Podcast
Questions and Answers
What is the purpose of construction cost estimating?
What is the first step in the construction process?
Which role is primarily responsible for coordinating the design process?
Which step lasts until up to a year of occupancy or use?
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What does the pre-design phase involve?
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Why do contractors prepare cost estimates?
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What is the role of a commissioning provider?
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Which of the following elements is typically not part of construction estimating?
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What must contractors evaluate regarding equipment costs in project estimates?
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What is considered when evaluating labor requirements for a project?
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What does the loaded labor rate include?
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Why are insurance and bonding costs included in project estimates?
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Which role is specified as necessary for specialty contractors in labor requirements?
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What happens if estimators fail to include all costs associated with employing someone?
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What should estimators base their labor productivity estimates on?
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What is a critical financial aspect to determine during the estimating process?
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What is the primary role of a general contractor during the construction phase?
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What is the purpose of the punch list provided by the contractor to the architect?
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What happens during the final inspection conducted by the architect?
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What is the main advantage of the design-build project delivery method?
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How does cost control benefit a contractor during the construction process?
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What type of estimate is primarily used for ensuring costs stay within budget throughout the project?
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During which phase does the architect verify the near-complete status of the project?
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What must occur before a contractor is entitled to full payment after project completion?
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Which of the following is NOT considered an overhead expense?
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What is the purpose of calculating profit margin in a construction project?
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What is included in the contingency portion of a construction project budget?
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Which factor does NOT influence a construction business's profit margin?
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How do estimators determine the percentage of overhead cost allocated to each project?
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What percentage range is commonly added to project costs for contingency in construction?
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Which of the following costs is directly related to specific projects and not considered overhead?
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What does a contractor do with the determined sales price after estimating costs?
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What is the formula for calculating volume in cubic meters?
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What additional factor is multiplied when estimating the volume of earth fill required?
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Which of the following methods is NOT used to estimate concrete components?
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What is key to volume calculation according to the content?
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Which equation illustrates the volume of a cylinder?
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In estimating the volume for construction, what is generally combined with basic distance measurements?
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What is the area of a circle calculated with?
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When using tables for estimating materials for concrete components, what is a limitation?
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Study Notes
Construction Cost Estimates
- Construction cost estimating predicts the cost of building a physical structure.
- Project owners use cost estimates to determine project feasibility and allocate budgets.
- Contractors use cost estimates to decide whether to bid on a project.
- Estimates are usually prepared with input from architects and engineers to ensure financial feasibility and scope requirements.
Construction Phases and Processes
- Commissioning a Project: Ensures a project meets the owner's requirements, starting early in the construction process.
- Determining Requirements: Establishes a project's purpose, cost, location, and legal compliance requirements.
- Forming a Design Team: Involves the architect selecting specialized consultants to meet design requirements.
- Designing the Structure: The architect creates design plans for the project.
- Construction: The contractor manages the building process according to the construction documents.
- Cost Control: The contractor monitors spending against the budget throughout the construction process to ensure profitability.
- Close-Out: The contractor requests an inspection to verify project completion and submits a punch list detailing incomplete work.
- Completion: After finishing all incomplete work, the architect issues a final completion certificate and the contractor receives full payment.
- Design-Build Process: This alternative method combines design and construction under one contract. It offers greater alignment, reduced errors, and potential cost savings.
Types of Construction Cost Estimates
- Design estimates are preliminary estimates used for planning and feasibility studies.
- Bid estimates (also called tender estimates) are used to determine the price of a project for bidding.
- Control estimates monitor and control the project's budget during construction.
Elements of Construction Estimates
- Takeoff: The process of measuring the quantities of materials required for a project.
- Direct Costs: Expenses directly related to the construction work, such as materials, labor, and equipment.
- Indirect Costs: Expenses not directly related to construction work, such as insurance, permits, and overhead.
- Overhead Costs: Expenses incurred by the company, such as rent, administrative salaries, and utilities.
- Profit Margin: The amount of profit a contractor expects to earn.
- Contingency: Funds set aside for unexpected costs and overruns.
Determining Material Quantities
- Cross-Section Method: Used to measure materials by calculating their cross-sectional area and multiplying it by their length.
- Three-Dimensional Measurement: Used for irregularly shaped materials or deposits.
- Earth Fill Volume: Calculated by multiplying the volume of the hollow space by 1.25 to account for compaction.
Concrete Works & Metal Reinforcement
- Concrete Volume Method: Estimating concrete materials by calculating the volume of concrete needed.
- Table Method: Determining concrete material quantities using pre-defined tables.
- Concrete Proportioning: Adjusting the proportions of cement, sand, and gravel to achieve the desired concrete strength.
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Description
This quiz covers the essentials of construction cost estimating and the various phases involved in a construction project. Learn about the importance of cost estimates for project feasibility, design team formation, and the construction processes. Prepare to enhance your understanding of financial planning in construction.
