Estimating Flashcards
1
Q
6 level of estimating
A
Owner’s estimate
1. Conceptual
2. Alternative design
3. Owner/engineers
Contractor’s estimate
4. Contractor’s bid (most detailed)
5. Alternative construction method
6. Change order/claim
2
Q
Horizontal format items
A
- L (Labor)
- RL (Repair and Service labor)
- PM (Permanant materials)
- EM (Expendable materials)
- S (Sub-contractors)
- EOE (Equipment
- Operating Expense)
- R (Rental)
3
Q
Horizontal format risk rank
A
L, RL
EM
EOE, R
S, PM
4
Q
Vertical format items
A
- Direct/indirect cost
- Escalation
- Interest
- Contingency
- Markup
- Bond fee
4
Q
3 identified contingencies
A
- Productivity hedge
- Soft subs
- Special risk event
5
Q
1 unidentified contingency
A
Markup
6
Q
3 types of escalations
A
Labor
Material
Equipment
7
Q
3 methods for calculating markups
A
- total cost %
- labor %
- broad based
8
Q
2 types of bid
A
- Lump sum
- Schedule of bid items (more restricted)
9
Q
EOE includes;
A
- F.O.G: Fuel Oil Grease
- Tires
- small repair parts
- 3rd party over haul
10
Q
Ex of direct cost
A
- Raw material
- Labor
- Equipment
11
Q
Ex of indirect cost
A
- Salary
- Overhead expenses
- Insurance/taxes
12
Q
Why is the direct cost done before indirect cost?
A
Indirect cost depends on time which is affected by direct cost.
13
Q
What is soft sub?
A
Subcontractor not covered by performance bond
14
Q
What is escalation?
A
Increase in price of equipment, labor and material over time
