Practice Exam for CEE 4100 Test 2 Questions and Answers

Practice Exam for CEE 4100 Test 2 Questions and Answers Actual Cost of Work Performed (ACWP) - CORRECT ANSWER-Actual work hours or dollars to date represent what has been paid Banks Evaluation - CORRECT ANSWER-Contractors = high risk, so loan only thru inventories and partially complete with high interest rate Bid estimate - CORRECT ANSWER-Contractor prepares estimate of job's cost with markup for profit Budgeted Cost at Completion (BCAC) - CORRECT ANSWER-original project estimate Budgeted Cost for Work Performed (BCWP) - CORRECT ANSWER-Earned work hours or dollars to date represent what was done = BCAC * PC earned value Budgeted Cost for Work Scheduled (BCWS) - CORRECT ANSWER-Budgeted work hours or dollars to date represent what's planned to do Cash flow projection - CORRECT ANSWER-projection of income and expenses during project life, based on time scheduling Common errors in QTO - CORRECT ANSWER-arithmetic, transposition, errors of omission, poor reference, unrealistic waste factor Conceptual estimate - CORRECT ANSWER-BY capacity ($ per parking space, $ per hotel room), Accuracy +-20%, Done by consultants/CM firms/Owners For initial planning, based on historic data Cost depends on scope add ons, materials, size, location Constraints for Prod. - CORRECT ANSWER-Unique, little repetition, few second chances Different designs/designers etc. Contracts not promote cooperation, Hierarchy block free discussion Contractor's Financing - CORRECT ANSWER-Bank extends line of credit in meantime But charges interest on overdraft (outstanding balance, difference) Contractor's Income Profile - CORRECT ANSWER-Stair step since progress payments paid in discrete amounts Pay = (I +markup)*(direct+indirect) - (retainage rate)*[(l +markup)*(direct*indirect)] Cost centers - CORRECT ANSWER-subdivisions into which project is divided for detailed cost estimations: Estimating accounts, Line items, Cost accounts, Work packages