Importance of Pre-tender Cost Estimates in Construction Projects
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Questions and Answers

What is the primary focus of pre-tender cost estimation?

  • Monitoring costs during the construction phase
  • Determining the economic viability of the project
  • Finalizing the design before the tender process
  • Forecasting the cost of a project during the planning and design stage (correct)

    • Who usually carries out pre-tender estimating on behalf of the client?

  • Designer
  • Promoter
  • Contractor
  • Consultant (correct)

    • What role does pre-tender cost estimation play for the client in terms of financing?

  • Provides certainty of cost to the client
  • Determines economic viability
  • Assists to raise finance e.g., Bank loan (correct)
  • Helps in site selection

    • How does pre-tender cost estimation aid interested construction contractors?

    <p>Serves as a measure to evaluate the bids submitted by contractors</p> Signup and view all the answers

    What is one of the key benefits of pre-tender cost estimation to the designer?

    <p>Helps in site selection</p> Signup and view all the answers

    What type of cost estimation technique uses project characteristics in a mathematical model to estimate project costs?

    <p>Parametric modeling</p> Signup and view all the answers

    Which cost estimation method relies on the actual costs of a previous or similar project for estimating current project costs?

    <p>Top-Down Estimates</p> Signup and view all the answers

    What is the main factor that determines the accuracy of Bottom-Up Estimating?

    <p>Experience of the estimators</p> Signup and view all the answers

    Which type of estimate sums up costs estimated for individual work items to get a project total?

    <p>Bottom-Up Estimating</p> Signup and view all the answers

    What is the primary use of Computerized tools in cost estimation?

    <p>To facilitate working with different cost estimates and tools</p> Signup and view all the answers

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