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Construction Estimating

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Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.

1. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
The maintenance bond guarantees the owner that the GC agrees to correct all defects of workmanship and materials for a specified period (one to three years) following occupancy by the owner.
True
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Generally - the advertisement describes the location - extent - and nature of the work. It will designate the authority under which the project originated. Concerning the bid - it will give the place where bidding documents are available and list the

2. A document stating the procedures to be followed by bidders.
The ability to procure the right piece of equipment for the job when the unit is needed
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Instruction to bidders

3. Proposal prepared by prospective contractor specifying the charges to be made for doing the work in accordance with the contract documents.
False
Foundation
False
Bid

4. Where would information be found on whether a bid bond was required and - if so - its amount?
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
The payment bond (labor and material bond) guarantees the payment of all bills incurred by the contractor for labor and materials incurred or supplied on the project.
True

5. What are some of the costs that must be included in equipment operating costs?
Both extreme hot and cold will tend to slow down the pace of work.
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Change Order
Addenda

6. Describe the CSI MasterFormat and how it is used.
The CSI format is a numbering system which divides the major areas involved in the construction project into 50 divisions (0 to 49). The format allows the contractor to develop a tracking system for all types of information.
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
There may be hesitation to bid a project just before the expiration of a union agreement due to the uncertainty of the outcomes of the negotiations. There is the possibility of a strike or dramatic increases in the prevailing wage rate.
Change Order

7. Order of Magnitude Estimate...
True
Finding and bidding the type of work that's appropriate for your company - Making accurate cost estimates - Using pricing strategies that reduces your risk of loss - Anticipating the bids of your competition - Tracking overhead so you know the actual
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
A gross unit such as the number of hospital beds is used.

8. What are the difficulties encountered by the estimator during the preparation of a project's conceptual estimate?
Bid Bond
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Foundation
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor

9. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
True
Bid Bond
...
True

10. What are the two most common methods by which a contractor can acquire a construction contract?
True
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Direct Negotiation - Competitive Bidding
True

11. What is the payment bond?
The payment bond (labor and material bond) guarantees the payment of all bills incurred by the contractor for labor and materials incurred or supplied on the project.
1. The contractor can get the most suitable piece of equipment.2. The equipment is most likely newer and in a better state of repair.3. The rental company handles maintenance.4. The contractor does not tie up their capital.
Renting - Leasing - Buying
Scheduling overtime for more than several weeks can result in huge productivity losses.

12. A common error made by GCs in their dealings with subcontractors is to hand them a single technical specifications section relating to their trade - without copies of either the General Requirements or the General and Supplementary General Conditions
...
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
True
Erection

13. What are some of the costs that must be included in equipment operating costs?
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Addenda
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
True

14. Where the project will be constructed does not have a major influence in the preparation of an estimate.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
False
The maintenance bond guarantees the owner that the GC agrees to correct all defects of workmanship and materials for a specified period (one to three years) following occupancy by the owner.
Lavatory

15. List the factors affecting labor productivity
Liens
Internal Factor - External Factor - Project Related-Factor
Addenda
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions

16. A work order - usually prepared by the architect and signed by the owner or the owner's agent - authorizing a change in the scope of the work and a change in the cost of the project.
1. Review scope 2. Quantity takeoff 3. Price materials 4. Price labor 5. Price equipment 6. Obtain specialty contractor's bid 7. Obtain supplier's bid 8. Calculate taxes - bonds - insurance - and overhead 9. Contingency 10. Profit
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Generally - the advertisement describes the location - extent - and nature of the work. It will designate the authority under which the project originated. Concerning the bid - it will give the place where bidding documents are available and list the
Change Order

17. The substructure that supports a building or other structure.
Common labor and material portions
The practice of withholding a percentage of the payment due to the contractor for the work performed and completed for that payment period.Retainage can affect the cash flow of the contractor and must be considered in the preparation of the bid.
Foundation
True

18. An invitation to a selected list of contractors furnishing information on the submission of bids on a subject.
Invitation to bid
Erection
Liquidated Damages
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

