Cost Estimating II Flashcards
If errors in the estimating process occur….
do not cover up or attempt to recover missing cost with fake change orders
What should be done by 30 - 40% finished design
Many critical design decisions such as building footprint, major equip. types, processes etc have been made.
Estimator can develop quantities of work and apply actual unit prices
What should be done by 60% finished design
Verify proposed systems and subsystems meet project needs
Compare original budget with more precise quantities and quality requirements
Identify unresolved problems
Review drawings and specs. for construction capabilities by a team of construction professionals
90% finished design
Complete set of bid docs.
Documents sent to permitting authorities for review.
What are the accuracy factors
Quantity and cost of:
construction materials
labour
equipment
What is pricing
assigning a dollar value to a work item based on given specifications and predetermined qty required.
External factors of productivity
Market conditions
Environmental conditions
Internal factors
Work conditions
Management conditions
What is a contingency
the amount of money added to an estimate to cover the unforeseen needs of a project, construction difficulties or estimating accuracy
