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Questions and Answers
What is the primary focus of a project manager when new projects are acquired?
What is the working budget generally referred to during the design phase of a construction project?
What is the role of the estimator when new projects are acquired?
What does the field cost-control system involve upon design completion?
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What are the learning objectives for the lectures on project estimating?
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As companies become larger and more sophisticated, what becomes a specialty area within the company?
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What is the purpose of the contractor's estimate in the construction process?
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Why are preliminary estimates of future construction expenditures considered approximate?
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What does the preliminary cost estimate based on 'cost per function' involve?
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What is the purpose of the index number estimate method for estimating project costs?
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What information does the contractor's estimate provide in the construction process?
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Why are preliminary cost estimates during the project planning and design phases necessarily approximate?
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What is the main purpose of the 'cost per function estimate' in analyzing construction expenses?
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Why are preliminary estimates of future construction expenditures always considered approximate?
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What does the 'index number estimate' method involve in estimating project costs?
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What information does the contractor's estimate provide in the construction process?
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Study Notes
Project Acquisition and Estimating
- When new projects are acquired, the primary focus of a project manager is to determine the project's feasibility and profitability.
- During the design phase of a construction project, the working budget is generally referred to as the "design budget".
Role of the Estimator
- The role of the estimator when new projects are acquired is to provide a preliminary cost estimate to determine the project's viability.
Cost-Control System
- Upon design completion, the field cost-control system involves monitoring and controlling costs to ensure the project is within budget.
Learning Objectives
- The learning objectives for lectures on project estimating include understanding the estimation process, types of estimates, and estimating techniques.
Company Structure
- As companies become larger and more sophisticated, estimating becomes a specialty area within the company.
Purpose of Contractor's Estimate
- The purpose of the contractor's estimate in the construction process is to provide a detailed breakdown of the costs involved in completing the project.
- The contractor's estimate provides information on labor, materials, equipment, and subcontractor costs.
Preliminary Cost Estimates
- Preliminary cost estimates during the project planning and design phases are necessarily approximate due to the limited information available.
- Preliminary estimates of future construction expenditures are considered approximate because they are based on limited design information and are subject to change.
Cost per Function Estimate
- The 'cost per function' estimate involves allocating costs to specific functions or areas of the project, such as electrical or plumbing systems.
- The main purpose of the 'cost per function estimate' is to analyze construction expenses and identify areas where costs can be optimized.
Index Number Estimate Method
- The index number estimate method involves using historical data and statistical analysis to estimate project costs.
- The purpose of the index number estimate method is to provide a rough estimate of project costs based on historical trends and data.
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Description
Test your knowledge on project estimating and its role in architecture engineering. Explore the relationship between estimators and project managers in large companies and the importance of accurate estimating for new projects.
