Questions and Answers
What is the main purpose of estimating in construction cost engineering?
To provide a rough calculation of costs based on incomplete data
What does a bid price in construction cost engineering comprise?
Direct costs, indirect costs, contingencies, and profit
In construction cost engineering, what does an approximate estimate represent?
A rough estimation made from imperfect data
What distinguishes the direct costs from overhead (indirect costs) in a construction project?
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What are the distinct tasks involved in estimating in construction cost engineering?
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What is the first step in preparing a detailed estimate?
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When are Lump-Sum Estimates typically prepared?
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What is the purpose of Quantity Takeoff in preparing a cost estimate?
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In what situations are Unit-Price Estimates commonly used?
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What triggers the need for Negotiated Work on a construction project?
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