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Construction Estimating

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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. Why do many contractors hesitate to bid just before the expiration of a union contract?
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.
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. 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. Construction estimating is more an art than a science
Change Order
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Joist
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

3. A good database of past project experiences is essential to preparing a quick and accurate estimate.
Renting - Leasing - Buying
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

4. The most reliable productivity rates come from historical data
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
True
The Labor Hour
Punch List

5. What does the labor hour represent?
True
The amount of work that can be done in an hour
Addenda
True

6. Explain firm price contracting estimates.
A gross unit such as the number of hospital beds is used.
Lump-Sum Estimate - Unit Price Estimate
Retainage
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

7. A document stating the procedures to be followed by bidders.
Invitation to bid
Instruction to bidders
False
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

8. Proposal prepared by prospective contractor specifying the charges to be made for doing the work in accordance with the contract documents.
Internal Factor - External Factor - Project Related-Factor
Bid
True
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs

9. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
Liquidated Damages
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
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.

10. 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.
Lavatory
Both extreme hot and cold will tend to slow down the pace of work.
Change Order

11. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
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.
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. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Bid Bond

12. Operation costs include...
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
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Lavatory
Common labor and material portions

13. 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
Invitation to bid
True
Scheduling overtime for more than several weeks can result in huge productivity losses.

14. What are some of the factors a contractor considers when making a decision 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.
Erection
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
Internal Factor - External Factor - Project Related-Factor

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

16. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
The ability to procure the right piece of equipment for the job when the unit is needed
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
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
True

17. The assembly of components to form the completed portion of a job.
Internal Factor - External Factor - Project Related-Factor
Erection
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

18. What is the best source for productivity data?

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19. Describe the composition of the Construction Cost Index (CCI).
Internal Factor - External Factor - Project Related-Factor
The amount of work that can be done in an hour
True
Common labor and material portions

20. 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
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.
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
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
...

21. Closely spaced beams supporting a floor or ceiling.They may be wood - steel - or concrete.
Bid Bond
As-built drawings
A gross unit such as the number of hospital beds is used.
Joist

22. What is the bid bond and how does it protect the owner?
Instruction to bidders
Foundation
The Labor Hour
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

23. Explain why using overtime is not recommended for most construction projects.
As-built drawings
False
Scheduling overtime for more than several weeks can result in huge productivity losses.
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.

24. Describe the composition of the Building Cost Index (BCI).
As-built drawings
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Skilled labor and material portions
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above

25. 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
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.
Retainage
Liquidated Damages
Addenda

26. 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.
Contract Documents
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
Change Order
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.

27. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
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.
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

28. What are the difficulties encountered by the estimator during the preparation of a project's conceptual estimate?
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Erection
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

29. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
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
Both extreme hot and cold will tend to slow down the pace of work.
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

30. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
Invitation to bid
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 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.
Lavatory

31. Name the types of Estimates
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.
True
Master Format and Uniformat
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

32. What is the performance bond?
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
Bid
Internal Factor - External Factor - Project Related-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.

33. Proposal prepared by prospective contractor specifying the charges to be made for doing the work in accordance with the contract documents.
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.
Scheduling overtime for more than several weeks can result in huge productivity losses.
Lump-Sum Estimate - Unit Price Estimate
Bid

34. What are the advantages to a small contractor of renting equipment instead of owning?
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Change Order
True
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.

35. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
True
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
Contract Documents
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors

36. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
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
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Lump-Sum Estimate - Unit Price Estimate

37. What types of information are provided in the Invitation to Bid?
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Change Order
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
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

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.
Contract Documents
Addenda
As-built drawings
True

39. Order of Magnitude Estimate...
False
A gross unit such as the number of hospital beds is used.
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.
Joist

40. The location where material can be stored in relationship to the construction project affects productivity.
Direct Negotiation - Competitive Bidding
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.
Skilled labor and material portions
True

41. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
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.
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
A gross unit such as the number of hospital beds is used.

42. The substructure that supports a building or other structure.
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.
Joist
Retainage
Foundation

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

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

45. Where the project will be constructed does not have a major influence in the preparation of an estimate.
Liquidated Damages
False
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
True

46. 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.
The ability to procure the right piece of equipment for the job when the unit is needed
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors

47. What is depreciation?
The Labor Hour
Renting - Leasing - Buying
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps

48. The substructure that supports a building or other structure.
False
Foundation
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

49. Describe the composition of the Building Cost Index (BCI).
Skilled labor and material portions
Direct Negotiation - Competitive Bidding
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

50. 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.
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.
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
Common labor and material portions

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