construction estimating midterm
Before the ____________ review, the takeoff of the contractor's work should be complete and priced; the general expenses should have been priced, as far as possible; and pre-bid subtrade proposals should have been obtained from the major subcontractors on the project.
pre-bid
Estimates prepared in the early stages of a project generally have to rely on __________ methods because there is insufficient information to compile a detailed estimate.
preliminary
Estimators typically turn to ___________ estimating methods to compile a budget estimate when there is too little design information available to put together a detailed estimate.
preliminary
Construction contract types differ in two fundamental ways: How the contractor's __________ is quoted to the owner. How risk is allocated to each of the parties.
price
In detailed estimating, once the recap is prepared, the ___________ procedure can commence.
pricing
In the detailed estimate process, subcontractors bidding a job will normally be responsible for the takeoff and __________ of their own portions of the work.
pricing
There is a high risk factor in pricing labor and equipment because each involves two components that are subject to variations that can be difficult to predict. The two factors are as follows: 1. The hourly wage rate of labor or hourly cost of equipment 2. The ___________ of the labor or equipment
productivity
__________ is a written statement that identifies and describes an owner or end user's needs and requirements for a facility. Every design starts with a __________.
program
Because construction work is ____________ oriented, construction contractors pursue cost control on a project- by- project basis.
project
It is very important that there is a clear paper trail detailing exactly how the final bid was compiled. All of the calculations, price quotes, subcontractor bids, and any other pertinent documentation that could track the estimate logic will be organized and bundled into a package that will be passed on to the ____________ manager charged with running the job.
project
The ____________ system will be the component of the overall cost-accounting function that deals with individual project costs.
project cost control
During construction the owner or the designer asks the contractor to quote prices for ___________ in the scope of work.
proposed changes
A __________ takeoff is a process of measuring the work of the project in the form of a series of quantified work items.
quantity
___________ of work. Fill in the blank from the image above.
quantity
A __________ list is a compiled list of questions that arise during the contract document review that require clarification prior to submitting a bid.
query
The recap procedure has to be performed with great care, and a system of checking off items as they are carried to the recap is essential to confirm that all items that were in the takeoff have indeed been processed and are now included in the___________.
recap
At the pre-bid review meeting there are several questions to discuss; all of those standard questions and any others that affect the bid should be discussed in an open and mutually supportive climate at the bid _____________ meeting. It should be made clear that the object of the meeting is not to criticize the work of the estimators, but, rather, to discuss what can be done to maximize the quality of the bid.
review
Accepting a subcontractor bid that contains a mistake can lead to increased ___________ for a contractor.
risk
Every time contractors estimate a job and submit a bid, they are taking a__________.
risk
When we discuss __________ we are contemplating if the contractor will losing money in the process of a building project; when the actual cost of constructing the project exceeds the estimated cost.
risk
You can reduce your __________ with a bankrupt subcontractor by requiring a performance bonds from subcontractors and by making a habit of checking the financial health of major subcontractors.
risk
An experienced estimator can help out in a situation like this by offering a __________ (ROM) estimate. The ROM estimate is based on cost per primary unit for the facility.
rough order of magnitude
A realistic ____________ of the project work is necessary at the time of the estimate because one of the principal variables that determines the cost of general expense items is the duration of the project.
schedule
The practice of subcontracting can pose problems such as: 1. Unreliability of some subcontractors 2. Errors in subcontractor bids 3. Overlap or underlap in the ____________ subcontracted 4. Conditional bids from subcontractors 5. Bid closing congestion 6. Compliance with government positive action requirements regarding minorities
scope of work
In construction, __________ references work performed with the general contractor's own forces or labor. This is work that is not subcontracted.
self-performed work
Preliminary methods of estimating can be divided into two main categories: __________ -rate methods __________ -rate methods
single, multi
The quality of the project is defined by the standards set forth in the __________.
specifications
__________ engineers design __________ systems that support a building and/or structures to withstand the forces of wind, gravity, and seismic activity. (Select the best answer to complete both blanks above)
structural
When the quantity takeoff is complete, a reliable schedule of the contractor's work can be prepared based on anticipated crew productivities, but this would address only a small portion of the project work since the greater part of the work is usually_____________.
subcontracted
The contractor and ___________ have to identify common goals and together strive to meet those goals; they have to be willing to share ideas and unite forces in order to overcome problems and find creative ways of dealing with project issues.
subcontractors
The ___________ list is first used to determine which trades have to be contacted for bid requests on the project; later the list can be incorporated into the estimate summary and used to ensure that all subtrade work necessary for the project is duly priced as required.
subtrade
In some situations all of the project work is put in place by____________, leaving the general contractor to merely coordinate the activities of the ____________ as construction manager. (Select the best answer for both blanks above)
subtrades
Most contractors use a bid ___________ sheet to gather together all of the constituent prices of the estimate.
summary
The process of applying these unit prices varies from contract to contract, but details about how the unit prices are to be used on the project will usually be found in the ____________ conditions of the contract documents.
supplementary
An estimator needs a strategy, more specifically a __________ approach to easily manage the takeoff process. This is important for small jobs and very important managing large projects that have a lot more contract document information to be reviewed and incorporated into the cost estimate.
