Podcast
Questions and Answers
What is the first type of design estimate prepared during the pre-design phase?
What is the first type of design estimate prepared during the pre-design phase?
- Order of magnitude estimate (correct)
- Preliminary estimate
- Detailed estimate
- Engineer's estimate
Which estimate is prepared after a contract agreement is signed and serves as a baseline for controlling actual costs?
Which estimate is prepared after a contract agreement is signed and serves as a baseline for controlling actual costs?
- Control estimate (correct)
- Preliminary estimate
- Bid estimate
- Engineer’s estimate
What method is used to measure the materials and labor needed to complete a project?
What method is used to measure the materials and labor needed to complete a project?
- Quantity take-off (correct)
- Budget forecast
- Cost analysis
- Resource allocation
Which type of estimation is based on data points such as direct costs and subcontractor quotes?
Which type of estimation is based on data points such as direct costs and subcontractor quotes?
What does the labor rate encompass besides the basic hourly rate?
What does the labor rate encompass besides the basic hourly rate?
What is the purpose of a preliminary estimate during the design process?
What is the purpose of a preliminary estimate during the design process?
What is a labor hour defined as?
What is a labor hour defined as?
During which phase are control estimates prepared?
During which phase are control estimates prepared?
What financial aspects must contractors consider when estimating equipment costs?
What financial aspects must contractors consider when estimating equipment costs?
What is crucial for estimators to determine regarding labor requirements?
What is crucial for estimators to determine regarding labor requirements?
What do capital costs primarily encompass when establishing a facility?
What do capital costs primarily encompass when establishing a facility?
What does the loaded labor rate include?
What does the loaded labor rate include?
Which of the following is NOT considered an operating cost?
Which of the following is NOT considered an operating cost?
Why is it important for estimators to calculate the loaded labor rate?
Why is it important for estimators to calculate the loaded labor rate?
Why might construction budgets be larger than initial cost estimates?
Why might construction budgets be larger than initial cost estimates?
Which of the following costs should be included in project estimates related to labor?
Which of the following costs should be included in project estimates related to labor?
What documents are typically included in the bid package?
What documents are typically included in the bid package?
Which of the following is NOT typically a part of the standard estimating process followed by estimators?
Which of the following is NOT typically a part of the standard estimating process followed by estimators?
What should owners consider during the design phase to manage operations and maintenance costs?
What should owners consider during the design phase to manage operations and maintenance costs?
What is the role of insurance and bonding in construction projects?
What is the role of insurance and bonding in construction projects?
How do specialty contractors typically approach the bid package?
How do specialty contractors typically approach the bid package?
What potential issue can arise from starting construction without finalizing a project’s design?
What potential issue can arise from starting construction without finalizing a project’s design?
Which factor is NOT typically considered in the labor estimation process?
Which factor is NOT typically considered in the labor estimation process?
What is the first step in the estimating process as described?
What is the first step in the estimating process as described?
Which of the following is an example of a capital cost?
Which of the following is an example of a capital cost?
What must contractors accurately assess to understand the financial burden of a project?
What must contractors accurately assess to understand the financial burden of a project?
Which of these factors can lead to variances in construction budgets?
Which of these factors can lead to variances in construction budgets?
What aspect is essential for the estimator to ensure before starting the estimation?
What aspect is essential for the estimator to ensure before starting the estimation?
What is a common misconception regarding estimating construction costs?
What is a common misconception regarding estimating construction costs?
In what manner do estimators identify unusual aspects of a project?
In what manner do estimators identify unusual aspects of a project?
What is the purpose of reviewing structural drawings during the estimating process?
What is the purpose of reviewing structural drawings during the estimating process?
After reviewing the documents, what do estimators do next?
After reviewing the documents, what do estimators do next?
What is the minimum length range for tie wire used in reinforcement joints?
What is the minimum length range for tie wire used in reinforcement joints?
In calculating the number of bars for a footing, which formula is used?
In calculating the number of bars for a footing, which formula is used?
How is the length of one cut bar determined in the computation of steel quantity?
How is the length of one cut bar determined in the computation of steel quantity?
In calculating the total number of cut bars needed, which step follows after dividing the number of cut bars by the commercial length?
In calculating the total number of cut bars needed, which step follows after dividing the number of cut bars by the commercial length?
When referring to deformed bars, which detail is always important to mention?
When referring to deformed bars, which detail is always important to mention?
Study Notes
Estimate Types
- Preliminary Estimate: Prepared during the pre-design phase, it's the first type of estimate.
- Definitive Estimate: Prepared after a contract agreement, it serves as a baseline for controlling actual costs.
- Detailed Estimate: Based on data points such as direct costs and subcontractor quotes.
Estimating Methods
- Quantity Take-Off: Used to measure the materials and labor needed for project completion.
Labor Costs
- Labor Rate: Encompasses the basic hourly rate plus benefits and overhead.
- Labor Hour: Defined as the time spent performing a specific task.
- Loaded Labor Rate: Includes the basic hourly rate, benefits, and overhead.
Cost Considerations
- Operating Costs: Include expenses related to day-to-day business operations.
- Capital Costs: Primarily encompass expenses for acquiring a fixed asset, such as land, machinery, or buildings.
- Equipment Costs: Contractors must consider depreciation, maintenance costs, operating expenses, and financing when estimating these.
Estimating Process
- Control Estimates: Prepared during the construction phase to monitor and control project costs.
- Pre-Construction Budgeting: Used to understand the financial burden of a project.
Construction Budget Considerations
- Design phase: Owners should consider operations and maintenance costs.
- Insurance and Bonding: Ensure adequate coverage and financial protection for construction projects.
- Specialty Contractors: Their approach to bid packages often involves subcontracting specific tasks.
- Finalizing Design: Starting construction without a finalized design can lead to issues and cost overruns.
Estimating Principles
- Unusual Project Aspects: Estimators identify these by analyzing plans, specifications, and site conditions.
- Structural Drawings: Reviewed to understand the project's structural elements.
- Document Review: This is the first step in the estimating process, followed by quantity take-off.
Cost Calculation
- Capital Cost Example: The cost of a new piece of heavy machinery.
- Variances: Factors such as unexpected site conditions, changes in material prices, and labor shortages.
- Accuracy: Ensured by estimators to understand the financial burden of a project.
Labor Estimation
- Labor Requirements: Crucial for estimators to determine for efficient project completion.
- Factors: Include labor skills, productivity, and the project's location.
Steel Quantity Computation
- Tie Wire Length: Minimum range is typically 12 inches to 18 inches.
- Number of Bars in a Footing: Calculated using the formula: (length of footing / bar spacing) + 1.
- Cut Bar Length: Determined by subtracting lap length and end hooks from the overall bar length.
- Commercial Length: Following calculation of the number of cut bars, they are divided by the commercial length (typically 20 or 60 feet).
- Deformed Bars: Specifications such as size, grade, and shape are always crucial to note.
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Description
This quiz covers various types of construction cost estimates, focusing on design, bid, and control estimates. Understand how these estimates are prepared and their importance in the construction process. Test your knowledge of key terms and concepts used in estimating construction costs.
