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Estimating > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Estimating is not an exact science Good estimating requires:

A
  1. Knowledge of construction
  2. Common sense
  3. Judgement
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2
Q

What are the types of estimates?

A

Rough order of Magnitude (ROM) Estimates, Square foot and Cubic foot estimates, Assemblies
(Systems) Estimates, and Unit Price Estimate

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3
Q
  1. Educated guess

2. Accuracy is -30% to +50%

A

Rough Order of Magnitude (ROM) Estimates

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4
Q
  1. Used when proposed size and use of building are known

2. Accuracy is -20% to +30%

A

Square Foot and Cubic Foot Estimates

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5
Q
  1. Budgetary tool in planning stages

2. Accuracy is -10% to +20%

A

Assemblies (Systems) Estimates

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6
Q
  1. Based on working plans and full specifications

2. Accuracy is -5% to +10%

A

Unit Price Estimate

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7
Q

Uniformat has how many levels?

A

Uniformat has three levels

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8
Q

Unitformat level 1 categories.

A
  1. Substructure
  2. Shell
  3. Interiors
  4. Services
  5. Equipment and Furnishings
  6. Special Construction
  7. Building Sitework
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9
Q

CSI MasterFormat ( __ cost divisions)

A

50

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10
Q

is a standard for organizing specifications and other
written information for commercial and institutional building projects in the U.S. and Canada.

A

MasterFormat

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11
Q

MasterFormat is a product of the ______________.

A

Construction Specifications Institute (CSI) and Construction Specifications Canada (CSC)

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12
Q
  1. The most insignificant piece of information will become the item that is most important if you don’t document it.
  2. The item you don’t document will be the one
    that someone wants to see.
A

Murphy’s Law in documentation

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13
Q

change during bidding process
1. After specifications issued but before bids submitted.
2. Issued by owner or designer.
3. Bidders must acknowledge receipt of all addenda.
4. Bidders must include cost of all addenda in
bid.

A

Addendum

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14
Q
  1. change after contract is signed.
  2. Additions/modifications to work; adverse weather conditions.
  3. Add or delete work; increase or decrease cost or time.
  4. May not make any adjustment to cost or time.
A

Change Order

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15
Q

Overhead

A

costs that are not materials, labor or equipment

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16
Q
  1. chargeable to a specific project
  2. Superintendent/staff
  3. salaries; temporary utilities; testing;
    permits
A

Job Overhead

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17
Q
  1. not chargeable to a specific project
    Costs incurred at main office of company; executive/staff
    salaries, office rent; office equipment; office utilities; insurance; shops and yards
A

General Overhead

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18
Q

What are the types of bonds?

A

Bid Bond, Performance Bond, Payment Bond

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19
Q

Assures contractor will sign contract with owner.

A

Bid Bond

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20
Q

Assures contractor will perform work.

A

Performance Bond

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21
Q

Assures contractor will pay subs and

suppliers.

A

Payment Bond

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22
Q

Public liability and Property Damage insurance

A

covers actions of contractor’s employees during construction of project.

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23
Q

Basic Builders Risk insurance

A

provides coverage of the project during construction.

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24
Q

Bidding Requirements:

A
  1. Bid Solicitation
  2. Instructions to Bidders
  3. Information Available to Bidders
  4. Bid Forms and Supplements
  5. Bidding Addenda
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25
Q

Three ways to determine hourly rates.

A

Union wage, Open shop wage, prevailing wage

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26
Q
  1. Based on labor contract, or collective bargaining agreement (CBA)
  2. Agreed upon by labor union and contractor’s management
  3. Fringe benefits usually paid to the union
A

Union wage

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27
Q
  1. Non-union members

2. Wage rate agreed upon by individual employee & employer

A

Open shop wage

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28
Q
  1. For projects funded with state or federal money (
    public projects).
  2. Prevailing wages for each construction craft
  3. Determined by wage survey for each geographic
    location.
  4. Base rates generally apply to 40 hr/week, 8 hr/day, 5 days/week.
  5. Overtime increases rates by 1.5 to 2.0 times the base rate
A

Prevailing wage

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29
Q 

Competitive bid

Invited bid

Negotiation

Design
-
build
A

bids

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30
Q

Materials are easy to estimate; __________ are not

A

Labor and Equipment

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31
Q

The quantity of materials for a particular job can be accurately. How are they calculated?

A

Calculated from the dimensions on the drawings for that particular job.

32
Q

The cost of labor and equipment depends on

productivity rates, which

A

can vary substantially from one job to another.

