Brainscape's Knowledge GenomeTM

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


See full index

ESTIMATION > FINAL > Flashcards

FINAL Flashcards

1
Q

What is an estimate?

A

An opinion/conjecture on the approximate costs of construction

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

Costs estimates aim what?

A

prediction of future expenditures

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

What is our goal?

A

How to minimise the uncertainty in producing an estimate?

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

Why is estimation important? (4)

A

For decision making purposes
Client = is it feasible?
Contractor = how much profit? Is it worth it?
Consultant = budget?

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

Variables that affect estimates (5)

A

Inflation/deflation
Unions/labour > skilled labourers, plentyfull labour
Materials
Street location/pay meters
Schedule

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

Steps to prepare an estimate (7)

A

Design management (docs)
Understand estimate class (errors?, rough estimate?)
Quantity survey takeoff (no money)
Review work
Assign a price to the take off
Review/adjust of work
Transparency

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

Cost estimator’s time…

A

85% spend in quantity takeoff
15% spend on assigning a price

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

How to assign a price to the takeoff?

A

Look at precedents, time, location, inflation, scale … historic data

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

How good is an estimate?

A

As good as the information gathered

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

What are the capital costs of a project? (3)

A

Site (insurance, property taxes, survey, demolition)
Hard costs: related to the physical construction of a project
Soft costs: costs that make the project move forward (i.e: consultant fees, permits…)

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

What are the construction costs of a project?

A

Overhead & profit: G.C markup
Materials: actual materials & tools
Insulation: labour, equipment

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

What makes capital costs vary? (7)

A

Economic & political
Environmental
Building type & design
Owner characteristics
Program
Construction delivery method
Owner’s schedule & responsibilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is a cost planning estimate & what are the classes of estimates that fall under this category?

A

It establishes a budget
Class D & C estimates

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

What is a cost control estimate & what are the classes of estimates that fall under this category?

A

Stays within the budget
Class A & B estimates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is a Class A estimate? (type, precision & phase)

A

Type: unit price (masterformat)
Precision -5% to + 10%
Done during contract documents

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is a Class B estimate? (type, precision & phase)

A

Type: elemental (uniformat)
Precision -10% to + 20%
Done during design development

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is a Class C estimate? (type, precision & phase)

A

Type: SF estimate
Precision -20% to + 30%
Done during schematic design

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is a Class D estimate? (type, precision & phase)

A

Type: single unit rate
Precision -30% to + 50%
Done during predesign, least accurate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

How to assign numbers?

A

Depending on the type of estimate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is Single Unit Rate? (2)

A

Depends on cost per functional unit of a project
Functional unit depends on the use of the project

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Adjustment factors

A

Location: costs vary depending on location
Time: historical costs must be adjusted for inflation
Size: larger projects will have lower SF costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Size

A

Economies of scale typically apply (i.e. Costco)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

