Podcast
Questions and Answers
Cost models follow the structure of the _____ models.
Cost models follow the structure of the _____ models.
- Regression-based
- Generalized linear
- Statistical assessment
- Generic/hybrid (correct)
_____ should contain replacement cost tables, depreciation schedules, guidelines for classifying structures, and building feature codes.
_____ should contain replacement cost tables, depreciation schedules, guidelines for classifying structures, and building feature codes.
- Construction guides
- Depreciation tables
- Cost manuals (correct)
- Cost models
Material, labor, and supervision are considered _____ costs.
Material, labor, and supervision are considered _____ costs.
- Fixed costs
- Direct costs (correct)
- Overhead costs
- Indirect costs
_____ is the cost for constructing an identical structure.
_____ is the cost for constructing an identical structure.
Insurance, architectural, and engineering fees are examples of _____ costs.
Insurance, architectural, and engineering fees are examples of _____ costs.
_____ is the cost of constructing a substitute structure of equal utility.
_____ is the cost of constructing a substitute structure of equal utility.
Depreciation schedules must reflect differences in building and construction types and must be derived from the _____.
Depreciation schedules must reflect differences in building and construction types and must be derived from the _____.
Floors and roofing are examples of _____ cost components.
Floors and roofing are examples of _____ cost components.
When applying the comparative unit method, costs are expressed on a per _____ basis.
When applying the comparative unit method, costs are expressed on a per _____ basis.
Proper application of the _____ method requires detailed knowledge of construction.
Proper application of the _____ method requires detailed knowledge of construction.
_____ is the amount one expects to receive for their contribution to a project that includes risk.
_____ is the amount one expects to receive for their contribution to a project that includes risk.
Flashcards
Cost Model Structure
Cost Model Structure
Cost models are structured like generic or hybrid models.
Cost Manuals
Cost Manuals
These manuals include replacement cost tables, depreciation schedules, structure classification guidelines, and building feature codes.
Direct Costs
Direct Costs
These are costs directly tied to creating a product or service, like materials and wages.
Reproduction Cost
Reproduction Cost
Signup and view all the flashcards
Indirect Costs
Indirect Costs
Signup and view all the flashcards
Replacement Cost
Replacement Cost
Signup and view all the flashcards
Depreciation Schedules
Depreciation Schedules
Signup and view all the flashcards
Horizontal Cost Components
Horizontal Cost Components
Signup and view all the flashcards
Comparative Unit Method
Comparative Unit Method
Signup and view all the flashcards
Quantity Survey Method
Quantity Survey Method
Signup and view all the flashcards
Entrepreneurial Incentive
Entrepreneurial Incentive
Signup and view all the flashcards
Study Notes
Cost Models
- Cost models typically adopt a generic/hybrid structure, integrating various components for adaptability and precision.
Cost Manuals
- Cost manuals are essential resources that include:
- Replacement cost tables
- Depreciation schedules
- Guidelines for classifying building structures
- Building feature codes
Cost Classifications
- Direct costs encompass material, labor, and supervision, which are integral to the construction process.
- Indirect costs include expenses such as insurance and architectural and engineering fees, which support the project but are not directly linked to construction.
Cost Types in Construction
- Reproduction cost refers to the expense of constructing an exact replica of an existing structure.
- Replacement cost denotes the expenditure of building a substitute structure that serves the same function and utility, regardless of design fidelity.
Depreciation Schedules
- Depreciation schedules should be based on market data to accurately reflect changes in value according to building and construction types.
Cost Components
- Horizontal cost components include floors and roofing, which correspond to elements installed horizontally within a structure.
Comparative Unit Method
- The comparative unit method expresses costs on a per square foot basis, simplifying construction cost estimation.
Quantity Survey Method
- Mastering the quantity survey method necessitates thorough knowledge of construction techniques, as it involves detailed itemization and cost calculation.
Entrepreneurial Incentive
- The entrepreneurial incentive is the expected income one aims to earn from their investment in a project, factoring in associated risks beyond regular costs.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
