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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 some of the costs that must be included in equipment operating costs?
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
The amount of work that can be done in an hour
Bid Bond
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. On certain projects the owner may accept proposals only from contractors who are invited to bid.
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

3. 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 Labor Hour
Addenda
Change Order
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs

4. Under what conditions are wage premiums applied
Liquidated Damages
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Instruction to bidders
Renting - Leasing - Buying

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

6. 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
Internal Factor - External Factor - Project Related-Factor
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
True
...

7. A bathroom sink
Lavatory
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
As-built drawings
Common labor and material portions

8. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
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.
Retainage

9. Proposal prepared by prospective contractor specifying the charges to be made for doing the work in accordance with the contract documents.
The Labor Hour
Bid
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.
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. Name three common methods of procuring equipment.
Renting - Leasing - Buying
Liens
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.

11. Describe factors affecting the accuracy of detail cost estimating.
Punch List
True
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
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

12. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
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
The Labor Hour
Retainage

13. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
Addenda
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
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.

14. Explain why using overtime is not recommended for most construction projects.
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.
True
Master Format and Uniformat
Scheduling overtime for more than several weeks can result in huge productivity losses.

15. What is the best source for productivity data?

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16. The substructure that supports a building or other structure.
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
Foundation
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs

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

18. The assembly of components to form the completed portion of a job.
False
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
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Erection

19. A bathroom sink
Lavatory
Invitation to bid
The ability to procure the right piece of equipment for the job when the unit is needed
A gross unit such as the number of hospital beds is used.

20. What is estimating in construction?
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Foundation
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Instruction to bidders

21. What is the maintenance bond?
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
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 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. 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

22. The most reliable productivity rates come from historical data
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
True
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.

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

24. Order of Magnitude Estimate...
Both extreme hot and cold will tend to slow down the pace of work.
Renting - Leasing - Buying
A gross unit such as the number of hospital beds is used.
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

25. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
Liens
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
False
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.

26. Describe and provide examples of specific use equipment and general use equipment.
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
False
Internal Factor - External Factor - Project Related-Factor
The ability to procure the right piece of equipment for the job when the unit is needed

27. Name three common methods of procuring equipment.
Renting - Leasing - Buying
False
A gross unit such as the number of hospital beds is used.
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.

28. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
The amount of work that can be done in an hour
True
Retainage

29. Name two systems that establish standards for the building design/construction estimating process.
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
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed 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.
Master Format and Uniformat

30. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
Retainage
Punch List
As-built drawings
Invitation to bid

31. What is retainage? Why should a contractor be concerned with a retainage clause in a 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.
Bid Bond
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

32. What is the bid bond and how does it protect the owner?
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 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 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
The ability to procure the right piece of equipment for the job when the unit is needed

33. Five basic skills everyone should master

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34. A document stating the procedures to be followed by bidders.
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
Instruction to bidders
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors

35. The assembly of components to form the completed portion of a job.
Internal Factor - External Factor - Project Related-Factor
Erection
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Bid

36. Name the types of Estimates
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed 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.
Joist

37. Under what conditions are wage premiums applied
Lump-Sum Estimate - Unit Price 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.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
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.

38. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
A gross unit such as the number of hospital beds is used.
Change Order
Punch List
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors

39. Describe and provide examples of specific use equipment and general use equipment.
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
Punch List
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

40. Describe the composition of the Building Cost Index (BCI).
The amount of work that can be done in an hour
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Skilled labor and material portions
Renting - Leasing - Buying

41. 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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42. Where the project will be constructed does not have a major influence in the preparation of an estimate.
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.
False

43. A document stating the procedures to be followed by bidders.
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Instruction to bidders
Both extreme hot and cold will tend to slow down the pace of work.
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

44. The substructure that supports a building or other structure.
Master Format and Uniformat
True
Foundation
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire

45. Legal claims against an owner for amounts due those engaged in or supplying materials for the construction of the building.
Bid
True
Bid
Liens

46. Explain firm price contracting estimates.
Lump-Sum Estimate - Unit Price Estimate
Scheduling overtime for more than several weeks can result in huge productivity losses.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
True

47. What unit of time is used to measure labor?
The ability to procure the right piece of equipment for the job when the unit is needed
The Labor 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.

48. What are some of the factors a contractor considers when making a decision to bid?
Retainage
Both extreme hot and cold will tend to slow down the pace of work.
Internal Factor - External Factor - Project Related-Factor
True

49. 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.
As-built drawings
Punch List
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

50. Describe factors affecting the accuracy of detail cost estimating.
Lump-Sum Estimate - Unit Price Estimate
False
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs

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Construction Estimating

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