Order Of Cost Estimating Flashcards

1
Q

What is the standard method of measurement for cost planning

A

NRM1

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2
Q

Purpose of cost estimating

A

Establish if project is affordable

Establish realistic cost limit

Determine option costings

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3
Q

Formal stages of cost planning

A

Order of cost estimate (stages 0/1)

Formal cost plan 1 (stage 2)

Formal cost plan 2 (stage 3 design development)

Formal cost plan 3 (stage 3 technical design)

Each formal cost plan is a progression of the previous cost plan

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4
Q

Constituent costs of the building works estimate

A

MC’s prelims

MC’s overhead and profit

Project/design team fees

Other development/project costs

Risk allowances

Inflation

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5
Q

Process of order of cost estimate

A

The following process is shown by cost constituent:

Facilitating works estimate

Building works estimate

MC prelims estimate

MC’s overhead and profit estimate (works cost estimate)

Project and design team fees estimate

Other project costs estimate (base costs estimate)

Risk allowances estimate (cost limit excluding inflation)

Tender inflation estimate (cost limit excluding construction inflation)

Construction inflation estimate (cost limit including inflation)

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6
Q

Three main estimating methods

A

Floor area method (GIFA x unit rate)

Functional unit method (no. of units x unit cost)

Elemental method of estimating (sum of element unit rates x element unit quantities or sum of GIFA x unit rates)

Latter method is essentially a more detailed version of floor area method

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7
Q

Essential project reporting elements required in order of cost estimate

A

Project title

Project description

Statement of cost (including cost limit)

Details of informations sources and specifications

Statement of floor areas

List of assumptions

Estimate base date

Summary of option costs (if required)

Inclusions and exclusions

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8
Q

How is project indexation factor attained

A

Project X TPI / Analysis project TPI

Applied in cost analysis to account for differences in project location, time and contractor selection method

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