Mastering Project Cost Management

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Which stage of the project is cost planning typically done?

Post-construction stage

Construction stage

Pre-design and design stages (correct)

All stages of the project

What is the purpose of cost management in construction projects?

To ensure the project is well-defined

To predict the project budget

To control construction costs

All of the above (correct)

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

Preparing cost estimates

Managing design and construction documentation

Hiring cost consultants

All of the above (correct)

What should the architect emphasize to clients regarding cost estimating?

All of the above Signup and view all the answers

Which one of the following best describes the Construction Budget?

The maximum amount of money the client is willing to spend on the construction cost, including contingency allowances. Signup and view all the answers

Which one of the following is NOT included in the Construction Cost?

Compensation of the architect and consultants. Signup and view all the answers

What does the term 'Element' refer to in cost estimating?

A component of a building, such as a sub-structure or envelope. Signup and view all the answers

Which method of cost estimating is commonly used during the design phase of a construction project?

Parametric estimating Signup and view all the answers

What is the advantage of using the elemental cost method?

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?

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

What is the most accurate method of cost estimating for a construction project?

Bottom-up estimating Signup and view all the answers

Which two formats are widely accepted for presenting construction cost information?

Uniformat II and MasterFormat 2016 Signup and view all the answers

What is the purpose of the Uniformat format?

To provide a structured system for cost estimation Signup and view all the answers

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

Analogous cost estimating Signup and view all the answers

What is the typical condition in a client-architect agreement regarding cost estimates?

The architect will be responsible for redesign at no cost if the lowest bid exceeds the cost estimate by a predefined amount Signup and view all the answers

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

Parametric estimating based on unit use Signup and view all the answers

What is one advantage of using the floor area method for cost estimation?

It is easily understood and applicable to all buildings Signup and view all the answers

In what cases is the volume method of parametric estimating commonly used?

For multi-storey buildings Signup and view all the answers

What is the difference between unit use cost estimation and unit cost estimation?

Unit use cost estimation is based on volume, while unit cost estimation is based on unit of measure 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 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 should the architect emphasize to clients regarding cost estimating?

Which one of the following best describes the Construction Budget?

Which one of the following is NOT included in the Construction Cost?

What does the term 'Element' refer to in cost estimating?

Which method of cost estimating is commonly used during the design phase of a construction project?

What is the advantage of using the elemental cost method?

What is the disadvantage of using the elemental cost method?

What is the most accurate method of cost estimating for a construction project?

Which two formats are widely accepted for presenting construction cost information?

What is the purpose of the Uniformat format?

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

What is the typical condition in a client-architect agreement regarding cost estimates?

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

What is one advantage of using the floor area method for cost estimation?

In what cases is the volume method of parametric estimating commonly used?

What is the difference between unit use cost estimation and unit cost estimation?

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