Construction Budgeting and Cost Estimating Quiz
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Questions and Answers

What are essential tools for planning in the construction industry?

Cost estimation and budgeting.

When does Stonemark typically aim to prepare the first budget for a project?

At completion of the architect’s schematic design (SD) phase when the drawings are about 20% complete.

What key technique is used for cost planning in construction when the drawings are only 20% complete?

Augmenting the SD drawing set with a scope narrative.

Why is the initial budget essential for managing the design of the project?

<p>It becomes an essential tool for managing the balance of the design to meet the owner’s budget requirements.</p> Signup and view all the answers

How is it possible to project the true cost of a project when the drawings are only 20% complete?

<p>There are two ways to properly evaluate the construction cost of the project at this early phase.</p> Signup and view all the answers

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