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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. Why do many contractors hesitate to bid just before the expiration of a union contract?
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
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
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.
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.

2. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
Joist
Lump-Sum Estimate - Unit Price Estimate
False
True

3. What does the labor hour represent?
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.
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
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor

4. Name 10 step process to bid

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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.
Change Order
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Liens
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor

6. Operation costs include...
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
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
The amount of work that can be done in an hour

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

8. The location where material can be stored in relationship to the construction project affects productivity.
Retainage
True
The ability to procure the right piece of equipment for the job when the unit is needed
Internal Factor - External Factor - Project Related-Factor

9. What are the advantages to a small contractor of renting equipment instead of owning?
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.
Skilled labor and material portions
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
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.

10. Five basic skills everyone should master

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11. Order of Magnitude Estimate...
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
A gross unit such as the number of hospital beds is used.
True
Invitation to bid

12. What is the payment bond?
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.
Scheduling overtime for more than several weeks can result in huge productivity losses.
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.

13. Under what conditions are wage premiums applied
Bid
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
True

14. 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.
Renting - Leasing - Buying
Retainage
True

15. What are some of the costs that must be included in equipment operating costs?
True
False
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
The Labor Hour

16. On certain projects the owner may accept proposals only from contractors who are invited to bid.
True
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
Invitation to bid

17. How does insurance differ from a surety bond?
Skilled labor and material portions
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.
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

18. 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
Liquidated Damages
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
True

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
The Labor Hour
As-built drawings
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Liquidated Damages

20. 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.
Renting - Leasing - Buying
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.
Lump-Sum Estimate - Unit Price Estimate

21. Construction estimating is more an art than a science
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

22. On certain projects the owner may accept proposals only from contractors who are invited to bid.
Renting - Leasing - Buying
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
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

23. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
The amount of work that can be done in an hour
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
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.

24. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
Bid Bond
...
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.
Internal Factor - External Factor - Project Related-Factor

25. What is the best source for productivity data?

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26. What is estimating in construction?
As-built drawings
Foundation
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps

27. Closely spaced beams supporting a floor or ceiling.They may be wood - steel - or concrete.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Bid Bond
Joist
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above

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

29. The most reliable productivity rates come from historical data
The Labor Hour
True
Scheduling overtime for more than several weeks can result in huge productivity losses.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors

30. The substructure that supports a building or other structure.
Retainage
Lump-Sum Estimate - Unit Price Estimate
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

31. Name three common methods of procuring equipment.
The Labor Hour
Renting - Leasing - Buying
Instruction to bidders
Direct Negotiation - Competitive Bidding

32. What is estimating in construction?
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.
Renting - Leasing - Buying
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Instruction to bidders

33. Describe the composition of the Building Cost Index (BCI).
False
Skilled labor and material portions
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
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 list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
Foundation
Bid Bond
Punch List
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

35. A document stating the procedures to be followed by bidders.
Instruction to bidders
As-built drawings
Addenda
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

36. Describe the CSI MasterFormat and how it is used.
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
...
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.

37. Name two systems that establish standards for the building design/construction estimating process.
Master Format and Uniformat
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
As-built drawings
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor

38. How do climatic conditions influence the amount of work actually completed in an hour?
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.
Joist
Renting - Leasing - Buying
Both extreme hot and cold will tend to slow down the pace of work.

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

40. What is depreciation?
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Skilled labor and material portions
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.

41. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
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
False
Both extreme hot and cold will tend to slow down the pace of work.

42. What types of information are provided in the Invitation to Bid?
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Change Order
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
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

43. Drawings made during the progress of construction - or subsequent thereto - illustrating how various elements of the project were actually installed.
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
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
Punch List

44. 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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45. 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.
Bid Bond
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
False

46. Name three common methods of procuring equipment.
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.
False
True

47. Order of Magnitude Estimate...
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
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.
A gross unit such as the number of hospital beds is used.
Invitation to bid

48. A good database of past project experiences is essential to preparing a quick and accurate estimate.
Instruction to bidders
Both extreme hot and cold will tend to slow down the pace of work.
True
Foundation

49. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
Punch List
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.
Foundation
Joist

50. 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.
True
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.

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Construction Estimating

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