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Construction Estimating

Instructions:

Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

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 location where material can be stored in relationship to the construction project affects productivity.
Addenda
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.
True
Bid

2. What is the payment bond?
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Direct Negotiation - Competitive Bidding
Master Format and Uniformat
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.

3. 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.
Change Order
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.
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Bid Bond

4. Where would information be found on whether a bid bond was required and - if so - its amount?
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Skilled labor and material portions
Both extreme hot and cold will tend to slow down the pace of work.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.

5. 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
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.
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.
Liquidated Damages

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

7. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
Bid Bond
Change Order
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.
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above

8. List the factors affecting labor productivity
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
True
Retainage
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions

9. What are some of the factors a contractor considers when making a decision to bid?
Internal Factor - External Factor - Project Related-Factor
Master Format and Uniformat
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. 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

10. The assembly of components to form the completed portion of a job.
True
Erection
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions

11. What are the two most common methods by which a contractor can acquire a construction contract?
Contract Documents
The amount of work that can be done in an hour
...
Direct Negotiation - Competitive Bidding

12. The substructure that supports a building or other structure.
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
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Foundation

13. Describe and provide examples of specific use equipment and general use equipment.
Change Order
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Invitation to bid
The ability to procure the right piece of equipment for the job when the unit is needed

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

15. Describe factors affecting the accuracy of detail cost estimating.
Invitation to bid
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
True

16. What are the two most common methods by which a contractor can acquire a construction contract?
Erection
Lump-Sum Estimate - Unit Price Estimate
Direct Negotiation - Competitive Bidding
True

17. What is the performance bond?
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.
Erection
Invitation to bid
Change Order

18. How are the various surety bonds that may be required on a specific project obtained?
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
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 loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
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.

19. Explain firm price contracting estimates.
Retainage
Skilled labor and material portions
Lump-Sum Estimate - Unit Price Estimate
Internal Factor - External Factor - Project Related-Factor

20. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
Invitation to bid
False
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 amount of work that can be done in an hour

21. Name the types of Estimates
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Liens

22. How do climatic conditions influence the amount of work actually completed in an hour?
The ability to procure the right piece of equipment for the job when the unit is needed
Both extreme hot and cold will tend to slow down the pace of work.
True
Invitation to bid

23. Five basic skills everyone should master

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24. On certain projects the owner may accept proposals only from contractors who are invited to bid.
True
False
Bid
Lavatory

25. 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
Scheduling overtime for more than several weeks can result in huge productivity losses.
Instruction to bidders
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

26. The substructure that supports a building or other structure.
True
Foundation
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Punch List

27. What are the advantages to a small contractor of renting equipment instead of owning?
False
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.
Bid Bond
Direct Negotiation - Competitive Bidding

28. A document stating the procedures to be followed by bidders.
Instruction to bidders
Invitation to bid
Lump-Sum Estimate - Unit Price Estimate
True

29. 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.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Direct Negotiation - Competitive Bidding
The Labor Hour

30. Explain why using overtime is not recommended for most construction projects.
The Labor Hour
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
...
Scheduling overtime for more than several weeks can result in huge productivity losses.

31. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
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.
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 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.
False

32. How are the various surety bonds that may be required on a specific project obtained?
Erection
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
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.
As-built drawings

33. Explain why using overtime is not recommended for most construction projects.
True
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Scheduling overtime for more than several weeks can result in huge productivity losses.
Foundation

34. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
Foundation
Contract Documents
True
Retainage

35. The assembly of components to form the completed portion of a job.
Punch List
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.
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.
Erection

36. An invitation to a selected list of contractors furnishing information on the submission of bids on a subject.
Invitation to bid
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
Internal Factor - External Factor - Project Related-Factor
Liquidated Damages

37. Five basic skills everyone should master

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38. What is the payment bond?
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.
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.
Punch List

39. Closely spaced beams supporting a floor or ceiling.They may be wood - steel - or concrete.
Joist
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 most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Liens

40. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
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
Retainage
As-built drawings

41. 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
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above

42. 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.
True
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Bid Bond

43. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
Contract Documents
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Internal Factor - External Factor - Project Related-Factor
Scheduling overtime for more than several weeks can result in huge productivity losses.

44. What are some of the costs that must be included in equipment operating costs?
Change Order
The amount of work that can be done in an hour
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
The ability to procure the right piece of equipment for the job when the unit is needed

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

46. What types of information are provided in the Invitation to Bid?
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
Bid Bond
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors

47. What unit of time is used to measure labor?
The Labor Hour
As-built drawings
True
...

48. Operation costs include...
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire

49. Name 10 step process to bid

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50. Name 10 step process to bid

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