systematic
Even though _____________has made the estimating process less time-consuming, it is still very important for construction managers to learn how to estimate manually.
technology
Not only has ____________ changed the way that we manage projects, but building materials, construction methods, and the projects themselves have become more sophisticated. Buildings are becoming "smart." Automated homes, offices, plants, and other facilities are using computers, networks, and programs to control specific operations such as temperature, airflow, lighting levels, and access.
technology
The process of pricing a detailed estimate after the quantity takeoff can be divided into two stages: sorting and listing all takeoff items under the __________ section breakdown or CSI Divisions. pricing this sorted list of items.
trade
The reason for preparing the recap is to bring together all work of a similar nature so that the estimator can concentrate on the needs of one __________ at a time.
trade
The ____________ of measure, such as C.Y. for cubic yard.
unit
There are two basic methods of pricing labor and equipment. In the first method the estimator uses productivity rates to convert the takeoff quantities into labor- hours and equipment- hours, and then applies wage rates and equipment rates to the total hours to obtain the estimated labor and equipment prices for the project. The second method of pricing labor and equipment makes use of __________ prices that are applied to listed takeoff quantities to calculate the total labor or equipment price for the work involved.
unit
When a contractor has performed a ____________- price contract, the total amount paid to the contractor will depend on the quantity of work completed by the contractor during the course of the project.
unit
_____________-price contracts have a higher risk because the final price for the project is not known until the work is complete. The only sure thing about this approach is that the unit costs for each item of work remain the same throughout the project.
unit
During the conceptual estimate it's imperative that this equation stands true for the project/development: estimated ___________ is greater than the estimated cost.
value
In the process of __________ analysis, the estimated cost of each element in the cost plan is compared with the perceived value of that element to consider if the sum allocated to that component part of the building is justified by the value provided by the component.
value
When the economy is__________, the bid decision becomes easy for contractors who obtain their work by competitive bidding; they submit bids on every project that comes up in their area and even consider bidding on projects located outside of their usual area of operations.
weak
The project drawings provide the graphic instructions for the builder, the project manual provides the __________ instructions.
written
The truth is that no one will know the final outcome until the job is _____________ and the last numbers are added up. Only then can one declare the estimate a winner or a loser.
100% complete
The price of general expenses can be a substantial component of the bid, amounting to _____________ % and more of the total price in some cases.
15
When bidding a project; the first stage is the "Advance Stage" and it should be completed at least at least ____________ before the day of the bid closing.
2 workdays
The CSI UniFormat, has elements that are arranged into a multi-level hierarchical structure. How many levels are there?
4
The CSI MasterFormat is structured into Divisions. How many Divisions are there in the CSI MasterFormat 2018 edition?
50
The CSI UniFormat is structured into Levels. How many Level 1 divisions are there in the CSI UniFormat?
8
__________ are answers and clarifications to any questions you have regarding scope of work are usually formally sent out to all bidder are used prior to bidding to clarify the scope of work for all bidders. Once issued, they become a part of the contract documents. These clarifications are important because if everyone has the same information everyone is bedding on the same scope of work. Therefore maintaining a competitive environment.
Addenda
Two types of professional designers are engaged in the construction process. __________ deal with the function, life safety issues, and aesthetics of the building, and engineers deal with the systems.
Architects
There are five basic categories of units used in estimating: Number Length __________ Volume Weight
Area
A well organized procedure and systematic approach to estimating does three things; select the best three answers below:
B) Reduce paperwork and/or computer data C) Maintain control of the estimating process D) Efficiently produce more accurate estimates
There are Five basic sectors of the construction industry: Residential, __________, Heavy Civil, Industrial, Environmental.
Commercial
____________ Subcontractor Bids is one or more subcontractor have a different set of bid inclusions and exclusions that the general contractor needs to compensate for in order to select the best proposal to include in bid.
Conditional
Project team can conduct ________________ reviews and anticipate and address construction problems before the first shovel of dirt is ever turned on the job site.
Constructability
________________ reviews are a step in the design review process in which experienced contractors and construction managers work with designers to ensure that the details of the design actually can be built in an efficient and cost-effective manner. The process entails review of materials, application, installation techniques, field execution, and building systems.
Constructability
What does the acronym CSI stand for in reference to CSI UniFormat and CSI MasterFormat?
Construction Specifications Institute
Under a __________ contract (also referred to as time and materials), the owner reimburses the contractor for all actual costs associated with the work plus a fixed fee or percentage of the cost. The total cost of construction is uncertain for the owner but it does help the schedule if it's imperative that work start immediately.
Cost-Plus
The project delivery method of __________ is very linear in nature, and the contractor does not have any input regarding the design of the project.
Design - Bid - Build
__________ is a project delivery method in which there is only one contract between the owner and the design-build entity. The design-builder is responsible for both the design and the construction of the project.
Design-Build
__________ estimating is the method of choice for bid preparation in the highly competitive construction industry.
Detailed
What are the two main methods or categories for preparing estimates? __________ estimating techniques __________ estimating techniques
Detailed Conceptual
"______________ expenses" refer to the cost of removing water from excavations and in some cases from the basements of projects under construction. The usual method of dewatering makes use of submersible electric pumps and hoses.