19. An agreed-to sum chargeable against the contractor as reimbursement for damages suffered by the owner because of contractor's failure to fulfill contractual obligations
Liquidated Damages
Scheduling overtime for more than several weeks can result in huge productivity losses.
Joist
Common labor and material portions

20. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
...
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
True
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

21. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Contract Documents
1. Better understanding of the work to be subcontracted -2. Establishment of fair cost estimate for evaluating subcontractor's bid - 3. Checking of a subcontractor's scope of work - and4. Determination of time duration that can be assigned to a sub

22. Name 10 step process to bid

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23. Statements or drawings that modify the basic contract documents after the latter have been issued to the bidders - but prior to the taking of bids.
Scheduling overtime for more than several weeks can result in huge productivity losses.
Addenda
Punch List
With insurance an insurance company assumes the financial liability fora specified loss.The surety guarantees the performance of a contractor.The surety company will try to recover any losses from the contractor.

24. A common error made by GCs in their dealings with subcontractors is to hand them a single technical specifications section relating to their trade - without copies of either the General Requirements or the General and Supplementary General Conditions
Master Format and Uniformat
...
Invitation to bid
1. Review scope 2. Quantity takeoff 3. Price materials 4. Price labor 5. Price equipment 6. Obtain specialty contractor's bid 7. Obtain supplier's bid 8. Calculate taxes - bonds - insurance - and overhead 9. Contingency 10. Profit

25. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
1. Better understanding of the work to be subcontracted -2. Establishment of fair cost estimate for evaluating subcontractor's bid - 3. Checking of a subcontractor's scope of work - and4. Determination of time duration that can be assigned to a sub
True
Joist
The practice of withholding a percentage of the payment due to the contractor for the work performed and completed for that payment period.Retainage can affect the cash flow of the contractor and must be considered in the preparation of the bid.

26. An invitation to a selected list of contractors furnishing information on the submission of bids on a subject.
Invitation to bid
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

27. Name two systems that establish standards for the building design/construction estimating process.
Master Format and Uniformat
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
True
Retainage

28. What are the advantages to a small contractor of renting equipment instead of owning?
Lavatory
The CSI format is a numbering system which divides the major areas involved in the construction project into 50 divisions (0 to 49). The format allows the contractor to develop a tracking system for all types of information.
1. The contractor can get the most suitable piece of equipment.2. The equipment is most likely newer and in a better state of repair.3. The rental company handles maintenance.4. The contractor does not tie up their capital.
Addenda

29. What types of information are provided in the Invitation to Bid?
Generally - the advertisement describes the location - extent - and nature of the work. It will designate the authority under which the project originated. Concerning the bid - it will give the place where bidding documents are available and list the
Liquidated Damages
...
Both extreme hot and cold will tend to slow down the pace of work.

30. Closely spaced beams supporting a floor or ceiling.They may be wood - steel - or concrete.
Joist
Foundation
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
The payment bond (labor and material bond) guarantees the payment of all bills incurred by the contractor for labor and materials incurred or supplied on the project.

31. A work order - usually prepared by the architect and signed by the owner or the owner's agent - authorizing a change in the scope of the work and a change in the cost of the project.
Internal Factor - External Factor - Project Related-Factor
Change Order
1. Better understanding of the work to be subcontracted -2. Establishment of fair cost estimate for evaluating subcontractor's bid - 3. Checking of a subcontractor's scope of work - and4. Determination of time duration that can be assigned to a sub
Invitation to bid

32. What is the bid bond and how does it protect the owner?
The bid bond ensures that if a contractor is awarded the bid with the time specified - the contractor will enter into the contract and provide all other specified bonds.If the contractor fails to do so without justification -the bond shall be forfeit
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Joist
Punch List

33. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
The practice of withholding a percentage of the payment due to the contractor for the work performed and completed for that payment period.Retainage can affect the cash flow of the contractor and must be considered in the preparation of the bid.
The Labor Hour
Bid

34. What unit of time is used to measure labor?
Internal Factor - External Factor - Project Related-Factor
Bid
The Labor Hour
Liens

35. Under what conditions are wage premiums applied
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
The practice of withholding a percentage of the payment due to the contractor for the work performed and completed for that payment period.Retainage can affect the cash flow of the contractor and must be considered in the preparation of the bid.
Common labor and material portions
Lavatory

36. What are the difficulties encountered by the estimator during the preparation of a project's conceptual estimate?
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Internal Factor - External Factor - Project Related-Factor
There may be hesitation to bid a project just before the expiration of a union agreement due to the uncertainty of the outcomes of the negotiations. There is the possibility of a strike or dramatic increases in the prevailing wage rate.

