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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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1. Where the project will be constructed does not have a major influence in the preparation of an estimate.
False
Direct Negotiation - Competitive Bidding
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.
Common labor and material portions

2. How are the various surety bonds that may be required on a specific project obtained?
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.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
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
Lavatory

3. 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.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
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.

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

5. Name the types of Estimates
Lump-Sum Estimate - Unit Price Estimate
The ability to procure the right piece of equipment for the job when the unit is needed
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
True

6. How does insurance differ from a surety 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.
Skilled labor and material portions
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.
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.

7. Assemblies Estimate...
Liquidated Damages
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
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.
Change Order

8. Under what conditions are wage premiums applied
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
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.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Skilled labor and material portions

9. The assembly of components to form the completed portion of a job.
Lavatory
Erection
The Labor Hour
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 most reliable productivity rates come from historical data
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
The ability to procure the right piece of equipment for the job when the unit is needed
Liquidated Damages

11. A document stating the procedures to be followed by bidders.
Instruction to bidders
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 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.
Common labor and material portions

12. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
Lump-Sum Estimate - Unit Price Estimate
Retainage
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.
The ability to procure the right piece of equipment for the job when the unit is needed

13. Describe and provide examples of specific use equipment and general use equipment.
Renting - Leasing - Buying
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Instruction to bidders
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs

14. What is estimating in construction?
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
Addenda
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work

15. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
The amount of work that can be done in an 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
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
True

16. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
Foundation
True
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
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.

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

18. Name the types of Estimates
Skilled labor and material portions
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
...

19. What does the labor hour represent?
The amount of work that can be done in an hour
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Scheduling overtime for more than several weeks can result in huge productivity losses.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor

20. What are the advantages to a small contractor of renting equipment instead of owning?
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.
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
True

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

22. Order of Magnitude Estimate...
As-built drawings
A gross unit such as the number of hospital beds is used.
Liens
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

23. Explain why using overtime is not recommended for most construction projects.
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.
Scheduling overtime for more than several weeks can result in huge productivity losses.
Erection
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

24. 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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25. 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.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Retainage
Lump-Sum Estimate - Unit Price Estimate

26. Describe the composition of the Building Cost Index (BCI).
As-built drawings
Contract Documents
True
Skilled labor and material portions

27. 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
Master Format and Uniformat
Common labor and material portions
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

28. 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 most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
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
Liquidated Damages
Skilled labor and material portions

29. Name two systems that establish standards for the building design/construction estimating process.
Master Format and Uniformat
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
Direct Negotiation - Competitive Bidding
...

30. What are the difficulties encountered by the estimator during the preparation of a project's conceptual estimate?
Bid Bond
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps

31. Statements or drawings that modify the basic contract documents after the latter have been issued to the bidders - but prior to the taking of bids.
Joist
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Addenda
True

32. What are some of the costs that must be included in equipment operating costs?
Addenda
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Retainage
Erection

33. Describe the composition of the Construction Cost Index (CCI).
Common labor and material portions
Bid
Contract Documents
Addenda

34. 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.
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 estimator uses more detailed information such as the bay size - square feet of partition wall - number of plumbing fixtures - or square feet of carpet.
Both extreme hot and cold will tend to slow down the pace of work.

35. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
True
Punch List
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
False

36. The assembly of components to form the completed portion of a job.
Change Order
Erection
Punch List
Both extreme hot and cold will tend to slow down the pace of work.

37. What is the bid bond and how does it protect the owner?
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Change Order
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

38. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
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
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
False
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

39. The substructure that supports a building or other structure.
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
Foundation
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

40. Name three common methods of procuring equipment.
Renting - Leasing - Buying
Invitation to bid
True
True

41. What unit of time is used to measure labor?
Change Order
Scheduling overtime for more than several weeks can result in huge productivity losses.
The Labor Hour
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work

42. Describe the composition of the Construction Cost Index (CCI).
Common labor and material portions
Skilled labor and material portions
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
The amount of work that can be done in an hour

43. 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
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.
Contract Documents
Invitation to bid

44. 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.
Instruction to bidders
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 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.

45. Describe the CSI MasterFormat and how it is used.
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 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
Change Order

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

47. What types of information are provided in the Invitation to Bid?
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
Retainage
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work

48. Describe and provide examples of specific use equipment and general use equipment.
Instruction to bidders
True
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

49. Name 10 step process to bid

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50. A good database of past project experiences is essential to preparing a quick and accurate estimate.
Liens
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
True
Instruction to bidders

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Construction Estimating

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