Podcast
Questions and Answers
What is the formula to calculate the volume of concrete needed for a sidewalk?
What is the formula to calculate the volume of concrete needed for a sidewalk?
How much cement is needed for the sidewalk with a mix ratio of 1:2:4?
How much cement is needed for the sidewalk with a mix ratio of 1:2:4?
Which estimation method uses statistical relationships or historical data?
Which estimation method uses statistical relationships or historical data?
In the mix ratio 1:2:4, how many parts of sand are there out of 7 total parts?
In the mix ratio 1:2:4, how many parts of sand are there out of 7 total parts?
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What is the total volume of materials needed based on the mix ratio for the sidewalk?
What is the total volume of materials needed based on the mix ratio for the sidewalk?
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Which material has a quantity of 0.85714 cubic meters needed for the sidewalk?
Which material has a quantity of 0.85714 cubic meters needed for the sidewalk?
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What is the purpose of a parametric estimate in construction projects?
What is the purpose of a parametric estimate in construction projects?
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What is a disadvantage associated with calculating ownership costs based on local pricing?
What is a disadvantage associated with calculating ownership costs based on local pricing?
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Which factor is excluded from the calculation of hourly usage rates using the CORPS OF ENGINEERS METHOD?
Which factor is excluded from the calculation of hourly usage rates using the CORPS OF ENGINEERS METHOD?
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What is one of the advantages of using the CORPS OF ENGINEERS METHOD for estimating equipment ownership costs?
What is one of the advantages of using the CORPS OF ENGINEERS METHOD for estimating equipment ownership costs?
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One of the disadvantages of the CORPS OF ENGINEERS METHOD is:
One of the disadvantages of the CORPS OF ENGINEERS METHOD is:
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Which aspect is covered by the ownership costs in equipment cost estimation using the CORPS OF ENGINEERS METHOD?
Which aspect is covered by the ownership costs in equipment cost estimation using the CORPS OF ENGINEERS METHOD?
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Study Notes
Types of Estimation
- Preliminary Estimate: an initial estimate made during early project planning stages with limited information, a rough calculation or estimation before detailed information is available.
Detailed Estimate
- A more comprehensive estimate made with detailed project information, such as drawings, specifications, and quantities.
- Example: detailed estimate for a small retaining wall construction project.
- Calculations involve:
- Determining the number of concrete blocks needed.
- Calculating the quantity of materials, labor, equipment, and other resources required.
- Estimating unit costs for materials, labor, equipment, and other resources.
- Considerations include:
- Material costs based on quantity takeoff and current market prices.
- Labor costs based on wage rates, productivity rates, and overtime or premium pay rates.
- Equipment costs based on rental rates, fuel costs, maintenance costs, and depreciation.
Methods of Calculating Ownership and Operating Costs
- Classifies equipment based on capacity or size, facilitating comparisons and decision-making.
- Disadvantages:
- Relies on assumptions for various parameters such as interest rates and replacement cost estimation.
- Does not provide detailed insights into specific makes and models of equipment.
PEURIFOY/SCHEXNAYDER METHOD
- Used to calculate the ownership and running expenses of equipment.
- Considers variables such as purchase price, depreciation, maintenance, fuel, and usage rates.
- Methodically computes expenses during the equipment's life.
- Advantages:
- Systemically computes ownership and running expenses.
- Offers principles for making informed decisions about project planning, budgeting, and equipment selection.
- Disadvantages:
- Assumes straight-line depreciation and fixed interest rates.
- Complexity in calculating ownership costs requires advanced financial expertise.
Comparison of Methods
- Caterpillar Method: determines cost of ownership and operation for machinery, uses local pricing, and considers whole machine.
- Corps of Engineering Method: calculates hourly usage rates covering all ownership costs, considers economic and regional aspects.
- ABG Method: calculates ownership and operating costs for capital recovery, classifies equipment by size, and accounts for replacement cost.
- Peurifoy/Schexnayder Method: calculates ownership and operating expenses of equipment, considers purchase price, depreciation, maintenance, fuel, and usage rates.
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Description
Explore the different types of estimation commonly used in construction and engineering projects. Learn about Preliminary Estimate, which is an initial rough estimate made during the early stages of project planning, and Detailed Estimate, a comprehensive calculation made with detailed project information.
