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CDS > CDS - Cost Estimation > Flashcards

CDS - Cost Estimation Flashcards

1
Q

UNIT PRICE TAKE-OFF

A

The unit price estimate is the most accurate — and best suited for construction bidding; assign a price and a labor quantity to each item of material for a given set of installation conditions; These are called standard conditions, which form the benchmark for an estimate; The unit price estimate, which requires a detailed set of plans and specifications with all of the design decisions made, can be broken into three parts: takeoff, extension, and summary;

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2
Q

FEASIBILITY STUDY

A

An analysis and evaluation of a proposed project to determine if it (1) is technically feasible, (2) is feasible within the estimated cost, and (3) will be profitable. Feasibility studies are almost always conducted where large sums are at stake. Also called feasibility analysis.

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3
Q

COST OF CONSTRUCTION - OWNER

A

land acquisition, site improvements, building construction, appraisal, financing, professional fees, permits, and maintenance and completion of the structure;

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4
Q

PRO FORMA

A
  1. a financial projection for a development project meant to determine if the project is feasible, given estimates on potential income and the cost of developing the project 2. a means of determining a project’s construction budget by listing labor and construction costs
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5
Q

PUBLISHERS OF CONSTRUCTION COST DATA

A

Engineering News Record, R.S. Means Company, Inc., Dodge Reports, Building Design & Construction Magazine, US EPA

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6
Q

4 VARIABLES IN DEVEOPLOING CONSTRUCTION BUDGET

A
  1. quantity 2. quality 3. available funds 4. time
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7
Q

PARAMETER METHOD OF COST ESTIMATING

A

an expanded itemization of construction quantities and assignment of unit costs to these quantities; ex. breaking the generic category of “flooring” down into each component (ie. concrete, subfloor, wood, vinyl, carpeting, etc.) and estimating each at a unit cost per square foot

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8
Q

MATRIX COSTING METHOD OF COST ESTIMATING

A

individual elements on one side and various alternatives on the other

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9
Q

GENERAL OVERHEAD vs. PROJECT OVERHEAD (constr. cost)

A

GENERAL - the cost to run a contracting business; office rent, secretarial help, heat, etc.; PROJECT - money it takes to complete a particular job; temporary offices, project phones, sanitary facilities, trash removal, insurance, permits, temp. utilities, etc.; total overhead costs can range from 10-20% of the total costs for labor, materials, and equipment and 5-10% of project construction cost

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10
Q

PROFIT (constr. cost)

A

can range from 5-20% of total cost of the job

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11
Q

VARIABLES AFFECTING PROJECT SCHEDULE

A
  1. size and complexity of the building 2. number of people working on the project (don’t want too many or too few) 3. abilities of the design team (younger less experienced staff versus more experienced staff) 4. type of client and decision-making process (fast or slow depending on the client) CONSTRUCTION PHASE: 1. weather 2. management ability of the contractor 3. material delivery times 4. quality and completeness of architect’s drawings/specs 5. labor availability and labor disputes 6. new constru. vs. remodel 7. site conditions 8. architect during CA 9. lender approvals 10. agency and governmental approvals
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12
Q

PROJECT COSTS MAY BE REDUCED BY…

A

using regular forms, compact arrangements, and high densities, worst case scenario - lowering design&constr. standards

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13
Q

LIFE CYCLE COST ANALYSIS

A

evaluate economic performance of a material or building system; all costs associated with purchasing, installing, operating/maintaining, and disposing through the duration of the LCC study period; concerned with first cost, operating cost, maintaining cost, periodic replacement cost, and residual value of the design element; all costs are discounted to convert future costs to their equivalent present values and account for the time value of money

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14
Q

4 GOALS OF SUSTAINABLE DESIGNS

A
  1. use less 2. recycle components 3. components that are easily recyclable 4. components that are fully biodegradable
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15
Q

GUARANTEED MAXIMUM PRICE (GMP)

A

a guarantee of maximum price furnished to the owner by the contractor; typ. when contractor gets involved in the design early with the architect; typ. construction begins before drawings are complete

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16
Q

TOTAL DEVELOPMENT COSTS

A
  1. site acquisition 2. Construction: off-site improvements, on-site improvements, building, fixed equipment, FFE 3. Professional Services (surveys, soils tests, planning, AE, plan check, etc.) 4. Misc Costs: advertising, sewer connection fee, building permit fee, legal fees, etc.) 5. Inspection and Testing 6. Contingencies (bidding contingency, cost escalation and contingencey, construction contingency) 7. Financing (loan fee, bond legal fees, etc.)
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17
Q

COST DATA SOURCES

A

Dodge Building Cost Calculator and Valuation Guide: provides unit cost figures for buildings of varying qualities in the categories of residential, commercial/industrial, public, medical, educational/religious, and misc.; also includes cost multipliers which vary geographically

18
Q

CONTINGENCIES

A

construction contingency 5-10%; escalation costs to be calculated to the midpoint of construction in order to arrive at an avg.; bidding contingency 5-10%; should be higher for earlier budgets than later budgets since there are more unknowns early on

19
Q

COST ANALYSIS METHOD @ PROGRAMMING PHASE

A

unit cost system; cost per sf; based upon recent experience with similar type buildings adjusted for size, location, quality, etc. costs per sf for different functional spaces of the building to increase the accuracy of the estimate

20
Q

COST ANALYSIS METHOD @ SD PHASE

A

cost estimation for all building subsystems (ie. structure, air conditioning, electrical distribution, lighting, plumbing, etc.)

