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Questions and Answers
What does Construction Cost include?
What does Construction Cost include?
- Penalties and liquidated damages
- Only transportation and equipment
- Only materials and labor
- Supervisions, materials, supplies, and labor (correct)
How has an estimate traditionally been viewed?
How has an estimate traditionally been viewed?
- As an exact calculation based on complete data
- As a perfect statement of costs
- As an appraisal with no room for error
- As a rough valuation based on opinion (correct)
Besides direct costs, what else is added to determine the bid price of a project?
Besides direct costs, what else is added to determine the bid price of a project?
- Costs for penalties
- Costs for overhead, contingencies, and profit (correct)
- Costs for transportation
- Costs for additional labor
What are the distinct tasks involved in estimating?
What are the distinct tasks involved in estimating?
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What is the primary purpose of estimating in construction projects?
What is the primary purpose of estimating in construction projects?
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What is the purpose of lump-sum estimates in construction projects?
What is the purpose of lump-sum estimates in construction projects?
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How does the Construction Specification Institute (CSI) approach differ from the Work Breakdown Structure (WBS) approach in organizing work items?
How does the Construction Specification Institute (CSI) approach differ from the Work Breakdown Structure (WBS) approach in organizing work items?
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In a unit-price estimate for a construction project, what does the cost per unit include?
In a unit-price estimate for a construction project, what does the cost per unit include?
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When are negotiated work estimates typically used in construction projects?
When are negotiated work estimates typically used in construction projects?
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What is the first step in preparing a cost estimate for a construction project?
What is the first step in preparing a cost estimate for a construction project?
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