The bigger the building…

A

the more materials costs, labour costs, fixed costs go down

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Location

A

Location factor converts construction prices from one location to another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Time
Historical cost index provides adjustment for the time factor
26
Why do we round off?
To avoid false precision or false confidence
27
Residential estimation in based off?
Based on square foot costs
28
How to select the appropriate costs? (6)
Class of construction Type of residence Occupancy Exterior wall system Size of living area Adjustments / upgrades
29
Yardsticks is... (3)
Simpler Specific to Canada Not as lengthy or detailed
30
How many sections does Yardstick have? (number & name)
3 sections Gross building costs Composite unit rates (uniformat) Masterformat (contractors)
31
Contingency depends on...
risk
32
What is value engineering
Reducing costs in a project by analysing components & proposing alternatives
33
What is an allowance?
Anticipated costs
34
Who came up with the concept of value engineering?
General Electric
35
When is cost control the easiest?
Pre construction
36
What is the optimism bias?
We are programed to be optimistic
37
How do contractors bid on a project?
They get all the info & come up w/price using masterformat
38
What are the challenges of using masterformat? (2)
Specifications use masterformat divided into 50 divisions Not suitable to track cost changes during the design phase
39
Masterformat vs Uniformat (8)
(M): Organisational system (U): Organisational system (M): Arranges construction info for construction contract docs (U): Arranges construction info based on functional elements (M): Breaks a building down into very specific components (U): Breaks a building down into systems & assemblies that perform a specific function (M): Extremely challenging to use for evaluating design alternatives (U): Allows for easier comparison of design alternatives
40
What are the advantages of elemental design estimates? (6)
Includes labour, materials & subtrade overhead/profit More easily understood by clients Costs can be monitored from design to C.D phase Changes can be easily & quickly evaluated Cost monitoring is easier throughout design process No need to unscramble masterformat divisions
41
What is slavery? (3)
Human trafficking (movement of people using fraud or deception) Forced labour (worker is forced to work against their will) Debt bondage (most common, forced to work to pay a debt
42
What is the problem with slavery in construction?
the material procurement
43
What are the documents comprising the contract?
Specs Drawings CCDC doc 2
44
What is the order of importance of the documents? (8)
Agreement between owner & contractor Definitions Supplementary conditions General conditions Division 01 of the specs Technical specs Material & finishing schedules Drawings
45
What are the contents of general conditions? (6)
Price & payments Changes Time Roles & work of parties Suspension / termination Claims / disputes
46
General requirements are...
Division 01
47
General conditions... (4)
Are found in the contract Agreements that govern the contract Particular aspects related to roles, rights, duties of parties Are static, generally speaking (similar from project to project)
48
General requirements... (4)
Found in the specs Agreements that concern the specs Specific aspects related to a specific project Varies depending on a particular project
49
What are the direct costs?
Costs at construction site - not directly associated with the installation of construction materials
50
What are indirect costs?
Contractor's office expenses ( hydro-bills, employees, rent...) These costs depend on how much he makes & spends
51
How much should a contractor charge in indirect overhead?
(Company overhead costs per year / Total project construction costs per year) x 100
52
What is a fixed price percentage basis profit?
A fixed percent is added to the final estimated cost, after all materials, labour, equipment & general requirements costs.
53
What is a risk percentage basis profit?
Direct link between level of profit & level of risk. This occurs when pricing is unpredictable (sudden fluctuations in price of equipment, etc.). This does not take into account the riskiness of the project/
54
What is a risk cost plus basis profit?
No fixed price at the start of the project. The client is billed as expenses are incurred over the course of the works, and a percent is added for profit.
55
What is a time & material basis profit?
No fixed price at the start of the project. The client is billed as expenses are incurred over the course of the works. Then a fixed, hourly fee is added to cover the contractor's time (fee includes profit).
56
What is the purpose of a public-private-partnership? (2)
- Private company send the bulk & absorbs the deficit - They own the building
57
What is the advantage & disadvantage for the government of a ppp?
They don't own the building
58
What is LCC?
Life Cycle Costing Total cost overall cost including initial, service, maintenance, operating, disposal costs (useful life)
59
What is the payback period?
Time it takes to get back the money initially invested
60
What is the LCA?
Life Cycle Assessment It evaluates the potential environmental, social & cost impacts of a product, by considering the stages of life.
61
Why the LCA?
To compare the potential impacts of different impacts of different systems. (We're not only concerned about costs)
62
What are the sustainability issues studied with LCA?
Climate change Effects on biodiversity Use of mineral & fossil ressources...
63
What is the difference between LCC & LCA?
LCC: a cost exercise throughout the life cycle LCA: environmental effects throughout the life cycle
64
What does the wage depend on?
Wage depends on hazards, skills & knowledge & how much time is sacrificed
65
What are the methods compensation for determining fees? (3)
1. Lump sum (fixed fee) 2. Time Basis 3. Percentage based fee
66
What is lump sum fee? (2)
- Amount is negotiated at start with the client for professional services. - Appropriate when the mandate is clear
67
What is Time based fee? (2)
- Charged at a daily or hourly rate - Appropriate when it's hard to determine in advance the exact scope of work
68
What is percentage based fee?
Links the consultant's fee to a percentage of the project's construction costs
69
Percentage based fees are ... & typically result in...
Mandatory A lump sum
70
Percentage based fees depend on? (2)
The complexity of the project & the construction cost (fees go down as costs go up)
71
What variable can affect fees? (5)
1. Delivery method 2. Schedule 3. Approvals 4. Renovations 5. Phasing
72
What is depreciation?
The loss of the value of an asset over time
73
Why depreciation?
An asset is purchased once & is used over a few years. If we expense it on the first year, it overstates the value of it
73
How does depreciation occur? (6)
- Wear & tear - Physical decay (rust) - Accidental - Maintenance / neglect - Functional - Obsolescence
74
How to calculate depreciation? (3)
1. Initial cost (EXCLUDES LAND COST!!) 2. Useful life (in years) 3. Salvage value
75
What are the methods of calculating depreciation? (2)
1. Straight line 2. Declining balance

ESTIMATION (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions