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Questions and Answers
What is the purpose of using parametric modeling for cost estimation?
What is the purpose of using parametric modeling for cost estimation?
- Estimating costs after a full-scale design
- Setting design-to-cost targets (correct)
- Quickly choosing from alternate design schemes for detailed cost estimation
- Evaluating the cost of changes to existing products
Based on the provided example, what is the total cost estimate for constructing the new warehouse?
Based on the provided example, what is the total cost estimate for constructing the new warehouse?
- $5,000,000.00
- $3,000,000.00
- $2,464,455.41 (correct)
- $1,234,455.41
What was the approach taken by AMEC engineers to develop the cost estimate for the warehousing facility?
What was the approach taken by AMEC engineers to develop the cost estimate for the warehousing facility?
- Conducting a survey with potential warehouse users
- Guessing the cost based on intuition
- Using historical data from a hotel construction project
- Analyzing the relationship between material costs and building parameters (correct)
Why would a company use computerized tools for cost estimation?
Why would a company use computerized tools for cost estimation?
In what scenarios can the parametric method be effectively used for cost estimation?
In what scenarios can the parametric method be effectively used for cost estimation?
What is a key advantage of using computer-based tools in construction cost estimation?
What is a key advantage of using computer-based tools in construction cost estimation?
Which of the following is NOT a factor that influences the choice of project cost estimation approach by a project organization?
Which of the following is NOT a factor that influences the choice of project cost estimation approach by a project organization?
Which of the following is a key shortcoming of computerized cost estimation tools?
Which of the following is a key shortcoming of computerized cost estimation tools?
Which of the following is NOT one of the four methods of cost estimation mentioned in the text?
Which of the following is NOT one of the four methods of cost estimation mentioned in the text?
Which of the following is a key advantage of using project planning software?
Which of the following is a key advantage of using project planning software?
What is a key factor that influences the accuracy of cost estimates?
What is a key factor that influences the accuracy of cost estimates?
Which of the following is a potential downside of relying on subjective judgments of estimators when determining resource and skill requirements for project activities?
Which of the following is a potential downside of relying on subjective judgments of estimators when determining resource and skill requirements for project activities?
What is the primary purpose of the Value Analysis Creative Phase?
What is the primary purpose of the Value Analysis Creative Phase?
Which of the following is NOT a typical step in the Value Analysis methodology?
Which of the following is NOT a typical step in the Value Analysis methodology?
During the Value Analysis Evaluation Phase, the team typically evaluates the ideas based on which two factors?
During the Value Analysis Evaluation Phase, the team typically evaluates the ideas based on which two factors?
Which of the following is a key objective of the Value Analysis Implementation Phase?
Which of the following is a key objective of the Value Analysis Implementation Phase?
Which of the following is a key output of the Value Analysis Presentation Phase?
Which of the following is a key output of the Value Analysis Presentation Phase?
What is the primary purpose of the Value Analysis Information Phase?
What is the primary purpose of the Value Analysis Information Phase?
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