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Questions and Answers
Parking area per number of building ______.
occupants
HVAC cost per ______ of the building.
CM
Detailed Estimates is an estimate that breaks the subject down into as many ______ or components possible.
items
Estimating options include Spreadsheets and manual takeoffs, CAD and digital takeoff systems, and ______ databases and services.
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Desirable features of Estimating Software include the ability to handle multiple ______.
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Estimating Software should have hierarchical/WBS organization to handle ______ costs, markup & overhead.
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Over stressed and under stressed construction markets will affect the level and quality of competition as well as the prices charged. Components in cost estimation include Labor Component, Trade Contractor or Sub Contractor, Tools & Equipment, Markup, and ______ Component.
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The importance of understanding variations and its impact is critical in order to successfully deliver a Project as well as be fairly compensated. Types of Cost Estimation include Floor Area Estimate, Function Estimate, Factored Estimate, Parameter Estimates, and Detailed ______.
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Floor Area Estimate is based on historical data and shows a close relationship between building costs and ______.
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Function Estimate measures the cost of a building relative to its use or function. For example, School Building Cost per ______.
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A Factored Estimate is produced by taking the cost of individual types of process equipment and multiplying it by an 'installation factor' to arrive at the Total Direct Process ______.
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Parameter Estimates are an improvement over the floor area estimate because several parameter measures are used instead of one. Lump sum cost of trade are related to component system of construction, such as Structural steel cost related to gross area ______.
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Cost Estimation Models are mathematical algorithms used to estimate the ______ of a product or a project.
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In detailed estimation, it is important to ______ each category into as many parts, works, or materials possible.
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In cost estimation, allowances must be provided for ______, wastage, or slack.
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Cost estimating is employed as one of the main tools of successful ______ management.
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Detailed estimation involves writing down the ______ for each material or component.
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In cost estimation, the round up method is used for ______ figures.
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Study Notes
Cost Estimation
- Cost estimation is a logical and sensible assumption of the quantities, qualities, values, or degrees of a set of subjects.
Types of Cost Estimation
- Detailed Estimates: breaks down the subject into as many items or components possible, with specifications.
- Floor Area Estimate: based on historical data, building costs are closely related to floor area.
- Function Estimate: measures the cost of a building relative to its use or function (e.g., school building cost per student, hospital cost per bed).
- Factored Estimate: takes the cost of individual process equipment and multiplies it by an "installation factor" to arrive at the Total Direct Process Cost.
- Parameter Estimates: an improvement over floor area estimate, using several parameter measures instead of one (e.g., structural steel cost related to gross area covered).
Basic Steps in Detailed Estimation
- Classify the general parts of the project into categories.
- Break down each category into as many parts, works, or materials possible.
- Write down the specifications for each material or component.
- Use the round up method for inexact figures.
- Provide allowances for breakage, wastage, or slack.
- Over stressed and under stressed construction markets affect the level and quality of competition and prices charged.
Cost Estimation Models
- Mathematical algorithms used to estimate the costs of a product or a project, based on normal working conditions and average conditions.
Components in Cost Estimation
- Materials Component
- Labor Component
- Tools & Equipment
- Trade Contractor or Sub Contractor
- Markup
- Contingency Cost
- Administrative Cost
- Profit
- Variations or Extra
Learning Outcomes
- Learn the basic steps and techniques in cost estimation.
- Determine all the components of cost estimation.
- Inculcate better understanding of detailed estimation in construction projects.
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Description
Learn about different types of cost estimation methods used in construction projects, including detailed estimates and common estimating tools like spreadsheets, CAD systems, and online databases.
