Estimating Final Exam UPDATED ACTUAL Questions and CORRECT Answers
11 views 0 purchase
Course
Estimating
Institution
Estimating
Estimating Final Exam UPDATED
ACTUAL Questions and CORRECT
Answers
We put together estimates all the time in our everyday lives, often with little or no
calculating. - CORRECT ANSWER- True
The different project delivery systems use the same types of estimates— conceptual,
preliminary an...
Estimating Final Exam UPDATED
ACTUAL Questions and CORRECT
Answers
We put together estimates all the time in our everyday lives, often with little or no
calculating. - CORRECT ANSWER✔✔- True
The different project delivery systems use the same types of estimates— conceptual,
preliminary and detailed—at various stages in the development of the project. - CORRECT
ANSWER✔✔- False
With the design- build method, the owner indicates that he or she requires a certain facility
and usually outlines some parameters relating to location, size, design and the desired time of
occupancy. - CORRECT ANSWER✔✔- True
Most general contractors and subtrades enter into cost-plus contracts in order to perform a
defined scope of work. - CORRECT ANSWER✔✔- False
A(n) ____ in its essence is an assessment of the probable total cost of some future activity. -
CORRECT ANSWER✔✔- estimate
A ____ estimate has to be 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. - CORRECT ANSWER✔✔- conceptual
Once the design of a project is underway, budget amounts can be established for the various
elements of the project using procedures for a ____ estimate. - CORRECT ANSWER✔✔-
preliminary
Using a construction management organization seeks to facilitate overlap between project
stages, often referred to as ____, to allow earlier completion of the project. - CORRECT
ANSWER✔✔- fast tracking
,____ contracts are usually the owner's choice of last resort because they can place the owner
in a vulnerable financial position. - CORRECT ANSWER✔✔- Cost-plus
____ contracts are based on a pricing schedule that consists of a breakdown of the work and
estimated quantities for each of the items on the breakdown. - CORRECT ANSWER✔✔-
Unit-price
The basis of a ____ 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 - CORRECT ANSWER✔✔-
detailed estimate
Construction groups in major cities have formed associations or plan service centers where
both public and private bodies may deposit plans and specifications of projects calling for
bids. - CORRECT ANSWER✔✔- True
In a closed bid system the number of companies invited to bid is typically limited to no more
than ten contractors who are known to the owner or designers and who meet the qualification
criteria set by the owner. - CORRECT ANSWER✔✔- False
An effective way to proceed with the planning of estimating operations is achieved by means
of a simple line chart form of time schedule. - CORRECT ANSWER✔✔- False
On most projects general contractors request two complete sets of bid documents for
estimating a project. - CORRECT ANSWER✔✔- True
If an estimator does not know exactly what the computer is accomplishing in the preparation
of an estimate, the estimator will not be in control of the process. - CORRECT
ANSWER✔✔- True
The use of fax machines, cellular telephones, and e-mail has had little impact on the bidding
process as it is still mostly a manual process. - CORRECT ANSWER✔✔- False
Agencies of the U.S. government use a standard form called the "____" to provide bid
information. - CORRECT ANSWER✔✔- Pre-Solicitation Notice
, Private owners often directly invite contractors to bid on their construction projects in a
system known as a(n) ____ system. - CORRECT ANSWER✔✔- Closed bid
A method of addressing the problem of bids from contractors of questionable financial
situation and experience capability is to call for bids only from ____ contractors. -
CORRECT ANSWER✔✔- prequalified
Designers usually require a cash or certified check deposit from contractors who obtain bid
documents and the deposit is reimbursed when the drawings and specifications are returned
to the designer's office in "____." - CORRECT ANSWER✔✔- Good order
A method of handling the problem of review questions is to compile a list of all the questions
that arise, the ____, then later make a single call to the designer to cover all the items that
have accumulated. - CORRECT ANSWER✔✔- query list
Significant details provided in response to questions about a bid will be incorporated into
written documents that are distributed to all bidders in publications that are known as ____. -
CORRECT ANSWER✔✔- addenda
Perhaps the most important item considered at the estimate review is ____. - CORRECT
ANSWER✔✔- the amount of fee to include in the bid price
While an experienced estimator will certainly know what to look for and assess when
investigating the site, the presence of the ____ or a project superintendent on the visit will
always be valuable if only to offer alternative viewpoints in the evaluation of the data
obtained. - CORRECT ANSWER✔✔- chief estimator
An estimate begins with a quantity takeoff. - CORRECT ANSWER✔✔- True
The estimator should note that quantities of materials are measured in the takeoff process. -
CORRECT ANSWER✔✔- False
A materials takeoff generally provides sufficient information for pricing. - CORRECT
ANSWER✔✔- False
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
