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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. What are the advantages to a small contractor of renting equipment instead of owning?
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Both extreme hot and cold will tend to slow down the pace of work.
Bid
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.

2. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
Invitation to bid
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.
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

3. What is the payment bond?
Retainage
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.
Change Order

4. An invitation to a selected list of contractors furnishing information on the submission of bids on a subject.
Direct Negotiation - Competitive Bidding
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Lump-Sum Estimate - Unit Price Estimate
Invitation to bid

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.
True
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Change Order

6. An invitation to a selected list of contractors furnishing information on the submission of bids on a subject.
Both extreme hot and cold will tend to slow down the pace of work.
True
Joist
Invitation to bid

7. How does insurance differ from a surety bond?
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
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.
Common labor and material portions

8. The most reliable productivity rates come from historical data
Skilled labor and material portions
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
False

9. Name the types of Estimates
True
Change Order
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
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

10. How does insurance differ from a surety bond?
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.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Skilled labor and material portions
The ability to procure the right piece of equipment for the job when the unit is needed

11. 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
Liquidated Damages
Bid Bond
Punch List
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. Where would information be found on whether a bid bond was required and - if so - its amount?
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 bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
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.

13. What is depreciation?
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
Joist
A gross unit such as the number of hospital beds is used.
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

14. The location where material can be stored in relationship to the construction project affects productivity.
Punch List
True
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

15. Describe the composition of the Building Cost Index (BCI).
Bid Bond
Joist
Instruction to bidders
Skilled labor and material portions

16. Assemblies Estimate...
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Bid
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.
Invitation to bid

17. The most reliable productivity rates come from historical data
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Bid Bond
True
False

18. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
Contract Documents
The amount of work that can be done in an hour
As-built drawings
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.

19. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
False
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
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

20. Where the project will be constructed does not have a major influence in the preparation of an estimate.
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.
The Labor Hour
False
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.

21. Describe and provide examples of specific use equipment and general use equipment.
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.
As-built drawings
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Lump-Sum Estimate - Unit Price Estimate

22. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
Bid
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.
Liens

23. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
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
True
Invitation to bid

24. The location where material can be stored in relationship to the construction project affects productivity.
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. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
True

25. List the factors affecting labor productivity
Retainage
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Foundation
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.

26. Name two systems that establish standards for the building design/construction estimating process.
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
Master Format and Uniformat
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
False

27. How do climatic conditions influence the amount of work actually completed in an hour?
Instruction to bidders
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Both extreme hot and cold will tend to slow down the pace of work.

28. 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
...
Liens
A gross unit such as the number of hospital beds is used.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

29. What is depreciation?
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
The amount of work that can be done in an hour
Bid

30. Name three common methods of procuring equipment.
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
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Renting - Leasing - Buying
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.

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

32. Operation costs include...
Joist
Instruction to bidders
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
The ability to procure the right piece of equipment for the job when the unit is needed

33. Construction estimating is more an art than a science
Internal Factor - External Factor - Project Related-Factor
As-built drawings
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.

34. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
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
Foundation
True

35. The assembly of components to form the completed portion of a job.
Liens
Erection
True
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

36. Five basic skills everyone should master

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

38. Name three common methods of procuring equipment.
Renting - Leasing - Buying
Common labor and material portions
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

39. Under what conditions are wage premiums applied
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
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
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.

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

41. 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.
The amount of work that can be done in an hour
Joist

42. Name the types of 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.
Skilled labor and material portions
...
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

43. Name two systems that establish standards for the building design/construction estimating process.
Master Format and Uniformat
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.
Bid Bond
False

44. What are some of the factors a contractor considers when making a decision to bid?
A gross unit such as the number of hospital beds is used.
Lump-Sum Estimate - Unit Price Estimate
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Internal Factor - External Factor - Project Related-Factor

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.
The Labor Hour
Invitation to bid
Scheduling overtime for more than several weeks can result in huge productivity losses.

46. On certain projects the owner may accept proposals only from contractors who are invited to bid.
Foundation
Joist
True
The ability to procure the right piece of equipment for the job when the unit is needed

47. What is the payment bond?
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
True
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed 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.

48. Five basic skills everyone should master

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

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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Construction Estimating

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