Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

ENCI313 > Cost Estimation > Flashcards

Cost Estimation Flashcards

1
Q

Purpose of Cost Estimation

A
  • project viability
  • option comparison
  • funding approvals
  • cost control
  • programming / cashflow
  • financial planning
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Phasing of Cost Estimates

A
  1. Feasability Estimate (FE)
  2. Option Estimate (OE)
  3. Scheme Estimate (SE)
  4. Pre-design Estimate (PE)
  5. Design Estimate (DE)
  6. Construction Estimate (CE)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

I & R

A

Investigation and Reporting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

PFR

A

Project Feasability Report

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

D & PD

A

Design and Project Documentation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Accuracy of Estimate at Concept Stage

A

+/- 50%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Accuracy of Estimate at Pre-Feasability

A

+/- 30%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Accuracy of Estimate at Feasability

A

+/- 25%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Accuracy of Estimate at Preliminary Design

A

+/- 20%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Accuracy of Estimate at Detailed Design

A

+/- 15%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Accuracy of Estimate at Tender Price

A

actual price + variation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Capital Cost Estimate could include:

A
  • land aquisition or access agreements
  • concept and pre-feasability studies
  • resource consent applications with associated supporting studies, hearings, environment court (if applicable)
  • investigations to support design
  • design - preliminary through to detailed
  • Building Consents and regulator fees
  • construction, including materials, equipment and labour
  • field supervision of construction
  • construction financing
  • insurance and taxes during construction
  • construction overheads
  • inspections, testing, environmental compliance monitoring
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

CAPEX

A

Capital Expenditure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Design Fees

A
  • concept
  • pre-feasability
  • feasability
  • preliminary
  • detailed design
    rule of thumb: (5-10%) of capital for all stages - but very dependant on project complexity, site constraints, number of options assessed etc
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Preliminary-Technical Studies

A
  • river hydrology and morphology
  • canal and intake structure hydraulics
  • seismic hazard assessment
  • geotechnical investigations
  • initial geometric design
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Detailed Design

A
  • detailed hydraulic analysis
  • earthworks and linear design/alignment conformation
  • structural design
  • construction drawings and building consent application
  • assistance with procurement and tender evaluation
17
Q

Field Investigations

A
  • geotechnical investigations
  • geological
  • topographical survey
  • contaminated site
  • hydrological
  • water quality
18
Q

Approvals

A
  • Resource Consents
  • Property owner conditions of access
  • Legal Fees
19
Q

General Items in “Bill of Quantities”

A

approx. 15% of project cost
- P & G
- Mobilisation
- Management Plans and Submittals
- Misc.
- Demobilisation

20
Q

Specific Items in “Bill of Quantities”

A
  • Earthworks quantities
  • concrete volumes
  • pipes
  • etc.
21
Q

Operating Cost Estimate could include:

A
  • operator fees
  • power supply
  • maintenance contracts
  • materials
  • administration
  • annual reporting
  • monitoring
22
Q

OPEX

A

Operating expenditure

23
Q

NPV

A

Net Present Value

  • the present value of a project based on projected future cash inflows discounted back to current day rates compared to current investment
  • often used to compare projects at the optioneering stage
24
Q

Engineers Estimate

A
  • based on bill of quantities
  • rates based on experience / similar jobs and reference materials
  • may use an independent QS
  • accuracy +/- 20%
25
Q

What factors should a contractor consider in tender price for earthworks?

A
  • haul distance
  • machine type
  • machine numbers
  • time of year (work hours)
  • site commute
  • grade (fuel use)
26
Q

What factors should a contractor consider in tender price for materials?

A
  • standard size
  • lead time
  • delivery cost
  • machinery needed to install
  • labour to install
27
Q

independant checks

A
  • quantity surveyor for costs
  • technical peer reviews
  • independent construction advice on constructability and risk
28
Q

what is the difference between construction cost estimate versus tender price?

A
  • contractor’s margin
  • risk assessment
  • Hunger for the job
    also:
  • speciality/efficiencies not identified by the engineer
  • supplier relationship
29
Q

Tender Evaluation Weighted Attributes

A
  • relevant experience and track record
  • organisational structure
  • resources
  • programme
  • price
30
Q

What changes the actual construction cost

A
  • unforseen ground conditions
  • extreme weather
  • design inconsistencies
  • supplier delays
31
Q

Who wears changes in actual cost

A
  • variations

- contract and specification details become important

32
Q

Financial Risk Assessment

A
  • what are the risks to the project
  • how do these relate to the cost
  • what is the likelihood of each risk
  • probabilistic cost estimation
  • accounts for project risks, cost of risks and probability
  • financing often based on the P80 or P90 cost
33
Q

Project Cost Elements

A
  • land purchase/easement
  • resource consents
  • field investigations
  • design
  • construction
  • regulatory fees
34
Q

Cost Approach

A
  • accuracy of estimate increases with design detail
  • approach to estimate should be based on complexity of project
  • always apply contingency

ENCI313 (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions