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Questions and Answers
What is the main purpose of estimating in construction cost engineering?
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?
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?
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?
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 are the distinct tasks involved in estimating in construction cost engineering?
What is the first step in preparing a detailed estimate?
What is the first step in preparing a detailed estimate?
When are Lump-Sum Estimates typically prepared?
When are Lump-Sum Estimates typically prepared?
What is the purpose of Quantity Takeoff in preparing a cost estimate?
What is the purpose of Quantity Takeoff in preparing a cost estimate?
In what situations are Unit-Price Estimates commonly used?
In what situations are Unit-Price Estimates commonly used?
What triggers the need for Negotiated Work on a construction project?
What triggers the need for Negotiated Work on a construction project?
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