©NINJANERD 2024/2025. YEAR PUBLISHED 2024.
CM 3111 EXAM 1 Questions and
Answers 100% Solved | Rated A+
estimating - ✔✔the determination of probable construction costs for a
project that are prepared from the contract documents.
to establish project budget and order materials - ✔✔what is estimating in
construction used for?
profit margin - ✔✔provides the general contractor an acceptable rate of
return and compensation for the risk associated with the project
detailed estimate - ✔✔type of estimate that determines the quantity and
cost of everything required for the project, including material, labor,
equipment, insurance, bonds, overhead, etc.
assembly estimating - ✔✔type of estimate where rather than bidding each
of the individual components of the project, the estimator bids the
components in groups
square foot estimates - ✔✔type of estimate that is bid based on an average
cost per square foot
, ©NINJANERD 2024/2025. YEAR PUBLISHED 2024.
parametric estimates - ✔✔type of estimate that uses equations that
express the statistical relationship between building parameters and the
cost of the building
model estimating - ✔✔type of estimate that uses computer models to
prepare an estimate based on a number of questions answered by the
estimator
project comparison estimate - ✔✔a type of estimate that is prepared by
comparing the costs of a proposed project to a similar project
quantity takeoff - ✔✔some skills that you need for ______ include: read
and quantify plans, knowledge of math and geometry, patience, doing
careful, thorough work, computer literate
competitive bidding - ✔✔a type of bid that involves each contractor
submitting a lump sum bid or a proposal that is awarded based upon price
and best value
negotiated bidding - ✔✔a type of bid in which the parties arrive at a
mutually agreed upon price, terms and conditions, and contractual
relationship.
CM 3111 EXAM 1 Questions and
Answers 100% Solved | Rated A+
estimating - ✔✔the determination of probable construction costs for a
project that are prepared from the contract documents.
to establish project budget and order materials - ✔✔what is estimating in
construction used for?
profit margin - ✔✔provides the general contractor an acceptable rate of
return and compensation for the risk associated with the project
detailed estimate - ✔✔type of estimate that determines the quantity and
cost of everything required for the project, including material, labor,
equipment, insurance, bonds, overhead, etc.
assembly estimating - ✔✔type of estimate where rather than bidding each
of the individual components of the project, the estimator bids the
components in groups
square foot estimates - ✔✔type of estimate that is bid based on an average
cost per square foot
, ©NINJANERD 2024/2025. YEAR PUBLISHED 2024.
parametric estimates - ✔✔type of estimate that uses equations that
express the statistical relationship between building parameters and the
cost of the building
model estimating - ✔✔type of estimate that uses computer models to
prepare an estimate based on a number of questions answered by the
estimator
project comparison estimate - ✔✔a type of estimate that is prepared by
comparing the costs of a proposed project to a similar project
quantity takeoff - ✔✔some skills that you need for ______ include: read
and quantify plans, knowledge of math and geometry, patience, doing
careful, thorough work, computer literate
competitive bidding - ✔✔a type of bid that involves each contractor
submitting a lump sum bid or a proposal that is awarded based upon price
and best value
negotiated bidding - ✔✔a type of bid in which the parties arrive at a
mutually agreed upon price, terms and conditions, and contractual
relationship.
