Estimating Exam IV (Final Exam) UPDATED ACTUAL Questions and CORRECT Answers
0 view 0 purchase
Course
Estimating
Institution
Estimating
Estimating Exam IV (Final Exam)
UPDATED ACTUAL Questions and
CORRECT Answers
What happens to a contractor's bid if the owner receives it five minutes after the time is due?
- CORRECT ANSWER- The bid is thrown out
What are two sources of common errors in the estimating process? - CORRECT
AN...
Estimating Exam IV (Final Exam)
UPDATED ACTUAL Questions and
CORRECT Answers
What happens to a contractor's bid if the owner receives it five minutes after the time is due?
- CORRECT ANSWER✔✔- The bid is thrown out
What are two sources of common errors in the estimating process? - CORRECT
ANSWER✔✔- placing numbers in wrong columns
incorrect computation of numbers
What is the difference between a subcontractor and a major supplier? - CORRECT
ANSWER✔✔- A subcontractor is employed to do specific work for a part of a project. A
major supplier is employed to deliver supplies for the project
What is the purpose of a QTO? - CORRECT ANSWER✔✔- to quantify all materials and
labor needed for a project
How does an estimator request information and/or clarification about the drawing? -
CORRECT ANSWER✔✔- They should use a request for information form (RFI) in order to
receive clarification about drawings
In what units is structural steel quantified? - CORRECT ANSWER✔✔- Pounds (lbs)
What is the purpose off a recapitulation sheet? - CORRECT ANSWER✔✔- to summarize all
work done for a specific section of the project. Example: concrete work
What is a productivity factor and what are its units? - CORRECT ANSWER✔✔- A factor
that determines how fast a certain task will be completed. Its units are man-hours per unit
What are two purposes for developing OM estimates? - CORRECT ANSWER✔✔- To
determine pricing for a similar project
Quantifying subcontractors before the bid date
, What does the general conditions section of the estimate represent? - CORRECT
ANSWER✔✔- all indirect work on the project. Examples include administrative expenses
and taxes
How are taxes and insurance commonly estimated? - CORRECT ANSWER✔✔- They are
estimated using given prices for the area. The taxes for a project built in Midtown Manhattan
will be more than taxes for the same project in rural Oklahoma
What is another name for the general conditions part of the estimate? - CORRECT
ANSWER✔✔- CSI Division 1 or General Requirements
What would you conclude is the most important item specified in the bid documents in
relation to creating a lump some bid? - CORRECT ANSWER✔✔- the billing schedule, it
determines how the contract will be paid
What is the WBS used for? - CORRECT ANSWER✔✔- Planning and scheduling project
management activities
Who has the ultimate responsibility for tendering a viable bid? - CORRECT ANSWER✔✔-
The Chief Estimator
For most projects, 20% of the work items represent what percentage of the cost? - CORRECT
ANSWER✔✔- 80%
What are two terms for the bid package of documents issued to a general contractor? -
CORRECT ANSWER✔✔- Invitation for bid
Request for Quotation
When should verbal answers to questions to the owner or architect be accepted? - CORRECT
ANSWER✔✔- During the pre-bid meeting for clarification on the scope of work
What are three factors that the OIC will consider in deciding whether to tender a bid? -
CORRECT ANSWER✔✔- profitability
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 $9.49. You're not tied to anything after your purchase.
