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COSH > COST ENGINEERING > Flashcards

COST ENGINEERING Flashcards

1
Q

It is the application of scientific principles and techniques to problems of estimation; cost control; business planning and management science;
profitability analysis; project management; and planning and scheduling.

A

COST ENGINEERING

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2
Q

The primary aim of cost engineering is to achieve the ideal balance between the price, quality and time obligations of a project.

A

COST ENGINEERING

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3
Q

What is the function of a cost engineer in a construction project?

A

Estimates how much the total cost of any project will be

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4
Q

What is the function of a cost engineer in a construction project?

A

Forecasts costs based on present trends and remaining
work

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5
Q

What is the function of a cost
engineer in a construction project?

A

Makes timely evaluations of cost and scheduling status

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6
Q

What is the function of a cost
engineer in a construction project?

A

Keeps track of costs on a daily basis

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7
Q

what are the important competencies for a cost engineer

A
  • general capabilities
  • estimating skills and knowledge
  • cost control skills and knowledge
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8
Q

What are the general capabilities?

A
  • Communication
  • Planning, organizing, delegating
  • Decision making
  • Teamwork and relationships
  • Quality, follow procedures, support change, accuracy
  • Leadership, role model, mentoring, training
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9
Q

Estimating skills and knowledge

A
  • Reading of and quantification from engineering document
  • Defining of scope
  • Usage of breakdown structures
  • Obtaining / using cost data and vendor quotes
  • Data analysis & benchmarking
  • Labor productivity analysis
  • Equipment factored and capacity factored estimating
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10
Q

cost control skills and knowledge

A
  • Cost control, budgets and forecasts
  • Planning / scheduling
  • Progress measurement, earned value
  • Change management
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11
Q

they organize the work

A

Project Manager

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12
Q

They coordinate resources in the right mixture of cost and time

A

Project Manager

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12
Q

They Solve problems that could jeopardize the success of the project

A

Project Manager

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13
Q

He/She Advises the Project Manager in:
* Forecasting
* Indicating Status
* Pointing out unfavorable
trends
* Suggesting corrective action

A

Cost Engineer

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13
Q

COST ENGINEERING AS A
MANAGEMENT FUNCTION

A
  • profit maximizing
  • project direction
  • project coordination
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14
Q

A ________ cost engineer
has the experience to
anticipate problems and
challenges before they
result in _____________
and_________

A

-skilled
-cost overruns
-scheduling slow-
downs

15
Q

PROJECT
LIFE CYCLE

A
16
Q

it include in market research.

A

•Research and Development
● The best possible location for the project
● Factors to Consider
● Cost engineering principles can be used in calculating capital
costs, production costs, and schedules

17
Q

What are the factors to be consider in a market search?

A

○ Source of Raw Materials
○ The Market for the Finished Project
○ Cost of Utilities and Distribution
○ Availability of Manpower
○ The Environment
○ Competition

18
Q

it include more details and greater number of factors
must be known and calculated

A

PRELIMINARY ESTIMATE

19
Q

A ________________________________________________________ should be the coordinator for this phase of work.

A

senior cost engineer, a chief estimator, or a project control
manager

20
Q

Preliminary Estimate by owner should include

A

○ Cost of Equipment
○ Cost of Materials
○ Cost of Construction Labor
○ Direct and Indirect Cost
○ Contingency

21
Q

invitation to bid is given to or issued to a minimum of three
firms

A

PRELIMINARY ESTIMATE BY FIRM

22
Q

bid price is straightforward

A

Lump sum

23
Q

two types of cost-plus fee

A
  • cost-plus percentage fee
    -Cost-Plus Fixed
    Fee
24
Q

Has the responsibility of proposing the most
economical design or a restricted number of more
desirable alternative schemes

A

PROCESS DEPARTMENT

25
Q

Prepare the flow sheets that will be the basis for the calculation of different phases of construction.

A

PROCESS DEPARTMENT

26
Q

Data developed by the process engineer will form the basis for subsequent calculations by the other engineering departments.

A

PROCESS DEPARTMENT

27
Q

Calculates the physical sizes of all the facilities and
equipment involved in the project.
○ Sizing buildings, calculating foundation and
earthwork
● Mechanical
● Civil
● Electrical

A

DESIGN DEPARTMENT

28
Q

Prepares all the drawing required for the project and by the design groups.

A

DRAFTING DEPARTMENT

29
Q

Considers the construction aspect and makes comments and requests that will ensure the most expedient, economical, and safe methods of
construction

A

CONSTRUCTION DEPARTMENT

30
Q

Will assist in cost estimating and planning of the construction phase

A

CONSTRUCTION DEPARTMENT

31
Q

Having read the client’s bid request, and received all the data from Engineering Department, the Cost Engineering department develops the proposal estimate

A

COST ENGINEERING DEPARTMENT

32
Q

Proposal Estimate Includes

A

○ Material Takeoffs
○ Cost Estimates of Materials and Equipment
○ Costs obtained from outside suppliers

33
Q

If _______ is used, cost and schedule is combined

A

“PERT”

34
Q

If the contract is lump-sum, in case of overruns, the contractor may have to absorb the loss

A

○ Request for more money from the client
○ Cancellation of the project

35
Q

Must contact outside vendors or
suppliers to check the availability of materials and equipment and its
cost

A

PROCUREMENT

36
Q

Handles all phases of construction work that could be subcontracted to outside firms

A

CONTRACTING

37
Q

May be involved in the pre-estimating survey to evaluate local labor availability and its cost

A

CONTRACTING

COSH (9 decks)

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