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CIVL202 Construction Engineering I

CIVL202 Construction Engineering I. Tutorial 7 T1 Mon 11:00 – 11:50 T2 Wed 09:00 – 09:50. Tutorial Outline. Corporation Subchapter Corporation Pros and Cons of Corporation Project Planning Developing WBS. Corporation.

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CIVL202 Construction Engineering I

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  1. CIVL202Construction Engineering I Tutorial 7 T1 Mon 11:00 – 11:50 T2 Wed 09:00 – 09:50

  2. Tutorial Outline • Corporation • Subchapter Corporation • Pros and Cons of Corporation • Project Planning • Developing WBS

  3. Corporation • Legal entity and is created as such the law of a state in which it is chartered • If corporation owned by three persons, A(40%), B(30%) and C(30%), assume each share of a corporation has a par value of one dollar. • Initial capital = $100,000 • Book value of each share = $100/share • Market value = a value that is listed on stock exchanges for those publicly traded corporation shares and that is printed on newspapers

  4. Corporation • A lawyer is normally retained to prepare the proper documents • The corporation can sell the stock to raise capital, but this power can be and has been abused • Suitable for high-risk business because of its limitation of liability, such as construction industry • Only the assets of the corporation are subjected to attachment of in the settling of claims against and losses incurred by the corporation • Double taxation : the same profit that is taxed again when it is distributed to stockholders as a dividend

  5. Subchapter Corporation • avoids double-taxation feature of a normal corporation but retains the protection of limited liability • the principals are taxed only once as personal income

  6. Pros and Cons of Corporation • Pros: • generation of additional capital by distributing ownership • it has a continuity that is independent of the stockholders • allows the closed nature of a closely held corporation to be maintained • Cons: • reduced level of control exercised in management decision making and certain restriction that can be placed on the corporation when operating outside of its state of incorporation • when a corporation operates in a state other than the one in which it is incorporated, it is referred to as a foreign corporation

  7. Project Planning • Work package: the scope of work is broken into components which define work elements or building blocks which need to be accomplished in order to realize the end objective. The sub-elements are often referred to as work packages • Work breakdown structure: hierarchical format that summarizes all work packages of a project • Planning = work breakdown + work sequencing • Develops a framework for project execution, monitoring and control • Minimizes uncertainty, clarifies sub-objectives, helps avoid crisis management

  8. Developing WBS • Work packages must be clearly distinguishable from other work packages • Each work package much have unique starting and ending dates • Each work package should have its own unique budget • Work packages should be small enough that precise measurement of work progress is possible • Definition of work package can be facilitated by: • location or area within project • material type • method of placement • organizational resources required

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