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CM 1011 - Chapter 6 & 9 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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CM 1011 - Chapter 6 & 9 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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  • June 26, 2024
  • 10
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • cm 1011 chapter 6 9 questions with 100 actua

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CM 1011 - Chapter 6 & 9
What is an estimate? - ANS-An estimates is an educated guess and is formed of the cost to the
contractor.

It forms the basis of a contractor's budget.

includes:
-costs of labor and labor burdens
- materials and taxes on materials
- equipment
- subcontracts
- direct project overhead costs

Should NOT include:
-general overhead or profit

A bid.... - ANS--amount for which a contractor is willing to do the project.

-forms the basis of the Owner's budget

-estimate amount PLUS general overhead/ profit

Direct project overhead costs - ANS-costs that are not identified with any one work item, but are
needed for the project.

no project = no direct project overhead costs

Office overhead/ general overhead, - ANS-Cost of operating the home office

Office overhead/ general overhead = exists whether there is a project or not.

The estimate must be low enough to get the bid, but - ANS-high enough to make a profit off of.

Characteristics of a good estimator - ANS-1. knowledgeable in construction techniques & good
visualization skills
2. detailed oriented and thorough
3. Good with numbers and statistics
4. familiar with material costs and computer applications
5. Work well under deadline pressures
6. Be practical but creative

, Two main factors of a project? - ANS-1. Project Size
2. Project complexity

The larger the project is the more opportunity there is to - ANS-increase efficiencies around any
particular activity.

Economy of Scale - ANS-is a proportionate saving in costs gained by an increased level of
production.

As complexity increases, - ANS-so does cost!

What could cause a delay in the project? - ANS-Fabricated materials with long lead times

What impacts productivity of a project? - ANS-- complexity
- project details

Name some factors that increase the cost of a project? - ANS-1. Shape of facility
2. Height of the facility
3. Unique materials or applications

Liquidated damages - ANS-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.

Lead Time - ANS-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.

What impacts has the location of the project? - ANS--ease procurement and delivery of
materials, labor, equipment
-availability and cost of labor

Time of construction - ANS--Estimator must anticipate fluctuations of costs during various
stretches of time e.g. notice to proceed not received for 2 years, not to have enough funds to
sustain this

How do the seasons impact projects? - ANS-Seasonal weather changes impact estimate and
eventual cost

Quality of Work - ANS-Quality of a project is defined by the standards et forth in the
specifications.

Quality clearly impacts project cost.

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