Introduction to Construction Cost Engineering

Play an AI-generated podcast conversation about this lesson

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?

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

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

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

What is the first step in preparing a detailed estimate?

Review the scope of the project Signup and view all the answers

When are Lump-Sum Estimates typically prepared?

For projects with a complete set of plans and specifications Signup and view all the answers

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

To list all materials needed for the project Signup and view all the answers

In what situations are Unit-Price Estimates commonly used?

For projects bid on a unit-price basis Signup and view all the answers

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

Owner's desire for early project completion Signup and view all the answers

Introduction to Construction Cost Engineering

Podcast Beta

Questions and Answers

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

What does a bid price in construction cost engineering comprise?

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

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

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

What is the first step in preparing a detailed estimate?

When are Lump-Sum Estimates typically prepared?

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

In what situations are Unit-Price Estimates commonly used?

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

More Quizzes Like This

Construction Cost Engineering and Accounting Systems Quiz

Engineering Estimates Quiz

Construction Cost Engineering Preface

Introduction to Construction Cost Engineering

Upgrade to continue