Dewatering
__________ costs are those items that actually go into building the facility.
Direct
__________ costs make up the bulk of any construction estimate.
Direct
Estimating software can guarantee that you will win every contract that you bid on, it will help you manage the day-to-day estimating tasks, increase the accuracy of your calculations, and significantly reduce the time it takes to put together an estimate.
False
There should be less risk involved in the pricing of labor than there is with materials and equipment pricing
False
__________ tracking is a practice utilized to speed up a job by overlapping the design phase and the construction phase of a project. It's often applied in design-build or construction management project delivery.
Fast
__________ concerns is the most common reason a subcontractor fails to perform work they bid on for a general contractor or construction management company.
Financial
__________ floor area is defined as the area of all floors measured to the outside of containing walls.
Gross
Elemental estimating can be used as early as the feasibility stage of a project to obtain a cost estimate. The required Information for a quick and accurate estimate are: Size + shape of the bldg Use of the bldg Location of the bldg __________ data (of similar a similar building)
Historical cost
There are two systems of measurement in use in the North American construction industry: the English/__________ system and the metric system, each with its own set of units.
Imperial
__________ costs are often referred to as job-specific overhead or general conditions.
Indirect
__________ costs are sometimes titled General Requirements of the Project or Project Overheads.
Indirect
__________ costs are the expenses incurred in order to manage and deliver the materials, labor, equipment, and subcontracts employed on any given job.
Indirect
__________ Project Delivery is any project delivery method that contractually engages the contractor responsible for constructing the project at the beginning of the design process. Both design-build and at-risk CM are considered integrated project delivery models.
Integrated
Productivity of Labor and Equipment influenced by time and place factors fall into 2 main groups Job Factors: Weather conditions expected at the site Access to and around site Site storage space Nature of the project, its size, and its complexity Distance from materials and equipment sources Wage and price levels at the job location _____________ Factors: Quality of job supervision Quality of job labor Motivation and morale of workers Type and quality of tools and equipment Experience and records of similar projects in the past
Labor and Management
The CSI UniFormat, is structured into Levels; which level has a single character? For example: A SUBSTRUCTURE
Level 1 (Major Element)
The CSI UniFormat, is structured into Levels; which level has three characters? For example: A10 Foundations
Level 2 (Group Element)
The CSI UniFormat, is structured into Levels; which level has five characters? For example: A1010 Standard foundations
Level 3 (Elements)
__________ contracts on the terms that they will perform a defined scope of work for the sum that they stipulated when they submitted their bids.
Lump- sum
The unit price cost data used in RSMeans is divided into the 50 divisions of the ___________ system of classification and numbering.
MasterFormat
Preliminary Estimate / __________ methods include: price per typical bay Assembly elemental estimates
Multi-rate
What are the four reasons why it is a best practice to get quantity takeoff "net in place" for cost estimates: Consistency _____________ Unit Price Contracts Comparisons of Operation Efficiencies Select the best answer.
Objectivity
Contract Documents are not just a simple agreement; they consist of two major components: _________ + __________.
Plans + Specs
A detailed estimate process is comprised of six stages: __________ Takeoff Recap Quantities Pricing the Recap Pricing Subcontractor's Work Pricing General Expenses Summary and Bid
Quantity
What is another name for lump sum contract?
Stipulated sum
The Pricing of the __________ Work is when prices are obtained from competing subtrades who provide quote to perform the work of their trade. Usually, the lowest bid from each trade is entered into the estimate That is being created by a general contractor or a construction management company; who We refer to as the contractor.
Subcontractor's
In pricing a construction estimate, there are five price categories that need to be considered: 1. Labor 2. Equipment 3. Materials 4. ___________ 5. Job overheads
Subcontractors
____________ quotes are generally not obtained until shortly before the prime contractor's bid closes.
Subtrade (Sub-Prime)
The __________ which is All the estimated prices summarized and then the contractor's mark-up is added and the final bid price is written down on the required documents. The bid is then submitted and Depending on the type of project bid results will be shared back with the contractor, recorded for future use and analyzed.
Summary and Bid
There are three general reasons why actual costs may exceed estimates for a lump-sum contract: 1. ___________ quantities are too low. 2. Actual productivity does not meet anticipated productivity. 3. Subcontractors or material suppliers fail to meet obligations.
Takeoff
Estimating also occurs in all industries and government agencies for two purposes that cover a variety of possibilities: (Select the best two answers)
To prepare budgets for future expenditures To try to anticipate what something will cost to implement.
CSI UniFormat: Function based Preliminary CSI MasterFormat: __________ or Material based Detailed Estimating
Trade
An assembly is a component of the work that can be considered separately from the other parts of the work.
True
An estimate is an educated guess.
True
As with most industries, advancements in technology have revolutionized the way that we do business in construction.
True
Every project starts with an owner.
True
Generally, the contract type used depends upon the type of project and the amount of risk that the owner is willing to accept.
True
If the bid delayed until just after the closing time; it's typically disqualified.
True
It is not unusual to see overlaps between estimating software and cost control software. In some cases, even the scheduling task and estimating tasks are integrated into a single software application.
