Construction Estimating Methods, Bids, And Contract Types Questions With Correct

CONSTRUCTION ESTIMATING: METHODS, BIDS, AND CONTRACT
TYPES Questions with Correct Solutions

Question:
1. Estimating

Answer:
Determination of the probable cost for a project


Question:
2. Probable

Answer:
Changes could be made


Question:
3. Unforeseen conditions

Answer:
Cost fluctuation and labor cost


Question:
4. Prepared from the construction documents

Answer:
Plans (working drawings)


Question:
5. Project manual

Answer:
Nothing is ever exact in estimating


Question:
6. Estimates are used to

Answer:
Establish product budgets


Question:
7. Develop schedules

Answer:
Productivity rates

, Question:
8. How long it takes to complete task

Answer:
By the quantity of materials


Question:
9. Order materials

Answer:
May not be exact, only an estimate


Question:
10. Profit margin

Answer:
Provides the contractor with an acceptable rate of return and compensation for the risk
associated with the project


Question:
11. Gross margin

Answer:
Before and deductions have been taken out


Question:
12. Estimating effort vs accuracy

Answer:
NOT SOURCE-VERIFIED — REVIEW REQUIRED: The study term or label is "Estimating
effort vs accuracy". Its definition or intended question is not sufficiently specified in the
source to produce a verified answer; check the relevant course glossary or diagram.


Question:
13. Project comparison

Answer:
Comparing a proposed project to a similar project that has been completed