate cost tracking allows for live operating data
Cash flow
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Cost Control
• Cost Tools
BudgetSet up for success
Materials, Labor, Equipment, Indirects
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Cost Control
• Cost Tools
BudgetSet up for success
Materials, Labor, Equipment, Indirects
Scheduling
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Cost Control
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Cost Control
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Cost Control
• Cost Tools (cont.)
Cash flow
Backlog
Business strategy
Production
Share with field
Track weekly / monthly / quarterly
Just like cost: Can’t control what you don’t know
Efficiency and profit
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Cost Control
• Areas that affect cost
Estimating
Understand scope
Accurate Takeoffs (technology)
Know what is in the drawings and specs
Make clear your assumptions
Procure multiple pricing
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Cost Control
• Areas that affect cost
Scheduling
Integral to success
Directly affects field productivity
Allows for work planning
Greatly reduces risk
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Cost Control
• Areas that affect cost
Project Management
Can be good or bad
Control other costs
Fully support field
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Cost Control
• Controlling Costs
• Tracking
Budget and cost coding
Do it early!
Tracking quantities and cost
Make adjustments (cut or capitalize)
Focus on the big $$’s
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Cost Control
• Forecasting
StepsSet a baseline (budget)
Calculate a variance
Project your costs
Be conservative but not too conservative
20% budget rule
Quantities are important
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Cost Control
• Forecasting Investigate variances
Look for red flags
Go after the $$
Use notes to remember your assumptions
Make adjustments
Take action
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Cost Control
• SummaryBuild a budget
Scheduling and planning
Calculate productions
Setup tracking system
Track and react
Forecast
Make adjustments
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MAXIMIZING FIELD PRODUCTIVITY
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Maximizing Field Productivity
• ProductionType of production…
Labor production
Equipment production
Simple definition for a complex subject – how long it takesto do something (unit & time)
The production number isn’t as critical as understandingthe factors that are associated with that number
Data collection verses data processing (hearing vs listening)
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Maximizing Field Productivity
• Topic Overview
Production factors
Managing production
Production reporting
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Maximizing Field Productivity
• Production Factors External factors – what you can’t control (but can manage)
Weather
Work environment
Schedule constraints (milestones)
Internal factors – what you can control
Labor
Equipment / tools
Supervision
Safety & Quality
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Maximizing Field Productivity
• Managing External Factors Should be addressed at the estimating level; however, can
be managed using internal factors
Inclement weather expected and work takes place in a paved area to be demoed, leave pavement in until majority of the work is completed (planning)
Rain gear for employees to keep them comfortable
Tight work area – smaller piece of equipment
Urban area with many underground utilities – get an experienced operator
Add multiple crews to finish by a certain time
Can the external factor impacting your production beconsidered unforeseeable? If so, notify general contractorand/or owner immediately
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Maximizing Field Productivity
• Managing Internal Factors Labor
How many employees on a crew?
What’s the experience of those employees (training-including safety & quality training.)?
Does the crew get along with each other (gel together)?
Equipment/Tools
Equipment size (not too big – not too small)
Reliable (routine maintenance)
Enough dump trucks to support excavation
Excavator shouldn’t be waiting on dump trucks; dump trucks shouldn’t be lined up waiting for excavator
Do you have the best tool for the job?(Hammering a nail with a tape measure)
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Maximizing Field Productivity
• Managing Internal Factors, cont. Supervision
Plan the work and work the plan
Starts at the estimating phase & continues thru the end
Get submittals approved.
Clarify any questionable scopes – RFIs prior to work starting
Analyze risks and external factors
o Onsite verses offsite fabrication
Communication
Workplan (Includes safety & quality)
Team motivation (set goals)
Safety & quality checks
Data collection (time cards – quantity entry)
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Maximizing Field Productivity
Supervision, cont.
Data processing (key to maximizing production)
Why is the production low or high?
Did the right hours/quantities get put into the correct code?
Does the crew need more/less equipment or labor?
Will the production rate change as the work reaches open area?
Adapt to change, revise plan/target production rates accordingly and communicate to crew(s).
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Maximizing Field Productivity
• Production ReportingCost account/code setup
Units of measure
Quantity claiming scheme
• Sample Reports (Next slides)
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Maximizing Field Productivity
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Maximizing Field Productivity
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Maximizing Field Productivity
• SummaryTwo basic forms of production (labor & equipment) and
two main categories that factor into your production rate (external & internal)
Identify the external factors and account for them in your estimate. Manage with internal factors
Use production reports/claiming schemes to manage internal factors. (Data processing)
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SUBMITTALS
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Presentation Outline
• What is a Submittal
• Contents of a submittal
• How to compile the contents
• Examples
• Schedule
• Tracking
• Approval process
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Submittals
• What is a SubmittalProduct data from the manufacturer showing all
properties of that specific material
All permanent materials on the project need to be submitted
Submittals are project specific
Process can be long or expedited
All submittals approved before work starts
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Submittals
• ContentsComponents that make up a proper
submittalWhat is it
What spec is being referenced
List any assumptions you are submitting for
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Submittals
• Compiling the contentsNot all info is always in a single spec section
Make sure to reference all spec sections to ensure that there are no conflictsOften times more than 1 spec to be referenced
Make sure to spell out any assumptions being made with a submittal
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Good Submittal Sample
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Good Submittal Sample
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Bad Submittal Sample
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Submittal Schedule
• Identify key submittals that are;– Long lead material items
– Items that have 60-90 day review periods
–Project schedule – know your work sequence
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Submittal Schedule
• Submittal Log (sample next slide)
Tracking lead times is important
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Submittal Log
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Procedure/Approval Process
• Identify any QC Specs – Requires all products be submitted
• Workflow – Contract says 30 days for review time once it gets to the RE.
• Which items have previously been submitted?
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Procedure/Approval Process
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DOCUMENT CONTROL
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Introduction
Gloria Rossiter, CAP-OM
• Certification
Certified Administrative Professional with an Office Management specialty
• Resume – 35 year Career
Field worker
Office manager for an association
Support for a CEO, CFO and 5 Directors
Controlling the document process for a $1B/construction project
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Document Control
• What is document control and why it’s importantProcess for record – from start to finish
Naming protocols that make sense
Keep the end in mind
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Document Control
• Electronic documentation
Wave of future…future is here
Email communication / information sharing
Mega projects use sophisticated DC systems
Facilitates tracking of action items (Ball in Court)
Good for the environment
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Document Control
• When is hardcopy requiredOfficial records Permits, certifications, etc.
Any others?
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Document Control
• Electronic vs Hardcopy filingLess space needed for records
Less expensive
Hybrid system
Keep to a minimum
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Document Control
• Review samplesLetters
Transmittals
Logs
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Document Control
• ConclusionWhat is document control
Why it’s important
Electronic documentation
When is hardcopy required
Electronic filing vs hardcopy filing
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Closing Discussions
• Questions & Answers
• Evaluation Survey
Stay updated! Visit MCTC’s website regularly @www.mctcjv.com