Mastering Project Cost Management

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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?

To provide additional funds for unexpected costs Signup and view all the answers

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

Parametric Estimating: Unit Use Signup and view all the answers

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

During the pre-design stage Signup and view all the answers

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

Parametric Estimating: Volume Signup and view all the answers

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

Parametric Estimating: Unit Use Signup and view all the answers

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

The anticipated total construction cost at the anticipated time of construction. Signup and view all the answers

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

Land cost and land development charges. Signup and view all the answers

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

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

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

Parametric estimating Signup and view all the answers

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

It is particularly useful for architects during design development Signup and view all the answers

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

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

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

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

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

The similarity of the new project to existing examples Signup and view all the answers

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

MasterFormat 2017 Signup and view all the answers

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

Analogous Signup and view all the answers

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

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

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?

What is the purpose of cost management in construction projects?

What is the role of the architect in cost planning and control?

What is the purpose of a project contingency?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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