True
Many of the general expenses are not clearly listed in the specifications and they are usually not detailed on the bid documents.
True
Most estimating programs allow the option of customizing the a construction cost estimates database by adding, deleting, or changing unit costs, line item entries, and the database itself. This feature is what really makes any of the estimating programs viable because no matter how comprehensive the generic data is, there are always some adjustments that most users will make to fit their company's unique pricing resources and productivity factors.
True
Most estimating programs provide various types of estimate reports and can import national cost indexes to adjust bids for location, quality, and other factors.
True
Part of the estimator's role is to try to assess the risk involved in accepting the price of and then employing a particular subcontractor.
True
Subcontractor bids are often sent to the prime contractor only a short time before the owner's bid closing
True
The amount of information available regarding the project will dictate the type of estimate that can be prepared.
True
The conceptual estimate determines if the project is feasible.
True
The contractor will have less risk if the contract type is a cost- plus contract compared to a stipulated lump-sum contract.
True
The contractor's risk is the single factor that impacts on all five price categories (Labor, Equipment, Materials, Subcontractors, Job overheads) of a construction estimate.
True
The estimator has to be constantly on the lookout for items excluded from the work of a trade and not priced anywhere else in the estimate.
True
The estimator has to ensure that the estimate is based on methods and materials that comply with construction safety requirements and best practices; such as safety programs at the job site.
True
The general expenses of a project is normally considered to be company overhead.
True
The key in the selection of any construction software is to first know what your needs are and then to find a program that matches them.
True
There has to be a good relationship between the contractor and each of the subtrades. This relationship must be built on mutual trust, a willingness to cooperate, and, perhaps above all, effective two- way communications.
True
There is a need for more collaboration and teamwork among project players in the design and construction process and the implementation and use of advanced technology to address design and construction integration issues.
True
There is always a temptation for those who receive bids to reveal the amount of one bid to a preferred competitor in hopes of getting an equal or better price to secure the contract. This practice, which is commonly known as "bid shopping" or "bid peddling," may not be illegal, it is certainly unethical.
True
To prequalify contractors to bid on projects; they are required to complete questionnaires that probe such things as: - contractor's financial situation - the experience of the company and its key personnel - the type and quality of company- owned construction equipment available for use on the project.
True
Travel and accommodation expenses for work crews and staff employed on out-of-town projects can amount to substantial sums on projects that cannot be staffed by local residents.
True
When a bid is received from a subcontractor that is obviously out of line with the other bids, it is advisable for the estimator to contact the bidder before the price is used in the contractor's bid and suggest that the estimate be examined for any errors.
True
When a contractor is confronted with a low price from an unknown subtrade just hours or even minutes before the bid to the owner is due to be submitted, there is little or no time available to make effective inquiries about the subtrade.
True
When reviewing the use of the Preliminary Estimate / Elemental Estimating; elements should be a significant part of the total building cost.
True
In a construction company the estimating objectives should first be clearly understood. These objectives may include the following: 1) Preparing construction cost estimates... 2) Maximizing the accuracy of the estimating process... 3) Maximizing the productivity of the estimating department... 4) ______________________________________________________ 5) Fostering a company- wide cooperative approach to estimating and bidding... Select the best answer below for the missing objective.
Using the estimating department in an effective manner that commits these resources to projects with the most likelihood of success.
Detailed estimating is ________ accurate process compared to preliminary estimating.
a more
Detailed estimating is ________time consuming process compared to preliminary estimating.
a more
Estimators have an important role and a lot of responsibility. First, they must come up with an ___________ but competitive estimate that will win the job. Second, their planning and calculations set the stage for the overall management targets for the entire project.
accurate
The order of the takeoff will generally follow the sequence of the work __________ of the project.
activities
Some general expenses cannot be priced until the total price of the work is determined and are priced at the end of the estimate as "___________."
add-ons
Contractors can be instructed to include in their bids a stipulated sum of money to be expended on a specific work item on the project. These sums, which are usually referred to as cash ____________ or prime cost sums (PC sums), are not normally required to be listed on the bid documents as are alternative or separate prices, but they are to be included in the bidder's price.
allowances
The contractor normally bids a price for the project (base bid) as specified in the contract documents and then quotes alternative prices (____________) different work on the project. For example carpet might be in the base bid and luxury vinyl tile and sheet vinyl flooring could be ____________.
alternates
The Subtrade Bid ___________ lists the names of bidders together with the items of work to be included in their bids so that, when prices are received, they can be easily inserted onto the spreadsheet to provide a speedy bid analysis.
analysis
Estimating ProTip: Dividing the project into manageable size parts Proceeding through the takeoff one part at a time Measuring the work as a sequence of __________.
assemblies
The process of scheduling the project is made easier when __________have been used in the takeoff because the activity breakdown used by schedulers corresponds quite closely to the __________ measured by the estimator.
assemblies
Using an __________ estimate, a building, which may contain hundreds of components, may be reduced to a few assemblies, which can be measured and priced relatively quickly from records of previous assembly costs. Accuracy is much improved over single-rate methods because size, shape, quality, and type of construction can all be accounted for in this method.
