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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. Assemblies Estimate...
As-built drawings
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.
True

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

3. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
Master Format and Uniformat
False
True
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire

4. What is estimating in construction?
A gross unit such as the number of hospital beds is used.
Common labor and material portions
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
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.

5. Drawings made during the progress of construction - or subsequent thereto - illustrating how various elements of the project were actually installed.
Bid Bond
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
As-built drawings
The amount of work that can be done in an hour

6. What are some of the factors a contractor considers when making a decision to bid?
Internal Factor - External Factor - Project Related-Factor
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.
Erection
Both extreme hot and cold will tend to slow down the pace of work.

7. Describe the composition of the Construction Cost Index (CCI).
Common labor and material portions
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
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 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.

8. What types of information are provided in the Invitation to Bid?
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
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Common labor and material portions
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.

9. 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
False
Erection
Lavatory

10. List the factors affecting labor productivity
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.
Liens
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Bid Bond

11. What is the payment bond?
Bid
Punch List
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.
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.

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

13. The location where material can be stored in relationship to the construction project affects productivity.
The amount of work that can be done in an hour
...
False
True

14. 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
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
...
Direct Negotiation - Competitive Bidding
Skilled labor and material portions

15. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
Foundation
Liquidated Damages
True
Retainage

16. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Lavatory
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
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.

17. How does insurance differ from a surety bond?
Liens
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.
Lump-Sum Estimate - Unit Price Estimate
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. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
Bid Bond
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Erection
...

19. What are the advantages to a small contractor of renting equipment instead of owning?
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.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Scheduling overtime for more than several weeks can result in huge productivity losses.

20. Explain why using overtime is not recommended for most construction projects.
Invitation to bid
Renting - Leasing - Buying
Scheduling overtime for more than several weeks can result in huge productivity losses.
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

21. What is the maintenance bond?
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
Liens
Change Order

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

23. Explain firm price contracting estimates.
Internal Factor - External Factor - Project Related-Factor
Lump-Sum Estimate - Unit Price Estimate
Master Format and Uniformat
Direct Negotiation - Competitive Bidding

24. 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
Lavatory
Liquidated Damages
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
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

25. A bathroom sink
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
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
Lavatory
True

26. A good database of past project experiences is essential to preparing a quick and accurate estimate.
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 amount of work that can be done in an hour
False
True

27. 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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28. 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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29. What are the advantages to a small contractor of renting equipment instead of owning?
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
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.
Joist
Bid

30. What are some of the costs that must be included in equipment operating costs?
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
True
Addenda

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.
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
Both extreme hot and cold will tend to slow down the pace of work.
Addenda

32. Name 10 step process to bid

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33. Describe the composition of the Construction Cost Index (CCI).
Common labor and material portions
As-built drawings
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.
Lavatory

34. 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
A gross unit such as the number of hospital beds is used.
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.
True

35. Name two systems that establish standards for the building design/construction estimating process.
As-built drawings
Master Format and Uniformat
Common labor and material portions
Joist

36. Under what conditions are wage premiums applied
Common labor and material portions
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
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

37. What does the labor hour represent?
The amount of work that can be done in an hour
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
True
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

38. A good database of past project experiences is essential to preparing a quick and accurate estimate.
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
Bid Bond
True
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.

39. Describe the composition of the Building Cost Index (BCI).
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
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
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Skilled labor and material portions

40. Why do many contractors hesitate to bid just before the expiration of a union contract?
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. 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.
True

41. A document stating the procedures to be followed by bidders.
Liens
True
Instruction to bidders
True

42. Name three common methods of procuring equipment.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
False
As-built drawings
Renting - Leasing - Buying

43. What is the payment 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
Bid 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.

44. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
Retainage
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
Liquidated Damages
The ability to procure the right piece of equipment for the job when the unit is needed

45. What are some of the costs that must be included in equipment operating costs?
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
A gross unit such as the number of hospital beds is used.
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
Punch List

46. Proposal prepared by prospective contractor specifying the charges to be made for doing the work in accordance with the contract documents.
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
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Addenda

47. Why do many contractors hesitate to bid just before the expiration of a union contract?
Instruction to bidders
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.
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
Skilled labor and material portions

48. What is depreciation?
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 loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
True
Punch List

49. How do climatic conditions influence the amount of work actually completed in an 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
Bid Bond
Both extreme hot and cold will tend to slow down the pace of work.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

50. What types of information are provided in the Invitation to Bid?
Contract Documents
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
True

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Construction Estimating

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