CM 3111 EXAM 1 VERIFIED STUDY GUIDE
What is estimating? - Answers - determination of probable construction costs for a
project
What are prepared from the contract documents? - Answers - Plans
Project manual (specs)
What is estimating used for? - Answers - establish project budget
order materials
Profit Margin - Answers - provides the general contractor an acceptable rate of return
and compensation for the risk associated with the project
Liquidated Damages - Answers - penalized for late work
Detailed Estimates - Answers - determines quantity and cost of everything required for
project (materials, labor, equipment)
Assembly Estimates - Answers - bid by groups of components
Square-foot Estimates - Answers - bid based on average cost per square foot
Model Estimates - Answers - prepares an estimate based upon the answers to a
number of questions
Quantity Takeoff Skills - Answers - read and quantify plans
knowledge of math and geometry
patience
does careful and thorough work
computer literate with takeoff software
Competitive Bid - Answers - awarded based upon lowest price and best value
Negotiated Bid - Answers - owner and contractor agree upon price
Invitation to Bid - Answers - invites potential contractors to bid on the project and
provide a brief summary of the project
Instructions to Bidders - Answers - provides bidders with the procedures that must be
followed to submit a complete bid
Bid Form - Answers - standard form that all contractors use to submit their bids
What is estimating? - Answers - determination of probable construction costs for a
project
What are prepared from the contract documents? - Answers - Plans
Project manual (specs)
What is estimating used for? - Answers - establish project budget
order materials
Profit Margin - Answers - provides the general contractor an acceptable rate of return
and compensation for the risk associated with the project
Liquidated Damages - Answers - penalized for late work
Detailed Estimates - Answers - determines quantity and cost of everything required for
project (materials, labor, equipment)
Assembly Estimates - Answers - bid by groups of components
Square-foot Estimates - Answers - bid based on average cost per square foot
Model Estimates - Answers - prepares an estimate based upon the answers to a
number of questions
Quantity Takeoff Skills - Answers - read and quantify plans
knowledge of math and geometry
patience
does careful and thorough work
computer literate with takeoff software
Competitive Bid - Answers - awarded based upon lowest price and best value
Negotiated Bid - Answers - owner and contractor agree upon price
Invitation to Bid - Answers - invites potential contractors to bid on the project and
provide a brief summary of the project
Instructions to Bidders - Answers - provides bidders with the procedures that must be
followed to submit a complete bid
Bid Form - Answers - standard form that all contractors use to submit their bids
