Unit Cost Derivation and Cost Engineering Quiz

In order to provide a correct and reasonable rate per unit for a particular item, a detailed surveyed called an 'Analysis of rate' should be conducted on costs of materials, labour and ______ as required for the unit following its specification.

For unit-price contracts, Contractors are required to quote rates for various items of work on the basis of the corresponding ______ price.

In a Lump-sum contract, the Contractor is required to quote a fixed sum for execution of the work completed in all respects. It is important that the drawings and specifications be comprehensive and show in complete detail all features and requirements of the ______.

Contract with lump-sum and unit prices require the Contractor to quote partly a fixed sum for execution of an entire structure completely detailed on the drawings, and partly unit prices which may be required for features of variable quantities such as excavation of drains for ______.

Negotiated contract is when work is awarded on contract by mutual negotiation between the parties without call of tenders. It may be in any of the forms mentioned ______.

Cost engineering is concerned with problems of cost estimation, cost control, and business planning and management science, including problems of project management, planning, scheduling, and profitability analysis of engineering projects and processes. The rates of various items of works, materials to be used in the construction and the wages of different categories of labor (skilled and unskilled) should be available for preparing an ______.

A lump sum is a single payment of money, as opposed to a series of payments made over time (such as an annuity). BILL OF QUANTITIES is a document used in tendering in the construction industry in which materials, parts, and labor (and their costs) are ______.

A quotation is a fixed price offer that can't be changed once accepted by the customer. You must adhere to the quotation price even if you carry out more work than you expected. If you think this is likely to happen, it makes more sense to give an ______.

They all needed Budget Estimates to be established. They all needed to be Measured and Evaluated. They all needed the most time and cost efficient methods to be procured. They all needed the most time and cost efficient methods to be constructed. They all needed ______.

They all needed FINANCE. They all needed FINANCIAL CONTROL. Cost engineering is concerned with problems of cost estimation, cost control, and business planning and management science, including problems of project management, planning, scheduling, and profitability analysis of engineering projects and processes. ______.