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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. How does insurance differ from a surety bond?
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.
False
True
True

2. Order of Magnitude Estimate...
A gross unit such as the number of hospital beds is used.
True
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
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs

3. Describe and provide examples of specific use equipment and general use equipment.
A gross unit such as the number of hospital beds is used.
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
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.
True

4. What is estimating in construction?
True
True
Common labor and material portions
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

5. 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.
Bid
Change Order
True
Liens

6. What is estimating in construction?
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
The performance bond guarantees the owner that - within limits - the contractor will perform all work in accordance with the contract documents - and thatthe owner will receive the project built in substantialagreement with the documents.
Instruction to bidders
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

7. 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
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.
Skilled labor and material portions
False

8. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
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.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Joist
Joist

9. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
Liens
True
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
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

10. What are the advantages to a small contractor of renting equipment instead of owning?
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Skilled labor and material portions
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.
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.

11. What does the labor hour represent?
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Change Order
The amount of work that can be done in an hour
Change Order

12. What are the advantages to a small contractor of renting equipment instead of owning?
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.
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.
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.
Contract Documents

13. Name 10 step process to bid

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14. What are some of the factors a contractor considers when making a decision to bid?
Internal Factor - External Factor - Project Related-Factor
True
The ability to procure the right piece of equipment for the job when the unit is needed
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

15. Why do many contractors hesitate to bid just before the expiration of a union contract?
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.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
True
False

16. Explain firm price contracting estimates.
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Lump-Sum Estimate - Unit Price Estimate
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.

17. Describe and provide examples of specific use equipment and general use equipment.
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.
Common labor and material portions
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Lump-Sum Estimate - Unit Price Estimate

18. 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 performance bond guarantees the owner that - within limits - the contractor will perform all work in accordance with the contract documents - and thatthe owner will receive the project built in substantialagreement with the documents.
...
Lavatory

19. What is the performance bond?
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
The performance bond guarantees the owner that - within limits - the contractor will perform all work in accordance with the contract documents - and thatthe owner will receive the project built in substantialagreement with the documents.
Bid Bond
Direct Negotiation - Competitive Bidding

20. What is the payment bond?
Foundation
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.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
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

21. Describe the composition of the Construction Cost Index (CCI).
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
Bid Bond
Common labor and material portions
The Labor Hour

22. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
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.
True
Retainage
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

23. Describe and provide examples of specific use equipment and general use equipment.
Invitation to bid
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
A gross unit such as the number of hospital beds is used.

24. A document stating the procedures to be followed by bidders.
Instruction to bidders
True
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Scheduling overtime for more than several weeks can result in huge productivity losses.

25. What is the bid bond and how does it protect the owner?
The amount of work that can be done in an hour
Invitation to bid
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.
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

26. Five basic skills everyone should master

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27. A bathroom sink
Joist
Lavatory
Bid Bond
Liquidated Damages

28. What are the two most common methods by which a contractor can acquire a construction contract?
Addenda
Scheduling overtime for more than several weeks can result in huge productivity losses.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Direct Negotiation - Competitive Bidding

29. What are some of the costs that must be included in equipment operating costs?
False
A gross unit such as the number of hospital beds is used.
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Master Format and Uniformat

30. Construction estimating is more an art than a science
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
The ability to procure the right piece of equipment for the job when the unit is needed
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
True

31. On certain projects the owner may accept proposals only from contractors who are invited to bid.
...
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
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
True

32. 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.
The Labor Hour
Change Order
Liens
Common labor and material portions

33. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
The Labor Hour
True
As-built drawings
Bid Bond

34. Describe factors affecting the accuracy of detail cost estimating.
Punch List
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
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
True

35. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
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
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
The ability to procure the right piece of equipment for the job when the unit is needed
Punch List

36. Describe and provide examples of specific use equipment and general use equipment.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
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 gross unit such as the number of hospital beds is used.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors

37. Why is it a good idea for the general contractor to perform quantity surveys on work that is to be subcontracted out?

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38. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
Instruction to bidders
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.
False
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.

39. What is the maintenance 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.
Erection
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
A gross unit such as the number of hospital beds is used.

40. Describe factors affecting the accuracy of detail cost estimating.
Foundation
False
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs

41. What is the performance bond?
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.
The performance bond guarantees the owner that - within limits - the contractor will perform all work in accordance with the contract documents - and thatthe owner will receive the project built in substantialagreement with the documents.
The Labor Hour
Scheduling overtime for more than several weeks can result in huge productivity losses.

42. Order of Magnitude Estimate...
The amount of work that can be done in an hour
A gross unit such as the number of hospital beds is used.
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
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.

43. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
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.
Direct Negotiation - Competitive Bidding
Punch List
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

44. What are some of the factors a contractor considers when making a decision to bid?
Lump-Sum Estimate - Unit Price Estimate
Internal Factor - External Factor - Project Related-Factor
Retainage
The ability to procure the right piece of equipment for the job when the unit is needed

45. Closely spaced beams supporting a floor or ceiling.They may be wood - steel - or concrete.
Joist
Bid Bond
Master Format and Uniformat
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

46. The location where material can be stored in relationship to the construction project affects productivity.
Internal Factor - External Factor - Project Related-Factor
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
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions

47. List the factors affecting labor productivity
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Addenda

48. Describe the composition of the Construction Cost Index (CCI).
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Common labor and material portions
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.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

49. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
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
True
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.

50. Name the types of Estimates
The amount of work that can be done in an hour
The amount of work that can be done in an hour
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

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Construction Estimating

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