assembly
A project delivery method where the construction manager acts as a consultant to the owner in the development and design phases but as the equivalent of a general contractor during the construction phase is called an __________ CM.
at-risk
The prequalification documents (if required for bidding) are usually required to be submitted by a date some time __________ .
before the bid is to be received
The __________ estimate will be a primary resource in project cost control for the contractor who is awarded the contract to perform the work.
bid
The ____________ estimate will be a primary resource in project cost control for the contractor who is awarded the contract to perform the work.
bid
The busiest period, and the period when the process is most error prone, is the last few hours before the __________ is delivered.
bid
Under the design-bid-build project delivery method; the contractor will provide a price only and typically a selection is based on the lowest _________ or the lowest price.
bid
The bid clock started when the _____________ were received by contractor.
bid documents
The ____________ will usually have to write the final bid information onto the bid documents. This may consist of merely the final bid price, but many other items of information can be determined between the time that the bid runner leaves the office with the bid documents and the bid closing time.
bid runner
A number of preliminary estimates can be prepared as the design develops, informing the designers that their proposed design does or does not meet the project __________.
budget
If the conceptual estimate is feasible then the estimated sum becomes the construction__________.
budget
Project managers need to know how much is spent (committed) on project so that they can assess whether project is meeting its__________.
budget
The first step in the cost control process is to use the estimate to set up a _________________ for each work item on the project.
budget
The wages used to price site staff/personnel may or may not include payroll ________________ (the cost of fringe benefits). Estimators should follow a standard practice regarding payroll ______________. (Select one answer for both blanks above)
burden
After a lump-sum contract is signed, both parties must live with the terms of the contract, and any flaws, errors, or omissions in the plans and specs will result in a __________.
change order
As the construction manager, you must insist that none of your workers or subcontractors proceed with a change in the work until the ____________ has been properly authorized.
change order(s)
Building trades people are on-site to get the job done. They are not inclined to sit around and wait while the owner makes up their mind. The temptation is very strong to just go ahead with the fix on a verbal cue from the architect because you want to keep the work going. ____________ take time to process, and whenever you decide to proceed without one in hand, the contractor is taking a chance that they may not get paid for doing the extra work.
change order(s)
The best way to ensure that you will be properly compensated for the extra work is to have a written ____________ in hand, signed by the proper authority.
change order(s)
The mechanism used to document changes is called a ____________, and there is a standard procedure for processing them. ____________ either add work to the contract or, in some cases, delete work from the contract, but either way the contract will be changed.
change order(s)
During construction, ___________ or changes in the scope of work will usually result in a net extra cost, so the construction allowance is added to cover this added cost.
change orders
Often during construction operations the owner or the designer asks the contractor to quote prices for proposed __________ in the scope of work.
changes
A __________ -bid system is one that often directly invites a limited number of known contractors to bid on their construction projects. Typically, private owners prefer this system of bidding because they know the contractors, their track record and they meet the qualification criteria set by the owner.
closed
The process of ___________ a bid (last stage of the bid), more than ever, depends on good organization.
closing
The consequences of any errors or omissions in the estimate are borne by the contractor, and the contractor will not actually know what the true cost of the construction is until the project is ____________ .
complete
You can use __________ estimates when you are in the idea or concept stage of a project; typically there are no drawings available at phase.
conceptual
When a subcontractor's bid has ____________ (typically exclusions) attached, the estimator needs to evaluate the consequences of accepting those conditions and make allowances, if necessary, in the bid price for them.
conditions
During the ____________ phase the estimator is preparing cost control estimates and compiling quotes for changes in the work.
construction
Even the most carefully prepared design will need some modification during the ___________ phase; change orders may be instigated by the owner, designer, contractor, or some outside body where something in the design has to be modified to meet some new requirement.
construction
Estimating is a distinct function in the __________ field and focuses on the costs of a construction project.
construction management
The nature of the recap breakdown depends on the type of work involved in the project and the type of __________ the contractor will be entering into with the owner.
contract
The precise nature and value of risk on any given project is not a simple to evaluate. The first thing to consider is the nature of the __________ that the contractor enters into with the owner, for it is from the terms of this __________ that much of the contractor's risk emerges. (Select the best answer for both blanks)
contract
When utilizing a lump-sum contract; if superior performance by the construction management team results in a cost savings, then the ______________ will solely benefit from that savings.
contractor
When utilizing a lump-sum contract; if there are cost overruns associated with the work that have nothing to do with errors or omissions in the design but instead are the result of poor management, rework, or even weather, then the _____________ must suffer the loss with no additional compensation (from the owner).
contractor
The assessment of general expenses required for a project, is typically the___________ (GC or CM) responsibility.
contractor's
To ______________ costs, an estimate is required first to establish a benchmark or baseline for proposed costs and control expenses on a project.
control
Providing an accurate ___________ forecast is the prime function of the contractor's bid estimate prepared from the drawings and specifications supplied by the owner to define the scope of the contract work.
cost
The ___________-accounting function in a construction company will record all the expenses incurred in the operation of the entire company.
cost
The owner's feasibility analysis may start with the assessed value of the project and this will help to define the estimated _________ the owner is willing to spend on the project.
