18 Questions
What is the purpose of using parametric modeling for cost estimation?
Setting design-to-cost targets
Based on the provided example, what is the total cost estimate for constructing the new warehouse?
$2,464,455.41
What was the approach taken by AMEC engineers to develop the cost estimate for the warehousing facility?
Analyzing the relationship between material costs and building parameters
Why would a company use computerized tools for cost estimation?
To make working with different cost estimates easier
In what scenarios can the parametric method be effectively used for cost estimation?
When quickly choosing from alternate design schemes with little time for detail design
What is a key advantage of using computer-based tools in construction cost estimation?
Facilitation of working with different cost estimation models
Which of the following is NOT a factor that influences the choice of project cost estimation approach by a project organization?
The company's budgeting requirements
Which of the following is a key shortcoming of computerized cost estimation tools?
A meaningful cost plan cannot be developed unless a project plan with considerable detail is available
Which of the following is NOT one of the four methods of cost estimation mentioned in the text?
Detailed analysis
Which of the following is a key advantage of using project planning software?
All of the above
What is a key factor that influences the accuracy of cost estimates?
All of the above
Which of the following is a potential downside of relying on subjective judgments of estimators when determining resource and skill requirements for project activities?
It can lead to inaccurate cost estimates
What is the primary purpose of the Value Analysis Creative Phase?
To develop realistic alternatives to conventional or current design using brainstorming methods
Which of the following is NOT a typical step in the Value Analysis methodology?
Selection Phase
During the Value Analysis Evaluation Phase, the team typically evaluates the ideas based on which two factors?
Cost and function
Which of the following is a key objective of the Value Analysis Implementation Phase?
To help implement the recommendations during construction, manufacturing, production, and maintenance
Which of the following is a key output of the Value Analysis Presentation Phase?
A cost-value analysis, life cycle cost estimate, and sketches
What is the primary purpose of the Value Analysis Information Phase?
To evaluate the project and product function criteria and design concepts
Learn about four methods of cost estimation, with a focus on parametric modeling. This method is useful for scenarios like estimating costs before a full-scale design or setting design-to-cost targets.
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