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.
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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.
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