Contingency Management in Project Budgeting
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Questions and Answers

Which of the following is an advantage of hiring quantity surveyors for cost consulting?

  • They provide services at an hourly rate
  • They are connected to real-time costs
  • They offer detailed cost breakdowns
  • They have access to up-to-date archival material (correct)

    • What is a disadvantage of relying on unit costs provided by quantity surveyors?

  • They are usually historical (correct)
  • They are limited to major trade divisions
  • They are based on contractors' costs
  • They are connected to real-time costs

    • When should architects seek expert advice from independent professional experts or development/construction experts?

  • When they want to double-check cost credibility
  • When they require information on comparable projects
  • When they need assistance with architectural design
  • When they have developed in-house knowledge and systems (correct)

    • Which of the following is NOT a component that the life cycle costs analysis assesses for each element of a building?

    <p>Operating costs (D)</p> Signup and view all the answers

    When is the best time to apply value analysis or value engineering?

    <p>During the schematic design phase (D)</p> Signup and view all the answers

    What is the objective of value engineering?

    <p>To minimize construction cost while maintaining quality (B)</p> Signup and view all the answers

    What does embodied energy cost analysis assess?

    <p>All of the above (D)</p> Signup and view all the answers

    During the design process, contingency allowances are applied to project and construction budgets. What is the range of contingencies at the early stages of a project?

    <p>15%-25% (C)</p> Signup and view all the answers

    What is the purpose of showing a single contingency amount at the bottom of a budget?

    <p>To indicate the full extent of the contingency allowance (B)</p> Signup and view all the answers

    Which phase of the architectural project involves establishing a preliminary design and a construction cost estimate based on reliable information?

    <p>Schematic Design Phase (C)</p> Signup and view all the answers

    What is the architect's role during the Bidding and Negotiation Phase of the architectural project?

    <p>To analyze the bids received from contractors (A)</p> Signup and view all the answers

    Which of the following is a disadvantage of using construction industry sources for cost information?

    <p>All of the above (D)</p> Signup and view all the answers

    What type of data are construction price index publications useful for?

    <p>Identifying trends and differences in national, regional, and local costs (C)</p> Signup and view all the answers

    Which of the following is true about government agency data for construction cost estimates?

    <p>They are more useful for calculating the cost of a specific building than for identifying trends and differences in costs (B)</p> Signup and view all the answers

    What should architects do before using information from construction industry sources?

    <p>All of the above (D)</p> Signup and view all the answers

    Which type of project typically requires unit prices?

    <p>Large civil engineering projects (B)</p> Signup and view all the answers

    According to the Canadian Standard Form of Contract for Architectural Services, what should the architect do if the lowest bona fide bid exceeds the construction cost estimate by a predetermined amount?

    <p>All of the above (D)</p> Signup and view all the answers

    Which method is well-suited for assessing the contractor's schedule of values submitted at the outset of the construction phase?

    <p>Elemental cost analysis method (B)</p> Signup and view all the answers

    What is the objective of life cycle costing?

    <p>All of the above (D)</p> Signup and view all the answers

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