CEP Exam with all Correct & 100% Verified Answers |
Latest Version |Already Graded A+
Estimating ✔Correct Answer-A prediction or forecast of resources (Time, Cost and Materials)
required to achieve or obtain an agreed upon scope.
role of a cost estimator ✔Correct Answer-Predict cost of a project for a defined scope, to be
completed at defined location and point if time in future. - Assists in economic evaluation of
potential projects. - Collect and analyze data
budgeting ✔Correct Answer-A process used to allocate the estimated costs of resources into cost
accounts against which cost performance will be measured and assessed. Budgeting considers time-
phase in relation to a schedule and/or time based financial requirements and constraints.
quantification? ✔Correct Answer-Activity to translate project scope information into resource
quantities suitable for costing
Class 5 ✔Correct Answer-conceptual/screening - factored/parametric
Class 4 ✔Correct Answer-Study/Feasibility - equipment factored/parametric
Class 3 ✔Correct Answer-Budget/Authorizing/Control - semi detailed line items.
Class 2 ✔Correct Answer-Control/Bid Tender - detailed unit costs/ forced take off
Class 1 ✔Correct Answer-Check estimate - detailed take off
Costing ✔Correct Answer-Costing is the application of cost and resources to a quantified scope.
Pricing ✔Correct Answer-The determination of the amount of money asked in exchange for the
item, it is applies after costing and its determination takes in consideration; business and other
considerations in addition to inherent costs
fundamental considerations for internalization ✔Correct Answer-Converting units from other
measurement systems, calculate the effects of changes in currency exchange rates and adjust labor
productivity.
accuracy ✔Correct Answer-It is an indication of the degree to which the final cost outcome for a
given project will vary from the original estimate cost
Contingency ✔Correct Answer-It is an amount added to an estimate to allow for items, conditions
or events for which the state occurrence or effect is uncertain and that experience shows will likely
result in additional costs.
Parametric estimate ✔Correct Answer-Is the process of estimating cost by using mathematical
equations that relate cost to one or more physical variables associated with the item being
estimated.
, Cost Estimate Relationship (CER) ✔Correct Answer-It is an algorithm or formula that is used to
perform the costing operation. CER's relate (Cost, Time, and Quantity) with quantity scope, execution
strategies or other defining elements.
Location Factor ✔Correct Answer-An overall total project factor for translating the summation of
all project cost elements from a
geographical location to another.
Life Cycle Costs ✔Correct Answer-Consideration of all costs of a product, from concept, design,
implementation, start up and
dismantling.
Direct Costs ✔Correct Answer-The costs related to completing work that are directly attributable
to its performance and are necessary for its completion. It includes the supervision directly involved
in the physical
Indirect Costs ✔Correct Answer-The cost not directly attributable to the completion of an activity,
typically allocated across all activities on a predetermined basis.
Lang Factor ✔Correct Answer-It is a technique proposed by H. J. Lang. Lang suggested multiplying
the cost of the equipment by a factor (Lang Factor) to obtain total process plant cost. Total plant Cost
= Total equipment cost x Lang factor
Hand Factor ✔Correct Answer-Hand factor method uses different factor for different types of
equipment. Different from Lang factor method when the cost of the equipment are multiplied by its
factors we obtain the direct field costs. Indirect field costs, home office costs and OSBL costs are
excluded from the final result. Direct field Cost = Equipment cost x Hand factor
Average crew Composite rate ✔Correct Answer-They are the same and consist in develop an
average rate between crafts of different experiences and wage rates.
Bureden ✔Correct Answer-It is the cost of maintaining an office with staff, other than operating
personnel. Also includes federal, state and local taxes, fringe benefits and other union contract
obligations
Bare Rate ✔Correct Answer-Bare labor rate is the gross direct wage paid to the worker
unbalance estimate technique ✔Correct Answer-It is a technique used to allocate estimate costs to
accounts whose definitions do not reflect the nature of the cost being allocated. The objective is to
achieve a desired business result, such improve cash flow.
estimate process steps ✔Correct Answer-Scoping Quantification Costing Pricing Conditioning
KSA ✔Correct Answer-Knowledge, skills and abilities
Cost Category ✔Correct Answer-A division in a system of classification for estimated and expensed
money for which cost are to be
summarized.
