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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 is the payment 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.
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.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
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. What is the maintenance bond?
False
Master Format and Uniformat
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.

3. The most reliable productivity rates come from historical data
Direct Negotiation - Competitive Bidding
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
True
Punch List

4. What are the two most common methods by which a contractor can acquire a construction contract?
Lump-Sum Estimate - Unit Price Estimate
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.
Direct Negotiation - Competitive Bidding
The Labor Hour

5. Legal claims against an owner for amounts due those engaged in or supplying materials for the construction of the building.
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
Liens
True
Renting - Leasing - Buying

6. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
Addenda
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Liens
Bid Bond

7. List the factors affecting labor productivity
True
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above

8. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Liquidated Damages
Punch List
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

9. Describe the composition of the Construction Cost Index (CCI).
Common labor and material portions
The amount of work that can be done in an hour
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.

10. Assemblies Estimate...
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
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.
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

11. 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.
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

12. 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.
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Bid
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor

13. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
False
Bid Bond
As-built drawings
Retainage

14. What is depreciation?
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.
Retainage
Common labor and material portions
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

15. Where the project will be constructed does not have a major influence in the preparation of an estimate.
Liens
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.
False
The amount of work that can be done in an hour

16. What is the best source for productivity data?

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17. Explain why using overtime is not recommended for most construction projects.
Skilled labor and material portions
Scheduling overtime for more than several weeks can result in huge productivity losses.
The amount of work that can be done in an hour
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.

18. What are the two most common methods by which a contractor can acquire a construction contract?
Direct Negotiation - Competitive Bidding
...
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 loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

19. What unit of time is used to measure labor?
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
True
The Labor Hour
Addenda

20. Order of Magnitude Estimate...
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Master Format and Uniformat
A gross unit such as the number of hospital beds is used.

21. How do climatic conditions influence the amount of work actually completed in an hour?
The amount of work that can be done 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.
The Labor Hour
Both extreme hot and cold will tend to slow down the pace of work.

22. What are the difficulties encountered by the estimator during the preparation of a project's conceptual estimate?
A gross unit such as the number of hospital beds 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
...

23. What is the payment bond?
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.
False
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs

24. What unit of time is used to measure labor?
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
The Labor Hour
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.

25. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
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.
As-built drawings
Contract Documents
True

26. What is the best source for productivity data?

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

28. A bathroom sink
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 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
Lavatory

29. Name two systems that establish standards for the building design/construction estimating process.
Retainage
Master Format and Uniformat
True
A gross unit such as the number of hospital beds is used.

30. What is the bid bond and how does it protect the owner?
True
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed 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
Instruction to bidders

31. What does the labor hour represent?
The amount of work that can be done in an hour
Joist
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.

32. Describe and provide examples of specific use equipment and general use equipment.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
A gross unit such as the number of hospital beds is used.
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.
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps

33. Explain firm price contracting estimates.
Lavatory
The Labor Hour
Lump-Sum Estimate - Unit Price Estimate
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

34. Describe and provide examples of specific use equipment and general use equipment.
Liquidated Damages
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.
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

35. Describe factors affecting the accuracy of detail cost estimating.
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Lavatory
Lavatory
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs

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

37. 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.
Punch List
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
The ability to procure the right piece of equipment for the job when the unit is needed
Change Order

38. 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
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
Renting - Leasing - Buying
Skilled labor and material portions
Liquidated Damages

39. The most reliable productivity rates come from historical data
True
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
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

40. What are some of the costs that must be included in equipment operating costs?
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
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire

41. How does insurance differ from a surety 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.
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.
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.

42. 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.
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.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

43. Explain why using overtime is not recommended for most construction projects.
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
True
A gross unit such as the number of hospital beds is used.
Scheduling overtime for more than several weeks can result in huge productivity losses.

44. Name the types of Estimates
Bid
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Foundation
False

45. What is the bid bond and how does it protect the owner?
Lump-Sum Estimate - Unit Price Estimate
Contract Documents
Joist
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

46. Where would information be found on whether a bid bond was required and - if so - its amount?
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Joist
False

47. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
Addenda
True
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 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.

48. What are some of the factors a contractor considers when making a decision to bid?
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 ability to procure the right piece of equipment for the job when the unit is needed
Internal Factor - External Factor - Project Related-Factor

49. An invitation to a selected list of contractors furnishing information on the submission of bids on a subject.
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
False

50. Describe factors affecting the accuracy of detail cost estimating.
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Invitation to bid
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

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Construction Estimating

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