cost
The ______________ process is helps the people managing a project identify where problems are occurring so that they can quickly instigate measures, where necessary, to deal with these problems.
cost control
Contractors set budgets or ___________ based on their estimates of the cost of each component of the work, and then they compare the actual cost of work against these target amounts to discover where corrective action is needed to bring productivity up to required levels.
cost targets
For the contractor, this type of agreement guarantees a profit on the job regardless of project cost. However, the owner is at significant risk under this arrangement because there is no limit set for the project cost, and the contractor really has no incentive for minimizing that cost.
cost-plus-fee
This type of contract is often utilized in situations where it is difficult to define the scope of the project accurately or when time is of the essence and construction needs to start before the full plans and specs are complete. It is also commonly used for change order in which the scope of work is required and time is of the essence.
cost-plus-fee
The estimate-cost control process is ___________ in nature; it occurs in cycles.
cyclical
The __________ is responsible for assisting the owner in selecting products to fit the program and the budget
designer
A __________ estimate begins with a quantity takeoff.
detailed
The basis of a __________ estimate is the accurate assessment of the work in the form of a quantity takeoff that can only be obtained from the full design of the project.
detailed
An item is considered a __________ cost if it can be linked to a specific item of work on a project.
direct
These are the obvious __________ costs associated with any project: Materials Labor Equipment Subcontracts
direct
The items that hold the most risk for the contractor are those in which the price depends on the productivity of the contractor's workforce or on the __________ (schedule) of the project.
duration
__________ engineers design and calculate electrical loads and determine the circuitry, lighting, motors, transformers, and telecommunications needed for a project.
electrical
An ____________ in its essence is an assessment of the probable total cost of some future activity.
estimate
The __________ is a summary, based on the best information available, of probable quantities and costs of materials, labor, equipment, and subcontracts to complete a project, including taxes, overhead, and profit.
estimate
Winning or losing depends upon the quality of the___________. High-quality __________ display the same characteristics: - Organization - Correct quantities - Accurate labor hours - Correct pricing - Accurate calculations - Completeness - Proper overhead - Proper profit
estimate(s)
A dialogue between the contractor + subcontractors needs to be established in the ___________ process and maintained throughout the course of the work.
estimating
Knowing how to use estimating software does not make you an _____________. Understanding the building process and all of the materials, labor, and equipment needed is crucial in order to become a top-notch __________. The software tools just help facilitate you getting the estimating task done more quickly and with less error in the calculations. You still must know how to read a set of plans and specs and understand how the building goes together in order to enter the right kinds of information into the estimate to come up with an accurate and competitive bid that wins you the job.
estimator
The ___________ primary job is complete once the bid is finished, they will provide support to the project team as the job moves forward, often clarifying information and pricing change orders.
estimator's
Company overheads encompass all the____________, apart from the project costs, incurred in operating a construction company.
expenses
A bid markup or _____________ is added to the estimated price of a project to contribute to the company overheads and profit margin in the bid.
fee
During Pre-bid review (3) key objectives: 1. To ensure that there are no obvious omissions from the bid. 2. To consider ways of improving the competitiveness of the bid price. 3. To consider an appropriate __________ for the project.
fee
The contractor's two main concerns when considering an unfamiliar subcontractor are: 1. Is the subcontractor capable of meeting the quality and schedule requirements of its work? 2. Does the subcontractor have the ____________ capability required?
financial
The cost control cycle is two fold; it's used during construction and it's also a method for collecting assemble cost data for use in estimating ___________ jobs.
future
__________ (GC), also known as the prime contractor, enters into a contract with the owner to deliver the construction project in accordance with the plans and specifications that have been prepared by the architects and engineers.
general contractor
Project safety programs do, admittedly, have a cost, which is accounted for in the __________ section of an estimate.
general expenses
The Pricing of the __________ are the costs of the anticipated project overheads and they are calculated and added added to the estimate.
general expenses
The ______________ (GMP) contract is a variation of the cost-plus-fee contract and has become very popular, particularly with owners using design-build project delivery.
guaranteed maximum price
Under this contract type, the owner is protected by the guarantee of a maximum price and yet receives the benefit of any realized savings. It also allows for an early start of construction because the pricing of the job can occur before plans and specs are 100 percent complete.
guaranteed maximum price
The list of __________ costs for any given project will vary, but some of the common items include the following: Supervision Job trailer expense Temporary utilities Testing and inspections Job photographs Safety supplies Chemical toilets Security Fencing and barricades Trash and debris removal Cleanup Bonds and insurance
indirect
A crucial factor in the success of an estimating department and, indeed, in the success of a construction company is its ability to obtain __________ about projects that are out for bid or projects that are going to be out for bid in the near future.
information
The quantity takeoff should accurately reflect the amount of work involved in a project, but the ___________ pursued by the estimator depends on the costs and benefits of attaining high accuracy.
level of accuracy
Before the labor costs of an estimate can be priced, the estimator has to ascertain the craft wage rates that apply in the ____________ of the project.
location
A stipulated lump-sum type contract is when the contractor agrees to perform the work of the project for the bid price. If the work costs more to put in place than the price offered, the contractor will ___________ money.
