Cost Estimates Part 2

Question 1

Every estimate, whether it is generated in the conceptual phase of a project or at bidding time, must consider a number of issues:

Answer 1

 Project Size
 Project Quality
 Project Location
 Time (start of construction)
 Market Conditions

Question 2

The _____________ is directly affected by the ability of the estimator to properly analyze these basic issues.

Answer 2

accuracy of an estimate

Question 3

states that whenever the quantity of a product doubles, the unit or cumulative average cost-hour, man-hour, peso, etc. will decline by a certain percentage

Answer 3

Learning

Question 4

created for a particular city by comparing the cost of labor, equipment, and material for that city to the national average

Answer 4

index

Question 5

The cost of constructing projects in different locations can be predicted by establishing what

Answer 5

Location indices

Question 6

Since estimates are prepared in advance of the actual construction, the e-stimator must “_____” or “——-” to the future what the cost of the work will be

Answer 6

project/forecast

Question 7

can be used to adjust the cost of a past project to one today

Answer 7

Time Indices

Question 8

also known as a top-down, order of magnitude, feasibility, analogous, or preliminary estimate

Answer 8

Conceptual Cost Estimating

Question 9

usually performed as part of the project feasibility analysis at the beginning of the project

Answer 9

Conceptual Cost Estimating

Question 10

the owner must know the approximate estimate to evaluate ————— of proceeding with the project

Answer 10

The economic feasibility

Question 11

is an estimate prepared by using engineering concepts and avoiding the counting of individual pieces

Answer 11

Conceptual Estimate

Question 12

request made by management to estimate the cost of a project

Answer 12

Estimate preparation

Question 13

Output from Estimate preparation

Answer 13

Project conceptual cost estimate

Question 14

data are based on an average of over 11, 500 projects as reported to Means from contractors, designers and owners.

Answer 14

Cost data books (RSMeans)

Question 15

value represents the cost of average quality projects

Answer 15

Median Cost

Question 16

Depends on the cost per functional unit of the building

Answer 16

Unit Method

Question 17

is a single price rate method based on the cost per square meter of the building

Answer 17

Square meter method

Question 18

also called Systems Estimating - is best accomplished concurrently with the design phase of a project

Answer 18

Assembly Estimate (Approximate quantities)

Question 19

 Most accurate preliminary method of estimating, provided that there is sufficient information to work on

Answer 19

Assembly Estimate (Approximate quantities)

Question 20

The adjustment should represent the relative inflation or deflation of costs with respect to time due to factors such as labor rates, material costs, interest rates

Answer 20

Time adjustment

Question 21

uses historical data as the basis of the model’s predictive features

Answer 21

parametric model

Question 22

calculate the dependent variables of cost and duration based on one or more independent variables

Answer 22

parametric model