BUDGETING AND COST ESTIMATING

Question 1

Which of the following is the most accurate means for estimating project costs?

Answer 1

Detailed quantity takeoffs are the most precise method for determining budget.

It is developed by counting actual quantities of materials and furnishings and multiplying these quantities by firm, quoted costs. Such detailed estimates cannot be done until late in the design and construction document phase of a project.

Question 2

Typically what are the first items of FF&E that an interior designer should research?

Answer 2

furniture or accessory items

The first research need an interior designer typically must satisfy is the initial selection of furniture or accessory items.

Even if a designer has a specific item from a particular manufacturer in mind, it may be outside the budget limitations or its lead time may not work for the project.

Furniture includes both casegoods and upholstery, while casegoods excludes upholstery which can take longer because of COM.

Question 3

Following the final design development meeting, the client has requested to see a revised budget.
At this point in the design process, what estimating method would provide the most appropriate budget for the client’s review?

Answer 3

parameter method

Question 4

Project furniture budgets can best be accurately estimated by the

Answer 4

interior designer and furniture dealers

Question 5

After defining the exact scope of work and selecting individual floor finish types for each area of your project, you must provide your client with an updated working budget number.
Which method of estimating would be used at this time?

Answer 5

Parameter Method