33
Q

Bid Price =

A

Direct Costs + Overhead + Contingency + Profit

34
Q

The purpose of estimating is to determine the forecast costs required to complete a project in accordance with the contract __________.

A

plans and specifications

35
Q

The bid price of a project should be …….

A

High enough to enable the contractor to complete the project with a reasonable profit, yet low enough to be within the owner’s budget.

36
Q

The bid price can then be determined by adding

up:

A
  1. The direct cost (materials, labor, and equipment)
  2. The costs for overhead (indirect costs required to build the project)
  3. Contingencies (costs for any potential unforeseen work)
  4. Profit (cost for compensation for performing the work)
37
Q

What are the two types of estimates?

A

Approximate estimates and detailed estimates

38
Q

(sometimes called feasibility, screening, authorization, preliminary, conceptual, order-of-magnitude, equipment-factored, or budget estimates)

A

Approximate estimates

39
Q

(sometimes called final, bid/tender, or definitive estimates).

A

Detailed estimates

40
Q
  1. May be done with minimal information
  2. Use and size of facility should be known
  3. Can be done in a few minutes
  4. Based on experience
  5. Compared to similar projects
A

Rough Order of magnitude Estimates

41
Q
  1. Uses end product as units
  2. $ per bed for hospitals
  3. $ per student for schools
  4. $ per car for parking garage
  5. Must be adjusted accordingly
  6. Time
  7. Location
A

Rough Order of Magnitude Estimate

42
Q
  1. Used prior to preparation of plans or preliminary drawings
  2. Budgetary parameters still under
    development
  3. Costs categorized into components and elements
  4. Costs normalized according to size (sf) or volume (
    cf) of project
  5. Components may be adjusted according to project requirements
A

Square Foot & Cubic Foot Estimates

43
Q
  1. Historical data are particularly useful
  2. Estimator’s own cost data is best source
  3. Useful as checks against other more detailed estimates
  4. Slightly more time required than ROM estimates
  5. More detail due to more project definition
A

Square foot and Cubic Foot Estimates

44
Q

Fast, cost-effective method for planning phase estimates.
2. Particularly useful for building projects.
3. Should not be used as substitute for unit price
estimate.
4. Use logical, sequential approach of how building is built.
5. UNIFORMAT II (7 cost divisions)
6. CSI MasterFormat(50 cost divisions)

A

Assemblies (Systems) Estimates

45
Q
  1. Designer can compare different systems during design
  2. Quickly determine cost differentials
  3. Owner can anticipate budgetary requirements
A

Assemblies (Systems) Estimates

46
Q
  1. The prospective owner of a project establishes the budget for a project.
  2. The designer of a project must determine the costs of various design alternatives to obtain an economical design that meets the owner’s budget.
  3. The estimator must adjust the unit costs resulting from the quantities, workmanship, location, and construction difficulties.
    .
A

Approximate estimates

47
Q
  1. _____________are sufficiently accurate for the evaluation of design alternatives or the presentation of preliminary construction estimates to the owner, but
    are not sufficiently accurate for bid purposes.
  2. The unit cost method of estimating is commonly used to prepare ___________.
A

Approximate Estimates

48
Q

When dealing with Approximate Estimates the
quantity of work is derived from the drawings for a project. Values of unit costs are sometimes obtained
from:

A

A national pricing manual, like:
•ENR Contracting Cost Books from McGraw-Hill Construction
,•Building Construction Cost Data from RS Means,
•and
The Building Estimator’s Reference Book from Frank R. Walker Company.

49
Q

The cost of a project is prepared by determining the costs of materials, labor, equipment, subcontract work, overhead, and profit.

A

detailed estimate

50
Q

Contractors prepare detailed estimates from a complete set of _________ prior to submission of the bid or formal proposal to the owner.

A

contract documents

51
Q

What is the systematic procedure for detailed estimates?

A
  1. A thorough review of the complete set of
    contract documents: the bidding and contract requirements, drawings, and technical specifications.
  2. The compilation of costs with a well-organized checklist of all work items necessary to construct the
    project: The estimator prepares a material quantity takeoff of all materials from the drawings.
52
Q

What are two basic approaches to organizing estimates?

A 
1. To identify  work by the categories contained in the 
project’s written specifications: like Construction 
Specification Institute (CSI) for building construction projects. 
2.  Uses a work break-down structure (WBS) to identify work items by their location on the project.
53
Q

To prepare an estimate the estimator reviews the plans and specifications and performs a __________ to determine the type and amount of work required to build the project.

A

Quantity take off

54
Q

The unit costs of different materials should be obtained from material suppliers and used as the
basis of estimating the costs of materials for
the project, including _______.