lose
There are four basic types of construction contracts: __________ sum, cost-plus-fee, guaranteed maximum price, and unit price.
lump
__________-sum contracts are the most common type of contract, especially for building construction. Under this arrangement, the contractor agrees to complete the work specified in the plans and specs for a single fixed amount of money.
lump
The most common contract type is _______________; where the contractor bid on the job per the plans and specs. When deficiencies are noticed, the contractor is entitled to extra compensation for correcting the errors or completing the missing details.
lump sum
During construction, proposed changes in the scope of work could be seen as a _____________; that involves an estimate of the full cost of the change followed by an offer to make the change for the price quoted to the owner.
mini-bid
Quantities of work are measured "___________ " in a takeoff for a cost estimate. Materials takeoffs measure gross quantities.
net in place
Net in place means that quantities are calculated using the sizes and dimensions indicated on the drawings with ___________ adjustments to the values obtained for waste factors and other such items of consideration.
no
Being __________ is being not influenced by personal feelings or opinions in considering and representing facts.
objective
An__________-bid system is one that allows any and all qualified contractors to submit bids and be considered for the award of the work. Typically, public authorities are required to comply with this system of bidding.
open
In Design - Bid - Build, the owner contracts and warrants the plans and specs to the contractor. If there are gaps, errors and/or omissions in the design the __________ is responsible for paying for those corrections.
owner
It is the ___________ who ultimately decides which project delivery method to use.
owner
Just as the __________ makes the decision regarding the type of project delivery to be employed, the __________ also determines which contract will be utilized for the project. (select the best answer below that can be applied to both blanks)
owner
The __________ is accountable for four primary duties: Developing the program Determining the quantity of the project (scope of work) Creating the overall budget for the project Providing the funding for the project
owner
In addition to the base wage rates, employers also have to consider such items as Social Security tax, unemployment tax, workers' compensation insurance, liability insurance, and other fringe benefits. The amount of these additional contributions, referred to as _____________ additive is calculated on the estimate summary sheet as a percentage of the total labor content of the bid price.
payroll
General expense requirements are assessed by examining the _____________ and considering the amount of work involved in the project as measured in the takeoff process. (Select the best answer)
plans and specifications
A ____________ proposal is a copy of the subtrade's bid without prices but complete in all other details including the conditions the bidder wishes to attach to the bid.
pre-bid
It is not important to understand the various roles and responsibilities of these many players as they influence the construction management process.
False
The smaller the project, the more it is going to cost.
False
A successful company- wide safety program can lead to more competitive prices, which not only improves the bid success rate but also helps to achieve the financial success of the project and, consequently, the improved profitability of the company.
True
As an estimator, you develop a tremendous understanding and knowledge of construction products, productivity, and process.
True
Does GMP stand for "guaranteed maximum price";in terms of types of contracts?
True
Estimates are also required after work starts on the project.
True
Estimating project costs requires a methodical approach.
True
Forms designed for each of the various estimating procedures are used to increase productivity and contribute to the accuracy of an estimate
True
Project delivery is the process by which all the procedures and components of designing and building a facility are organized and put together in an agreement that results in a completed project.
True
The accuracy of the predicted costs used in the calculations is crucial if the project is to move beyond conceptual estimate; all decisions that follow are impacted by this initial estimate.
True
The goal of the book (Fundamentals of Construction Estimating) is to present a method of compiling consistently accurate construction cost estimates in a minimal amount of time.
True
__________ contracts are used when the work to be performed cannot accurately be measured ahead of time. This approach enables the owner to obtain competitive prices and exert some control over the total amount paid for a project in which the final quantity of work is difficult to predetermine.
Unit-Price
The takeoff by __________ or "work packages" is utilized in many of the better computer estimating programs.
assemblies
__________(C.L.) perimeter length is a single __________ value can be used many times over in takeoff calculations, so adopting a systematic method of establishing __________ perimeters, such as that outlined in the following, can contribute to both the speed and accuracy of a takeoff.
centerline
A defined scope of work is generally not available at the __________ estimate stage; where feasibility is being considered.
conceptual
During the __________ estimate; the cost of any project should include the cost of the land required, the cost of financing the project, the legal and general administrative costs, the cost of designing and administering the work, and, of course, the construction cost of the work.
conceptual
During the program phase (project phase) the estimator's task is prepare __________ estimates to predict the final cost of the project.
conceptual
The __________ estimate is prepared from a minimum amount of information because it is required at a time when the project is often little more than a vague idea in the mind of the owner. There will be few if any design details at this stage because the design process will not begin until the owner is satisfied that the cost of proceeding with it is justified.
conceptual
__________ estimate confirms early if a project is economically feasible.
conceptual
__________ estimates are often called ballpark estimates.
conceptual
The ____________ is responsible for: Interpret the plans and specifications and prepare cost estimates and time schedules to meet the requirements of the owner. Determine and implement the best construction practices, means, and methods to satisfy the owner's requirements for time, cost, and quality. Oversee and manage all of the construction operations into a single, safe coordinated effort.
constructor
If __________ planning has been properly applied through schematic design and design development, each step in reaching this point will have been made in awareness of its cost implications, and when contractor's bids are received, there will be no surprises for the owner.
