CM 3111 exam 2-Questions and Answers | New
2025/2026 Update | With Complete Solutions
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
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
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
a type of bid in which the parties arrive at a mutually agreed upon price, terms and conditions,
and contractual relationship.
invitation to bid
invites potential contractors to bid on the project and provides a brief summary on the project
scope and size, location, project's owner, etc.
2025/2026 Update | With Complete Solutions
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
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
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
a type of bid in which the parties arrive at a mutually agreed upon price, terms and conditions,
and contractual relationship.
invitation to bid
invites potential contractors to bid on the project and provides a brief summary on the project
scope and size, location, project's owner, etc.