A

delivery cost, waste and taxes!

55
Q

To prepare an estimate the estimator reviews the plans and specifications and performs a _______ to determine the type and amount of work required to build the project.

A

Quantity take off

56
Q
  1. The quantity takeoff for grading is cubic yards of material.
  2. An evaluation of the job conditions considers the type of soil, including presence of rock, and the required haul distance to select the appropriate equipment to perform the work.
A

Quantity take off for grading

57
Q

The paving work can be subdivided into
these
categories:

A

main line paving, short run paving, curbs and gutters, and handwork paving

58
Q
  1. Owner produces documents
  2. Contractor reviews documents
  3. Solicits subcontractor input
  4. Submits bid for completion of the work
  5. Owner awards to lowest, responsive bidder
A

Competitive bid

59
Q 
Similar to standard process except
Prequalification:
1. Experience
2. Finances
3. Workload
4. Goal is to limit pool to similarly qualified contractors
A

Invited bid

60
Q 
Proposal based
Interview:
1. Cost
2. Schedule
3. Approach
4. Staffing
5. Experience
A

Negotiation

61
Q

One entity
Provides:
1. Design
2. Construction

A

Design-build

62
Q

Typically includes:

  1. Plans & Drawings
  2. Written specifications:
  3. Legal aspects between owner and contractor
  4. Technical requirements of project
  5. Procedures for receipt and opening of bids
  6. Qualifications required of bidders
  7. Owners bid forms
  8. Bonds and insurance requirements
A

Bid Documents

63
Q
  1. change during bidding process
  2. After specifications issued but before bids submitted
  3. Issued by owner or designer
  4. Bidders must acknowledge receipt of all addenda
  5. Bidders must include cost of all addenda in
    bid
A

Addendum

64
Q
  1. change after contract is signed
  2. Additions/modifications to work; adverse weather conditions
  3. Add or delete work; increase or decrease cost or time
  4. May not make any adjustment to cost or time
A

Change Order

65
Q
  1. State tax typically ~ 3% of direct materials cost
  2. City and/or county tax ~ 2-3%
  3. Estimator must include appropriate amount for materials tax
A

Materials tax

66
Q
  1. Federal government requires tax of 7.65% on wages up to $76,000
  2. Unemployment tax of 3%
A

Labor Taxes

67
Q
  1. Covers medical expenses for employees injured on job

2. 10-30% of base labor cost; depends on type of work; varies by state

A

Workers compensation insurance

68
Q

Total cost of labor taxes and insurance; typically _____.

A

~ 25 –35%

69
Q
  1. Typically known as:
  2. Invitation to Bid (common in private work)
  3. Request for Proposals (RFP)
  4. Advertisement for Bid (common in public work)
  5. Identifies name and location of project
  6. Provides a brief summary of work
  7. Names authority responsible for bid award
  8. Declares if bids will be opened publicly or not
  9. In public work, bids opened publicly
A

Bid Solicitation

70
Q
  1. Contains pre-qualification/eligibility criteria
  2. Date, time, and location of pre-bid conference or inspection
  3. Defines bid bond requirements
  4. States liquidated damages that apply (if any)
  5. Provides start date, completion date, and addenda
  6. States rules for interpreting contract documents
  7. Indicates date, time, and location for obtaining bid documents
A

Instructions to Bidders

71
Q

May include:

  1. Geotechnical reports
  2. Subsurface investigations
  3. Property surveys
  4. Record drawings
  5. Conservation commission reports
  6. Hazardous materials management reports
  7. Environmental impact statements
A

Information avalible to bidders

72
Q
  1. Forms to be used to submits bids and bid bonds
  2. Keeps proposals uniform in appearance and content
  3. Helps owner to compare “apples to apples”
  4. Bidder has to “fill in the blanks” with appropriate
    information
  5. “Non-responsive” bidder –incorrect/omissions in bid form
  6. May render bidder ineligible but “minor informalities may be waived”
A

bid forms and supplements

73
Q

It is prepared from cost information on previously
completed projects similar to the proposed project.
Known: The number of units, or
size of the project
Examples: number of square feet of building area, the number of cars in a parking garage, the number of miles of 345-kV transmission lines, the number of barrels of crude oil processed per
day

A

Conceptual estimates

74
Q

The estimator can use the change in value of an index between any two years to calculate an __________.

A

equivalent compound interest rate

75
Q

Used to adjust previous cost information for use in the

preparation of a conceptual cost estimate.

A

Index

76
Q
  1. Kentucky is now a right-to-work state
A

So employees in Kentucky are not required to join a union.

Estimating (1 decks)

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