cost
Most of the people and organizations that decide to build come to this decision after careful analysis of two primary factors: the value of the development and the __________ of the development.
cost
Cost budgets are compiled in a ___________ that is a summary of all anticipated project expenditures. The budget amounts contained in the ___________ are verified from time to time during the design phase using more accurate estimating methods based on the specific design details that emerge in this phase of the project. (Select one answer for both blanks)
cost plan
The __________ estimating method, rather than any of the other estimating methods considered, is far more likely to produce a price that is an accurate forecast of the actual costs of building a construction project.
detailed
What estimating method is used for the project type: Commercial construction (Offices and Retail Projects)?
detailed
A building __________ or assembly is defined as a major component of most buildings that always performs the same function in each building. Examples of building elements would include a foundation system, a roof covering, interior partitions,floor finishes, etc.
element
The CSI UniFormat is broke down by the building __________ ; this corresponds to what we have previously described as an "assembly," which is a collection of related items that together perform a single function.
element
The CSI UniFormat is a function-based __________ breakdown that provides what we need for an __________ estimating system. (Select the best answer to complete both blanks in the above sentence)
elemental
The multi-rate option for preparing preliminary estimates that is the most sophisticated technique and provides the greatest ability to manage the cost of projects from conception to construction is the __________ estimating method?
elemental
Computers have become an indispensable tool of the estimator, but for the estimator to use computers effectively he or she must first have a thorough understanding of the basic concepts of __________.
estimating
Contractors and subcontractors who obtain work by offering firm price bids often stake their success on the accuracy of their__________.
estimating
Once the __________ turns the project over to the project manager and the on-site team, the estimator shifts to a support role and really has no direct management duties associated with the day-to-day operations. (select the best answer)
estimator
Throughout the estimating process, __________ must make judgment calls regarding techniques, pricing, and people, and they often put their reputations on the line.
estimators
___________ time is the amount of time it takes for a product or equipment to be delivered to the job site. Products that have a long delivery time are called long __________-time items and require special planning considerations. (select the best answer that applies to both blanks)
lead
__________ engineers design the heating, cooling, ventilating, plumbing, and fire suppression systems.
mechanical
As an estimator, you have to learn to "build" the project ____________ before you can price it. You must decide upon the construction approach and make decisions all along the way as to how the facility will be built.
mentally
These rules of measurement collectively amount to a __________ of measurement that can be shared by a group of estimators. It is strongly recommended that estimators, at least those in the same company, follow such a standard __________ of measuring work because price information that is gathered can only be shared if it relates to work that has been measured in the same fashion.
method
When the design is completed, a final __________ estimate can be compiled to anticipate the contractor's bid price for the work.
pre-bid
Once the design of the project is underway, budget amounts can be established for the various elements of the project using procedures for a __________ estimate.
preliminary
The ___________ takeoff is where the contractor is measuring the quantity of work they will be self performing on the job.
quantity
Pricing the __________ is when Prices for the required labor, equipment, and materials are entered against the quantities to determine the estimated cost of the contractor's work.
recap
The __________ quantities is where quantities of work taken off are sorted and listed to comply with the CSI MasterFormat or other standard to facilitate the process of pricing.
recap
By analyzing the company's bidding __________, a contractor can identify the type and size of project that offer the highest probability of successfully securing a contract.
record
Once the decision to bid on a project has been made, a record of the bid begins.The collection of these bid __________ files that the contractor builds up over time forms a database that can be analyzed in a number of ways to obtain historic bid information; they help in determining the type and size of project the contractor is most successful with in bids.
report
Under CM at risk and design-build project delivery method. The contractor will provide a qualifications and pricing (for the project) Typically a selection is based on best value selection process or (BVS) The owner will send out a ___________ (RFP).
request for proposals
the concept of "economy of __________" often comes into play with construction projects. The larger the project, the more opportunity there is to increase efficiencies around any particular activity.
scale
There is as much art as __________ to estimating which is why estimators must be able to see projects from more than one perspective. From both the design and construction sequence of things going together but also in the understanding of costs; the labor, material, equipment, mgmt, etc... (select the best answer base on readings)
science
Each construction __________ is characterized by different means, methods, and materials of construction. The types of equipment, the type of structural framework, the manufacturers, the suppliers, the specialty contractors, and even the sources of funding vary with each sector.
sector
After the bid documents have been reviewed and the estimator has obtained a good general idea of the nature of the project, a visit to the __________ of the project should be arranged.
site
Specialty contractors are often referred to as __________ because they perform their work under a contract with another contractor.
subcontractors
Subtrades are also referred to in the industry as______________.
subcontractors
Being __________ is based on or influenced by personal feelings, tastes, or opinions.
subjective
__________ are the men and women (plumbers, electricians, ironworkers, and so on) who actually perform the work. These skilled and semi-skilled workers are the construction industry's most valuable asset, although they are rarely recognized for their immense contribution.
trade workers
What are the three factors that have a significant influence on how an estimator goes about preparing a construction estimate: 1. The __________ of project. 2. The project __________ method selected by the owner. 3. The nature of the __________ used in the delivery system.
type, delivery, contract(s)
In the takeoff process, quantities of __________ are measured.
work
