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Construction Estimating

Instructions:

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 most reliable productivity rates come from historical data
True
Liens
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Punch List

2. What are some of the costs that must be included in equipment operating costs?
True
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Internal Factor - External Factor - Project Related-Factor
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire

3. The assembly of components to form the completed portion of a job.
Erection
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Change Order
Scheduling overtime for more than several weeks can result in huge productivity losses.

4. 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.
Instruction to bidders
Retainage
Joist

5. What does the labor hour represent?
True
Contract Documents
The amount of work that can be done in an hour
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps

6. 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
Instruction to bidders
False
Liquidated Damages
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

7. What are the benefits of renting equipment?
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
The ability to procure the right piece of equipment for the job when the unit is needed

8. Name three common methods of procuring equipment.
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.
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.
Renting - Leasing - Buying

9. The location where material can be stored in relationship to the construction project affects productivity.
The ability to procure the right piece of equipment for the job when the unit is needed
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
Bid Bond

10. What are the difficulties encountered by the estimator during the preparation of a project's conceptual estimate?
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.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Lavatory

11. The most reliable productivity rates come from historical data
Joist
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
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.

12. What is the maintenance bond?
Liquidated Damages
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.
Instruction to bidders
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

13. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
True
True
Direct Negotiation - Competitive Bidding
Bid Bond

14. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
Instruction to bidders
Change Order
Retainage
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

15. What is estimating in construction?
Retainage
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.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

16. What is the payment bond?
True
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
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.

17. What are the two most common methods by which a contractor can acquire a construction contract?
Direct Negotiation - Competitive Bidding
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.
Punch List
Internal Factor - External Factor - Project Related-Factor

18. Order of Magnitude Estimate...
Master Format and Uniformat
A gross unit such as the number of hospital beds is used.
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.
The amount of work that can be done in an hour

19. What are the difficulties encountered by the estimator during the preparation of a project's conceptual estimate?
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Liens
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.
Lavatory

20. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
True
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Bid
Both extreme hot and cold will tend to slow down the pace of work.

21. What is depreciation?
Contract Documents
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 loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Skilled labor and material portions

22. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
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.
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
...
True

23. What are the benefits of renting equipment?
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
The Labor Hour
False
The ability to procure the right piece of equipment for the job when the unit is needed

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
...
Bid Bond
Change Order
Instruction to bidders

25. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
False
Invitation to bid
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.
A gross unit such as the number of hospital beds is used.

26. Describe and provide examples of specific use equipment and general use equipment.
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.
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
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.
Scheduling overtime for more than several weeks can result in huge productivity losses.

27. Explain firm price contracting estimates.
Lump-Sum Estimate - Unit Price 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.
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.
Master Format and Uniformat

28. Five basic skills everyone should master

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29. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
Contract Documents
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
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.

30. Drawings made during the progress of construction - or subsequent thereto - illustrating how various elements of the project were actually installed.
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.
As-built drawings
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.

31. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
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
Contract Documents

32. A good database of past project experiences is essential to preparing a quick and accurate estimate.
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.
Lump-Sum Estimate - Unit Price Estimate
True
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

33. What are the two most common methods by which a contractor can acquire a construction contract?
False
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
Direct Negotiation - Competitive Bidding
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.

34. A bathroom sink
Both extreme hot and cold will tend to slow down the pace of work.
Lavatory
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 loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

35. Construction estimating is more an art than a science
Lump-Sum Estimate - Unit Price Estimate
True
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Master Format and Uniformat

36. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
Both extreme hot and cold will tend to slow down the pace of work.
Retainage
The Labor Hour
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above

37. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
Master Format and Uniformat
Both extreme hot and cold will tend to slow down the pace of work.
True
Invitation to bid

38. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
Skilled 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.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Skilled labor and material portions

39. 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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40. Describe the composition of the Building Cost Index (BCI).
Skilled labor and material portions
Foundation
A gross unit such as the number of hospital beds is used.
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

41. Five basic skills everyone should master

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42. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
Skilled labor and material portions
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Punch List

43. How do climatic conditions influence the amount of work actually completed in an hour?
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Both extreme hot and cold will tend to slow down the pace of work.
True
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.

44. Why do many contractors hesitate to bid just before the expiration of a union contract?
The Labor Hour
The ability to procure the right piece of equipment for the job when the unit is needed
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.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors

45. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
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.
Punch List
Bid Bond
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

46. How are the various surety bonds that may be required on a specific project obtained?
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
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.
...
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

47. What is the payment bond?
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
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.
Instruction to bidders
Punch List

48. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
Renting - Leasing - Buying
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.
True
Scheduling overtime for more than several weeks can result in huge productivity losses.

49. A bathroom sink
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
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Lavatory

50. The substructure that supports a building or other structure.
Invitation to bid
Direct Negotiation - Competitive Bidding
Bid
Foundation

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Construction Estimating

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