37. Describe the composition of the Construction Cost Index (CCI).
Common labor and material portions
Surety bonds can only be obtained through companies who specialize in issuing surety bonds. The contractor will have to request the surety company to provide the bonds.
The payment bond (labor and material bond) guarantees the payment of all bills incurred by the contractor for labor and materials incurred or supplied on the project.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.

38. What is the payment bond?
The maintenance bond guarantees the owner that the GC agrees to correct all defects of workmanship and materials for a specified period (one to three years) following occupancy by the owner.
The payment bond (labor and material bond) guarantees the payment of all bills incurred by the contractor for labor and materials incurred or supplied on the project.
With insurance an insurance company assumes the financial liability fora specified loss.The surety guarantees the performance of a contractor.The surety company will try to recover any losses from the contractor.
Direct Negotiation - Competitive Bidding

39. Explain why using overtime is not recommended for most construction projects.
Lump-Sum Estimate - Unit Price Estimate
Finding and bidding the type of work that's appropriate for your company - Making accurate cost estimates - Using pricing strategies that reduces your risk of loss - Anticipating the bids of your competition - Tracking overhead so you know the actual
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Scheduling overtime for more than several weeks can result in huge productivity losses.

40. Legal claims against an owner for amounts due those engaged in or supplying materials for the construction of the building.
...
Liens
The maintenance bond guarantees the owner that the GC agrees to correct all defects of workmanship and materials for a specified period (one to three years) following occupancy by the owner.
Joist

41. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Addenda
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
False

42. What are some of the factors a contractor considers when making a decision to bid?
Internal Factor - External Factor - Project Related-Factor
Skilled labor and material portions
The estimator uses more detailed information such as the bay size - square feet of partition wall - number of plumbing fixtures - or square feet of carpet.
Renting - Leasing - Buying

43. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
Common labor and material portions
The practice of withholding a percentage of the payment due to the contractor for the work performed and completed for that payment period.Retainage can affect the cash flow of the contractor and must be considered in the preparation of the bid.
Punch List
Surety bonds can only be obtained through companies who specialize in issuing surety bonds. The contractor will have to request the surety company to provide the bonds.

44. A bathroom sink
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Bid Bond
Lavatory
Both extreme hot and cold will tend to slow down the pace of work.

45. List the factors affecting labor productivity
False
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Skilled labor and material portions
Generally - the advertisement describes the location - extent - and nature of the work. It will designate the authority under which the project originated. Concerning the bid - it will give the place where bidding documents are available and list the

46. Name 10 step process to bid

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47. Statements or drawings that modify the basic contract documents after the latter have been issued to the bidders - but prior to the taking of bids.
1. Better understanding of the work to be subcontracted -2. Establishment of fair cost estimate for evaluating subcontractor's bid - 3. Checking of a subcontractor's scope of work - and4. Determination of time duration that can be assigned to a sub
The bid bond ensures that if a contractor is awarded the bid with the time specified - the contractor will enter into the contract and provide all other specified bonds.If the contractor fails to do so without justification -the bond shall be forfeit
Addenda
False

48. Closely spaced beams supporting a floor or ceiling.They may be wood - steel - or concrete.
Joist
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor

49. Under what conditions are wage premiums applied
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Retainage
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Lavatory

50. The location where material can be stored in relationship to the construction project affects productivity.
Renting - Leasing - Buying
As-built drawings
Surety bonds can only be obtained through companies who specialize in issuing surety bonds. The contractor will have to request the surety company to provide the bonds.
True

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Construction Estimating

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