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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 CSI MasterFormat and how it is used.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
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.
Renting - Leasing - Buying

2. What does the labor hour represent?
False
The amount of work that can be done in an hour
A gross unit such as the number of hospital beds is used.
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs

3. What unit of time is used to measure labor?
False
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Internal Factor - External Factor - Project Related-Factor
The Labor Hour

4. Why do many contractors hesitate to bid just before the expiration of a union contract?
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
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.
False
Addenda

5. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
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.
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
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.
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions

6. 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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7. What are the advantages to a small contractor of renting equipment instead of owning?
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
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.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
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.

8. 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
Addenda
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
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

9. How does insurance differ from a surety bond?
Lump-Sum Estimate - Unit Price Estimate
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.
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.

10. The assembly of components to form the completed portion of a job.
Erection
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 estimator uses more detailed information such as the bay size - square feet of partition wall - number of plumbing fixtures - or square feet of carpet.
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

11. Drawings made during the progress of construction - or subsequent thereto - illustrating how various elements of the project were actually installed.
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
As-built drawings
Bid
False

12. What is the maintenance bond?
False
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.
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.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.

13. A good database of past project experiences is essential to preparing a quick and accurate estimate.
The ability to procure the right piece of equipment for the job when the unit is needed
True
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor

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

15. The most reliable productivity rates come from historical data
True
The ability to procure the right piece of equipment for the job when the unit is needed
Retainage
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

16. Construction estimating is more an art than a science
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Retainage
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

17. Explain why using overtime is not recommended for most construction projects.
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
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 amount of work that can be done in an hour

18. Assemblies Estimate...
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
False
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.

19. 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.
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
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
Lavatory

20. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
True
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
A gross unit such as the number of hospital beds is used.
Retainage

21. Name 10 step process to bid

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22. The most reliable productivity rates come from historical data
Retainage
The amount of work that can be done in an hour
True
The ability to procure the right piece of equipment for the job when the unit is needed

23. 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
Renting - Leasing - Buying
Liquidated Damages
Punch List
Internal Factor - External Factor - Project Related-Factor

24. Name three common methods of procuring equipment.
Change Order
As-built drawings
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.
Renting - Leasing - Buying

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

26. What are the difficulties encountered by the estimator during the preparation of a project's conceptual estimate?
Skilled labor and material portions
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
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.

27. What are the benefits of renting equipment?
Joist
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.
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 ability to procure the right piece of equipment for the job when the unit is needed

28. 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.
The ability to procure the right piece of equipment for the job when the unit is needed
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Change Order

29. Why do many contractors hesitate to bid just before the expiration of a union contract?
Skilled labor and material portions
The Labor Hour
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.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

30. What are the benefits of renting equipment?
The ability to procure the right piece of equipment for the job when the unit is needed
True
Bid Bond
As-built drawings

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

32. What are the two most common methods by which a contractor can acquire a construction contract?
Change Order
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
True
Direct Negotiation - Competitive Bidding

33. The location where material can be stored in relationship to the construction project affects productivity.
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
False
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.

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

35. A bathroom sink
Liquidated Damages
False
Lavatory
Liens

36. What are the two most common methods by which a contractor can acquire a construction contract?
Direct Negotiation - Competitive Bidding
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.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

37. What is estimating in construction?
Both extreme hot and cold will tend to slow down the pace of work.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
True
Liens

38. What is the maintenance bond?
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
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 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.
Master Format and Uniformat

39. Proposal prepared by prospective contractor specifying the charges to be made for doing the work in accordance with the contract documents.
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.
Bid
True
As-built drawings

40. An invitation to a selected list of contractors furnishing information on the submission of bids on a subject.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Invitation to bid
The amount of work that can be done in an hour

41. List the factors affecting labor productivity
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Change Order
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.

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

43. 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
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
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Master Format and Uniformat

44. Under what conditions are wage premiums applied
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
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.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
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.

45. An invitation to a selected list of contractors furnishing information on the submission of bids on a subject.
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.
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.
Invitation to bid
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work

46. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
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
Internal Factor - External Factor - Project Related-Factor

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

48. The assembly of components to form the completed portion of a job.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
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
Liens

49. 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
The amount of work that can be done in an hour
...
Punch List
Skilled labor and material portions

50. 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 most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Erection
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.