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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.
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. What is the maintenance 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.
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
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.
Common labor and material portions

2. 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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3. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
True
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Internal Factor - External Factor - Project Related-Factor
Contract Documents

4. Name 10 step process to bid

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5. What are the difficulties encountered by the estimator during the preparation of a project's conceptual estimate?
False
Both extreme hot and cold will tend to slow down the pace of work.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
True

6. Five basic skills everyone should master

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7. Construction estimating is more an art than a science
Lump-Sum Estimate - Unit Price Estimate
Lump-Sum Estimate - Unit Price Estimate
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.

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

9. Name two systems that establish standards for the building design/construction estimating process.
Lump-Sum Estimate - Unit Price Estimate
Master Format and Uniformat
Invitation to bid
Skilled labor and material portions

10. 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
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Internal Factor - External Factor - Project Related-Factor
Liquidated Damages
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.

11. What are some of the factors a contractor considers when making a decision to bid?
Internal Factor - External Factor - Project Related-Factor
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
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
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors

12. What are the two most common methods by which a contractor can acquire a construction contract?
Direct Negotiation - Competitive Bidding
Liens
True
True

13. Name the types of Estimates
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Common labor and material portions
True

14. Describe the composition of the Construction Cost Index (CCI).
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
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
Common labor and material portions

15. Closely spaced beams supporting a floor or ceiling.They may be wood - steel - or concrete.
Joist
Instruction to bidders
Common labor and material portions
Bid

16. Describe the composition of the Building Cost Index (BCI).
Addenda
Skilled labor and material portions
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.

17. Describe the CSI MasterFormat and how it is used.
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 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
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.

18. 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 estimator uses more detailed information such as the bay size - square feet of partition wall - number of plumbing fixtures - or square feet of carpet.
Contract Documents
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor

19. Assemblies 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
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.
Scheduling overtime for more than several weeks can result in huge productivity losses.
True

20. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Bid Bond
True
Common labor and material portions

21. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
Contract Documents
Foundation
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.
Instruction to bidders

22. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
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 Bond
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.

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
Change Order
Liquidated Damages
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Common labor and material portions

24. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
False
Punch List
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

25. 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.
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 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

26. What types of information are provided in the Invitation to Bid?
Lump-Sum Estimate - Unit Price Estimate
False
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

27. What is the bid bond and how does it protect the owner?
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
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

28. A document stating the procedures to be followed by bidders.
Scheduling overtime for more than several weeks can result in huge productivity losses.
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
True
Instruction to bidders

29. 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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30. Describe the CSI MasterFormat and how it is used.
True
False
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.
Invitation to bid

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.
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Bid
Lavatory
Addenda

32. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
True
True
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
False

33. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Skilled labor and material portions
Instruction to bidders
True

34. What are the advantages to a small contractor of renting equipment instead of owning?
Foundation
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
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
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. What unit of time is used to measure labor?
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 Labor Hour
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Skilled labor and material portions

36. The substructure that supports a building or other structure.
Foundation
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.
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

37. Why do many contractors hesitate to bid just before the expiration of a union contract?
Liquidated Damages
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.
Addenda
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.

38. What is the payment bond?
Contract Documents
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
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.

39. A good database of past project experiences is essential to preparing a quick and accurate estimate.
Lavatory
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
True
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above

40. What is the payment bond?
Addenda
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
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.
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.

41. Where would information be found on whether a bid bond was required and - if so - its amount?
Scheduling overtime for more than several weeks can result in huge productivity losses.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Invitation to bid
Lavatory

42. How do climatic conditions influence the amount of work actually completed in an 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
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Both extreme hot and cold will tend to slow down the pace of work.
Direct Negotiation - Competitive Bidding

43. What is the maintenance bond?
Skilled 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.
True
Liquidated Damages

44. What is estimating in construction?
Skilled labor and material portions
Joist
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.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

45. Operation costs include...
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Erection
True

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

47. What is estimating in construction?
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
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Instruction to bidders

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

49. What does the labor hour represent?
True
Direct Negotiation - Competitive Bidding
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 amount of work that can be done in an hour

50. 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.
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 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.
Master Format and Uniformat

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Construction Estimating

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