What is a construction estimate? - ANSWER Summary of probable quantities and costs of materials, labor, equipment, and subcontracts to complete a project, including taxes, overhead, and profit, based on the best available information at the time.
Name the four primary categories of costs in the...
COSC 153 Chapter 8 QUESTIONS &
ANSWERS(RATED A)
What is a construction estimate? - ANSWER Summary of probable quantities and costs of materials,
labor, equipment, and subcontracts to complete a project, including taxes, overhead, and profit, based
on the best available information at the time.
Name the four primary categories of costs in the construction estimate. - ANSWER Materials, labor,
equipment, and subcontracts.
How are construction estimates typically organized? - ANSWER 1995 CSI Master Format, which utilizes
16 divisions, or the expanded 2004 version, which consists of 48 divisions.
What type of estimate would we probably do if we were meeting with a client for the first time and they
wanted to get a rough idea about their project cost? - ANSWER Rough order of magnitude. (ROM)
Identify the four preparation steps taken to start the estimating process. - ANSWER Review the plans and
specs, develop a query list, attend pre-bid meeting, visit the site.
What are general conditions? - ANSWER Indirect costs and represent the expenses incurred in order to
deliver and manage the materials, labor, equipment, and subcontracts employed on any given job.
Supervision, cleanup, temporary utilities, and security fencing are all examples of general conditions.
Lead time - ANSWER 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 lead-time items and require special planning
considerations.
Liquidated Damages - ANSWER A daily amount of money paid by the contractor to the owner for each
day that the project fails to meet the completion date specified in the contract. Not all contracts contain
a liquidated damages clause.
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