Introduction to Construction Cost Engineering

Introduction to Construction Cost Engineering

Created by
@SeasonedHedgehog384

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?

<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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