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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. Describe the composition of the Construction Cost Index (CCI).
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Common labor and material portions
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Punch List

2. On certain projects the owner may accept proposals only from contractors who are invited to bid.
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
...
Invitation to bid
True

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

4. 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
...
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
Liquidated Damages

5. The substructure that supports a building or other structure.
The amount of work that can be done in an hour
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
Foundation

6. What unit of time is used to measure labor?
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Common labor and material portions
The Labor Hour
The ability to procure the right piece of equipment for the job when the unit is needed

7. What is the payment bond?
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
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
Lavatory

8. 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.
Bid Bond
Common labor and material portions
Change Order

9. A good database of past project experiences is essential to preparing a quick and accurate estimate.
Contract Documents
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.
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions

10. Closely spaced beams supporting a floor or ceiling.They may be wood - steel - or concrete.
Joist
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.
True
Skilled labor and material portions

11. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
Lump-Sum Estimate - Unit Price Estimate
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
Bid

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

13. Five basic skills everyone should master

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

15. Assemblies Estimate...
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
The ability to procure the right piece of equipment for the job when the unit is needed
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.
False

16. What is estimating in construction?
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
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

17. The location where material can be stored in relationship to the construction project affects productivity.
Addenda
True
Liens
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

18. Legal claims against an owner for amounts due those engaged in or supplying materials for the construction of the building.
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Renting - Leasing - Buying
As-built drawings
Liens

19. What is the payment bond?
Lavatory
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
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.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

20. Where the project will be constructed does not have a major influence in the preparation of an estimate.
The ability to procure the right piece of equipment for the job when the unit is needed
Punch List
False
A gross unit such as the number of hospital beds is used.

21. Name the types of Estimates
True
Retainage
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

22. The location where material can be stored in relationship to the construction project affects productivity.
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
Common labor and material portions
True
Both extreme hot and cold will tend to slow down the pace of work.

23. Explain firm price contracting estimates.
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
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
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above

24. 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.
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
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.

25. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
Scheduling overtime for more than several weeks can result in huge productivity losses.
Scheduling overtime for more than several weeks can result in huge productivity losses.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Retainage

26. What are some of the factors a contractor considers when making a decision to bid?
Liens
Scheduling overtime for more than several weeks can result in huge productivity losses.
Renting - Leasing - Buying
Internal Factor - External Factor - Project Related-Factor

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

28. Legal claims against an owner for amounts due those engaged in or supplying materials for the construction of the building.
Liens
Internal Factor - External Factor - Project Related-Factor
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

29. Order of Magnitude Estimate...
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 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.
Change Order
A gross unit such as the number of hospital beds is used.

30. Construction estimating is more an art than a science
False
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
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.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor

31. Describe the composition of the Construction Cost Index (CCI).
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Common labor and material portions
False

32. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
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
Joist
As-built drawings

33. Name 10 step process to bid

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34. Closely spaced beams supporting a floor or ceiling.They may be wood - steel - or concrete.
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
True
Lump-Sum Estimate - Unit Price Estimate
Joist

35. Where would information be found on whether a bid bond was required and - if so - its amount?
Internal Factor - External Factor - Project Related-Factor
Foundation
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.

36. How do climatic conditions influence the amount of work actually completed in an hour?
Liquidated Damages
Skilled labor and material portions
Both extreme hot and cold will tend to slow down the pace of work.
Direct Negotiation - Competitive Bidding

37. Describe the composition of the Building Cost Index (BCI).
Instruction to bidders
Skilled labor and material portions
Punch List
Lump-Sum Estimate - Unit Price Estimate

38. 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.
Addenda
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.
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.

39. Operation costs include...
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
Invitation to bid

40. Drawings made during the progress of construction - or subsequent thereto - illustrating how various elements of the project were actually installed.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
As-built drawings
Liquidated Damages

41. 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.
A gross unit such as the number of hospital beds is used.
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Skilled labor and material portions

42. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
Addenda
False
Change Order
...

43. 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.
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
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire

44. The most reliable productivity rates come from historical data
Instruction to bidders
Liquidated Damages
True
False

45. On certain projects the owner may accept proposals only from contractors who are invited to bid.
...
Liquidated Damages
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

46. What is depreciation?
Change Order
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 loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Contract Documents

47. What are the advantages to a small contractor of renting equipment instead of owning?
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
Both extreme hot and cold will tend to slow down the pace of work.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed 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.

48. Name two systems that establish standards for the building design/construction estimating process.
Retainage
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
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
Master Format and Uniformat

49. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
True
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Scheduling overtime for more than several weeks can result in huge productivity losses.
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

50. 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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