Mastering Project Cost Management
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Questions and Answers

Which stage of the project is cost planning and the preparation of construction cost estimates typically done?

  • Design stage (correct)
  • Post-construction stage
  • Construction stage
  • Pre-design stage
  • What is the purpose of cost management in construction projects?

  • To ensure the project meets quality standards
  • To ensure the project is well-defined
  • To ensure the project is completed on time
  • To ensure the project stays within budget (correct)
  • What is the role of the architect in cost planning and control?

  • To guarantee the construction cost estimate
  • To hire cost consultants
  • To establish an ongoing relationship with a quantity surveyor
  • To provide cost advice and project cost management (correct)
  • What is the purpose of a project contingency?

    <p>To provide additional funds for unexpected costs</p> Signup and view all the answers

    Which method is useful for preliminary budgeting because the result is general in nature and more obviously 'approximate'?

    <p>Parametric Estimating: Unit Use</p> Signup and view all the answers

    When should the architect limit the use of extensive floor area cost data?

    <p>During the pre-design stage</p> Signup and view all the answers

    Which method is not widely used, except for certain specialized building types such as warehousing?

    <p>Parametric Estimating: Volume</p> Signup and view all the answers

    Which method uses simplified historic data as a basis for calculating cost?

    <p>Parametric Estimating: Unit Use</p> Signup and view all the answers

    Which one of the following is the best definition of Construction Cost Estimate?

    <p>The anticipated total construction cost at the anticipated time of construction.</p> Signup and view all the answers

    Which one of the following is excluded from the Construction Cost?

    <p>Land cost and land development charges.</p> Signup and view all the answers

    Which one of the following is the best definition of Construction Contingency?

    <p>A reserve included in the construction cost estimate to provide funds for risk management strategies.</p> Signup and view all the answers

    Which method is commonly used for estimating construction cost during design?

    <p>Parametric estimating</p> Signup and view all the answers

    What is the advantage of using the elemental cost method for estimating construction cost?

    <p>It is particularly useful for architects during design development</p> Signup and view all the answers

    What is the disadvantage of using the elemental cost method for estimating construction cost?

    <p>It can be difficult to compare estimated cost information to actual cost information</p> Signup and view all the answers

    What does the term 'cost per square metre/per square foot' refer to?

    <p>The cost of a building's size in square meters/square feet</p> Signup and view all the answers

    Which of the following is NOT a key factor in the success of a cost estimation method?

    <p>The similarity of the new project to existing examples</p> Signup and view all the answers

    Which format is usually used by contractors for preparing tenders and applications for payment?

    <p>MasterFormat 2017</p> Signup and view all the answers

    Which method of cost estimation is performed when little information is available about the project at hand?

    <p>Analogous</p> Signup and view all the answers

    Which of the following is NOT a recommended practice for architects when using cost information in a project?

    <p>Start a cost information file for each project and keep it updated</p> Signup and view all the answers

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