21
Q

COST ANALYSIS METHOD @ DD PHASE

A

detailed component costs are required; more precise; VE to design if costs will exceed the project budget

22
Q

COST ANALYSIS METHOD @ CD PHASE

A

composite unit rates for construction components, assemblies, and systems; unit rates are required for pre-bid estimates, final cost checks, and contractor’s cost breakdown; also used during construction as a basis for verifying the contractor’s payment requests

23
Q

COMPONENT COST ESTIMATING TYP. FOR

A

institutions, governmental agencies, large corporations, chain stores, universities; repeat or repetitive building

24
Q

7 MAJOR COST AREAS

A
  1. Foundations 2. Building Shell 3. Interiors 4. Conveying Systems 5. Mechanical and Electrical 6. General Conditions and Profit (general conditions, site overhead, and profit) 7. Site Development
25
Q

RATIO OF GROSS FLOOR AREA TO BUILDING VOLUME

A

takes into account building height

26
Q

PARAMETER COSTS OF BUILDINGS

A

developed by Engineering News Record; data derived from contractor-reported actual costs which are published in detail for each project; helpful when doing feasibility studies, determining preliminary budgets, aiding design decisions, and cost-cutting procedures, determining and checking bids, and simplifying cost control; apply a Building Cost Index to adjust for other cities; also has an inflation factor

27
Q

FACTORS CONTRIBUTING TO CONSTR. COST DIFFERENCES

A
  1. availability of labor and materials2. resources to produce or fabricate materials 3. convenience of available transportation systems
28
Q

GENERAL OVERHEAD COSTS

A

8-15% of total value of business for a large firm; ads, autos, consulting fees, entertainment, furniture, heat, insurance, interest, legal expenses, rent, salaries, stationery, supplies, taxes, telephone, travel, utilities, wages

29
Q

PROJECT OVERHEAD COSTS (GC)

A

4-10% of construction cost; bonds, equip. storage, heat/ac, insurance, interest, utilities, office maintenance, permits, project office, phone, sanitary facilities, security office supplies, taxes, temp. enclosures, temp. walks and stairs, transpo., trash removal

30
Q

PROFIT (GC)

A

% of total cost of materials, labor, equipment, and overhead; varies according to type of project, size, contract amount, and time required for completion; 5-25%; smaller the project, higher then profit percentage

31
Q

ENR CONSTRUCTION COST INDEX

A

created in 1921; construction cost indicator

32
Q

GOVERNMENT PROJECTS

A

usually take longer as there is a step by step budget and approval process for every phase of the project therefore an inflation allowance is included in the budget

33
Q

GENERAL TAX REVENUE

A

a way to finance a public building; government pays for the building as it is designed and built

34
Q

FIXED-PRICE STRUCTURE (CM/CONTRACTOR)

A

cm/contractor bids project for a fixed price; any potential project savings = profit;

35
Q

COST-PLUS STRUCTURE (CM/CONTRACTOR)

A

cm/contractor charges owner actual cost of the project plus a negotiated fee that is agreed to prior to construction commencement; typ. lowest bid

36
Q

GUARANTEED MAXIMUM (CM/CONTRACTOR)

A

typ. highest probable cost; price established prior to completion of CDs and anticipates full scope of work; any costs savings go to owner; contractor responsible for any project overruns; ie. CM AT RISK

37
Q

LIFE CYCLE ASSESSMENT

A

evaluates environmental impact from initial raw material extraction to final recycling, reuse, or disposal (extraction of raw material, manufacturing of raw material, transportation, installation, maintenance, replacement costs, disposal)

38
Q

4 BASIC VARIABLES TO ESTABLISH A BUDGET

A
  1. quantity 2. quality 3. available funds 4. time
39
Q

COST OF PROFESSIONAL SERVICES

A

5-10% of total development cost or 10-15% of construction cost

40
Q

ESCALATION ESTIMATE

A

2-10% of total construction cost + movable equipment & furnishings per year; a factor for inflation where the present budget estimate is escalated to a time in the future at the expected midpoint of construction

41
Q

PROJECT BUDGET

A

construction contract-typ. 85% of project budget; other 15% is for cost of professional services, cost of surveys, inspections, soil testing, material testing, furnishings, etc.

42
Q

CONSTRUCTION COSTS

A
  1. costs to build the project2. does not include services, a/e fees, financing costs, etc.3. the architects estimate is a best judgement as a design professional4. no fixed limit of construction cost will be established as a condition of the agreement unless agreed by all parties5. only if this fixed cost is agreed to and the construction bids come in over the agreed fixed cost, does the architect modify the documents at no additional cost to the owner

CDS (8 decks)

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