Introduction to Construction Cost Engineering

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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?

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?

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?

Determining the probable real cost and real time to build a project Signup and view all the answers

What is the primary purpose of estimating in construction projects?

To determine the forecast costs needed to complete a project Signup and view all the answers

What is the purpose of lump-sum estimates in construction projects?

To submit a bid for projects with complete plans and specifications Signup and view all the answers

How does the Construction Specification Institute (CSI) approach differ from the Work Breakdown Structure (WBS) approach in organizing work items?

CSI identifies work by categories, while WBS identifies work by location Signup and view all the answers

In a unit-price estimate for a construction project, what does the cost per unit include?

Materials, labor, equipment, profit, and bonds Signup and view all the answers

When are negotiated work estimates typically used in construction projects?

When the owner wants early completion of the project Signup and view all the answers

What is the first step in preparing a cost estimate for a construction project?

Determining quantities Signup and view all the answers

Introduction to Construction Cost Engineering

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Questions and Answers

What does Construction Cost include?

How has an estimate traditionally been viewed?

Besides direct costs, what else is added to determine the bid price of a project?

What are the distinct tasks involved in estimating?

What is the primary purpose of estimating in construction projects?

What is the purpose of lump-sum estimates in construction projects?

How does the Construction Specification Institute (CSI) approach differ from the Work Breakdown Structure (WBS) approach in organizing work items?

In a unit-price estimate for a construction project, what does the cost per unit include?

When are negotiated work estimates typically used in construction projects?

What is the first step in preparing a cost estimate for a construction project?

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