18 Questions
What type of cost estimate takes into account the cost of individual types of process equipment and multiplies it by an 'installation factor'?
Factored estimate
Which cost estimate type is based on historical data and closely relates building costs to floor area?
Floor area estimate
In a function estimate, which of the following examples represents the cost per bed for a hospital?
Cost per bed
How are lump sum costs of trade related in the component system of construction?
Related to gross area covered
What improvement does parameter estimate offer over the floor area estimate?
It uses multiple parameter measures instead of a single one
Which component is not considered in a factored estimate calculation?
Markup cost
What type of estimate breaks down the subject into many items or components, often with detailed specifications?
Detailed estimate
What is a key feature of estimating software that allows it to organize items in a hierarchical structure?
Hierarchical/WBS organization
What type of estimate is often used when there is limited information available about the project?
Factored estimate
What is a key advantage of using building information modeling (BIM) in cost estimation?
Improved accuracy
What is a common method of estimating costs used in construction projects?
CAD and digital takeoff systems
What is a desirable feature of estimating software that allows it to compare costs between different systems or providers?
Cost comparisons
What must cost estimates in construction projects include?
Materials, labor, equipment, and consumables
Which of the following is a key purpose of detailed estimation in construction projects?
To break down each category into small parts
What is the main emphasis when it comes to profitability in the business of design and construction?
Accurate and complete cost estimation
Which method is recommended for handling inexact figures during detailed estimation?
Utilizing the round-up method
What is one important factor to consider when providing allowances in detailed estimation?
Breakage, wastage, or slack
Why is it important to classify the general parts of a project into categories during detailed estimation?
To organize the project components for accurate costing
This quiz covers the different components involved in cost estimation for construction projects, such as labor, materials, tools & equipment, trade contractors, markup, contingency cost, administrative cost, profit, and variations. Understanding these components is crucial for successful project delivery and fair compensation.
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