Latest Version |Already Graded A+
Estimating ✔Correct Answer-A prediction or forecast of resources (Time, Cost and Materials)
required to achieve or obtain an agreed upon scope.
role of a cost estimator ✔Correct Answer-Predict cost of a project for a defined scope, to be
completed at defined location and point if time in future. - Assists in economic evaluation of
potential projects. - Collect and analyze data
budgeting ✔Correct Answer-A process used to allocate the estimated costs of resources into cost
accounts against which cost performance will be measured and assessed. Budgeting considers time-
phase in relation to a schedule and/or time based financial requirements and constraints.
quantification? ✔Correct Answer-Activity to translate project scope information into resource
quantities suitable for costing
Class 5 ✔Correct Answer-conceptual/screening - factored/parametric
Class 4 ✔Correct Answer-Study/Feasibility - equipment factored/parametric
Class 3 ✔Correct Answer-Budget/Authorizing/Control - semi detailed line items.
Class 2 ✔Correct Answer-Control/Bid Tender - detailed unit costs/ forced take off
Class 1 ✔Correct Answer-Check estimate - detailed take off
Costing ✔Correct Answer-Costing is the application of cost and resources to a quantified scope.
Pricing ✔Correct Answer-The determination of the amount of money asked in exchange for the
item, it is applies after costing and its determination takes in consideration; business and other
considerations in addition to inherent costs
fundamental considerations for internalization ✔Correct Answer-Converting units from other
measurement systems, calculate the effects of changes in currency exchange rates and adjust labor
productivity.
accuracy ✔Correct Answer-It is an indication of the degree to which the final cost outcome for a
given project will vary from the original estimate cost
Contingency ✔Correct Answer-It is an amount added to an estimate to allow for items, conditions
or events for which the state occurrence or effect is uncertain and that experience shows will likely
result in additional costs.
Parametric estimate ✔Correct Answer-Is the process of estimating cost by using mathematical
equations that relate cost to one or more physical variables associated with the item being
estimated.
, Cost Estimate Relationship (CER) ✔Correct Answer-It is an algorithm or formula that is used to
perform the costing operation. CER's relate (Cost, Time, and Quantity) with quantity scope, execution
strategies or other defining elements.
Location Factor ✔Correct Answer-An overall total project factor for translating the summation of
all project cost elements from a
geographical location to another.
Life Cycle Costs ✔Correct Answer-Consideration of all costs of a product, from concept, design,
implementation, start up and
dismantling.
Direct Costs ✔Correct Answer-The costs related to completing work that are directly attributable
to its performance and are necessary for its completion. It includes the supervision directly involved
in the physical
Indirect Costs ✔Correct Answer-The cost not directly attributable to the completion of an activity,
typically allocated across all activities on a predetermined basis.
Lang Factor ✔Correct Answer-It is a technique proposed by H. J. Lang. Lang suggested multiplying
the cost of the equipment by a factor (Lang Factor) to obtain total process plant cost. Total plant Cost
= Total equipment cost x Lang factor
Hand Factor ✔Correct Answer-Hand factor method uses different factor for different types of
equipment. Different from Lang factor method when the cost of the equipment are multiplied by its
factors we obtain the direct field costs. Indirect field costs, home office costs and OSBL costs are
excluded from the final result. Direct field Cost = Equipment cost x Hand factor
Average crew Composite rate ✔Correct Answer-They are the same and consist in develop an
average rate between crafts of different experiences and wage rates.
Bureden ✔Correct Answer-It is the cost of maintaining an office with staff, other than operating
personnel. Also includes federal, state and local taxes, fringe benefits and other union contract
obligations
Bare Rate ✔Correct Answer-Bare labor rate is the gross direct wage paid to the worker
unbalance estimate technique ✔Correct Answer-It is a technique used to allocate estimate costs to
accounts whose definitions do not reflect the nature of the cost being allocated. The objective is to
achieve a desired business result, such improve cash flow.
estimate process steps ✔Correct Answer-Scoping Quantification Costing Pricing Conditioning
KSA ✔Correct Answer-Knowledge, skills and abilities
Cost Category ✔Correct Answer-A division in a system of classification for estimated and expensed
money for which cost are to be
summarized.
