Introduction to Construction Cost Engineering
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Questions and Answers

What is the main purpose of estimating in construction cost engineering?

  • To determine the forecast costs based on complete data
  • To appraise the project after completion
  • To provide a rough calculation of costs based on incomplete data (correct)
  • To calculate exact costs without any room for error

    • What does a bid price in construction cost engineering comprise?

  • Only direct costs without any additional expenses
  • Contingencies and unforeseen work costs but not direct costs
  • Indirect costs and profit but excludes direct costs
  • Direct costs, indirect costs, contingencies, and profit (correct)

    • In construction cost engineering, what does an approximate estimate represent?

  • A rough estimation made from imperfect data (correct)
  • A professedly exact appraisement
  • A valuation based on complete and accurate data
  • An exact calculation of all project costs

    • What distinguishes the direct costs from overhead (indirect costs) in a construction project?

    <p>Direct costs are specific to the project while overhead represents broader project expenses</p> Signup and view all the answers

    What are the distinct tasks involved in estimating in construction cost engineering?

    <p>Determining real cost and real-time to build the project</p> Signup and view all the answers

    What is the first step in preparing a detailed estimate?

    <p>Review the scope of the project</p> Signup and view all the answers

    When are Lump-Sum Estimates typically prepared?

    <p>For projects with a complete set of plans and specifications</p> Signup and view all the answers

    What is the purpose of Quantity Takeoff in preparing a cost estimate?

    <p>To list all materials needed for the project</p> Signup and view all the answers

    In what situations are Unit-Price Estimates commonly used?

    <p>For projects bid on a unit-price basis</p> Signup and view all the answers

    What triggers the need for Negotiated Work on a construction project?

    <p>Owner's desire for early project completion</p> Signup and view all the answers

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