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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. Under what conditions are wage premiums applied
Master Format and Uniformat
True
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Internal Factor - External Factor - Project Related-Factor

2. What is estimating in construction?
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Bid Bond
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs

3. Name 10 step process to bid

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4. A bathroom sink
Scheduling overtime for more than several weeks can result in huge productivity losses.
Foundation
Internal Factor - External Factor - Project Related-Factor
Lavatory

5. Drawings made during the progress of construction - or subsequent thereto - illustrating how various elements of the project were actually installed.
Skilled labor and material portions
As-built drawings
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
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.

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

7. 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.
Contract Documents
As-built drawings
Invitation to bid

8. Legal claims against an owner for amounts due those engaged in or supplying materials for the construction of the building.
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
Liens
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
Skilled labor and material portions

9. How do climatic conditions influence the amount of work actually completed in an hour?
The amount of work that can be done in an hour
Both extreme hot and cold will tend to slow down the pace of work.
True
Instruction to bidders

10. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
Retainage
False
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Lump-Sum Estimate - Unit Price Estimate

11. Order of Magnitude Estimate...
Both extreme hot and cold will tend to slow down the pace of work.
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
A gross unit such as the number of hospital beds is used.
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

12. Operation costs include...
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
False
True
Scheduling overtime for more than several weeks can result in huge productivity losses.

13. 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
Renting - Leasing - Buying
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
False

14. What is the maintenance 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.
True
True
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.

15. Describe and provide examples of specific use equipment and general use equipment.
Foundation
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
True
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

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

17. Describe factors affecting the accuracy of detail cost estimating.
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.
Master Format and Uniformat
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.

18. What is the bid bond and how does it protect the owner?
Punch List
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
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.

19. What are the benefits of renting equipment?
Lump-Sum Estimate - Unit Price Estimate
The ability to procure the right piece of equipment for the job when the unit is needed
Direct Negotiation - Competitive Bidding
Bid

20. An invitation to a selected list of contractors furnishing information on the submission of bids on a subject.
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Lavatory
Invitation to bid
Direct Negotiation - Competitive Bidding

21. Where the project will be constructed does not have a major influence in the preparation of an estimate.
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.
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.
False

22. Closely spaced beams supporting a floor or ceiling.They may be wood - steel - or concrete.
Renting - Leasing - Buying
Liquidated Damages
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Joist

23. Describe the composition of the Building Cost Index (BCI).
Both extreme hot and cold will tend to slow down the pace of work.
Skilled labor and material portions
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
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

24. What is depreciation?
Foundation
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.
Liquidated Damages
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

25. Explain why using overtime is not recommended for most construction projects.
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
Scheduling overtime for more than several weeks can result in huge productivity losses.
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs

26. Order of Magnitude Estimate...
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
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.

27. Operation costs include...
Common labor and material portions
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
True
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.

28. What are the advantages to a small contractor of renting equipment instead of owning?
Common 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.
Retainage
False

29. What does the labor hour represent?
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.
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.

30. 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
Instruction to bidders
Direct Negotiation - Competitive Bidding
...
Addenda

31. The substructure that supports a building or other structure.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Foundation
Common labor and material portions
True

32. Construction estimating is more an art than a science
Master Format and Uniformat
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Change Order
False

33. On certain projects the owner may accept proposals only from contractors who are invited to bid.
True
Erection
Bid Bond
Direct Negotiation - Competitive Bidding

34. What are the two most common methods by which a contractor can acquire a construction contract?
Direct Negotiation - Competitive Bidding
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Internal Factor - External Factor - Project Related-Factor
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

35. Legal claims against an owner for amounts due those engaged in or supplying materials for the construction of the building.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
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.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Liens

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

37. Describe the composition of the Building Cost Index (BCI).
Master Format and Uniformat
False
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.
Skilled labor and material portions

38. Assemblies Estimate...
Both extreme hot and cold will tend to slow down the pace of work.
True
True
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.

39. The substructure that supports a building or other structure.
The amount of work that can be done in an hour
Bid Bond
Skilled labor and material portions
Foundation

40. Closely spaced beams supporting a floor or ceiling.They may be wood - steel - or concrete.
Punch List
True
Joist
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

41. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
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
False

42. What are the advantages to a small contractor of renting equipment instead of owning?
Lump-Sum Estimate - Unit Price Estimate
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.
Instruction to bidders
Punch List

43. On certain projects the owner may accept proposals only from contractors who are invited to bid.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
True
A gross unit such as the number of hospital beds is used.
False

44. 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. 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
...
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.
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.

45. Assemblies Estimate...
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.
Direct Negotiation - Competitive Bidding
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
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.

46. Describe the composition of the Construction Cost Index (CCI).
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.
Renting - Leasing - Buying
Common labor and material portions
Liquidated Damages

47. Construction estimating is more an art than a science
Retainage
False
Both extreme hot and cold will tend to slow down the pace of work.
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

48. Explain firm price contracting estimates.
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Change Order
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.
Lump-Sum Estimate - Unit Price Estimate

49. Why do many contractors hesitate to bid just before the expiration of a union contract?
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.
Contract Documents
Lavatory
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.

50. How do climatic conditions influence the amount of work actually completed 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.
Both extreme hot and cold will tend to slow down the pace of work.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Joist

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Construction Estimating

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