- Study guides, Class notes & Summaries

What type of estimate is prepared by multiplying the square footage of a building by a cost per square foot? - correct answer Square-foot Estimate By taking off building elements in broad groups, this type of estimate can be prepared fairly quickly (in hours) with moderate accuracy: - correct answer Assembly Estimate Which of the following is NOT a component of a detailed estimate? - correct answer A/E Fee What is the formula for using location factors to adjust cost esti...

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6 pages

Written in 2024/2025

Grade A+

Rechga

What is an estimate? - correct answer An approximation of a number based on reasonable assumptions When a questions says 'round to ..... decimal places', what does it mean? - correct answer The expected amount of decimal places in the answer What are significant figures (sig figs)? - correct answer Numbers used in measurement to determine precision of your measurement. Record all certain numbers and one uncertain number. When a questions says 'round to ....... si...

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2 pages

Written in 2024/2025

Grade A+

Rechga

types of construction projects - correct answer -Residential -Commercial and institutional buildings* -Heavy civil -Industrial "Aquisition process" - correct answer Refferes to finding and biding jobs AACE definition of cost estimating - correct answer ". . . a predictive process used to quantify, cost, and price the resources required by the scope of an investment option, activity, or project." " . . . a process used to predict uncertain future costs. I...

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4 pages

Written in 2024/2025

Grade A+

Rechga

What are the 3 types of estimates - correct answer 1.) Conceptual 2.) Preliminary 3.) Detailed Advantages of Design-Bid-Build - correct answer Fully defined scope before bidding (Lowest bidding, competitive) Familiarity with Process The Design engineers/architects act asthe owner's agent during construction and Polices the General Contractor Estimating Needs for Design Bid Build (DBB) - correct answer Accurate Detailed estimates from completed documents Con...

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12 pages

Written in 2024/2025

Grade A+

Rechga

We put together estimates everyday, with little or no calculations - correct answer True The different project delivery systems use the same types of estimates- conceptual, preliminary and detailed- at various stages in the development of a project - correct answer False With the design- build method, the owner indicates that he or she requires a certain facility and usually outlines some parameters relating to location, size, design and the desired time of occupancy. - correct a...

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3 pages

Written in 2024/2025

Grade A+

Rechga

Round 1,250 to the nearest hundred - correct answer 1,300 Round 23.567 to the nearest tenth - correct answer 23.6 Round 675.247 to the nearest hundredth - correct answer 675.25 When there is a 5 in a number that you need to round what do you do? - correct answer Round up Is 1567 closer to 2000 or 1500? - correct answer 1500 What is the place value of 9 in the number 1,234,567.89? - correct answer hundredths What is the place value of 2 in the numbe...

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1 pages

Written in 2024/2025

Grade A+

Rechga

Estimates - correct answer Approximation, projection or prediction of a quantity of work Detailed estimate of Construction Cost - correct answer forecast of construction cost prepared based on a detailed analysis of materials and labor for all items of work, as contrasted with an estimate based on current area, volume or similar unit costs Bill of Materials - correct answer Used to describe the materials, sub-components needed to manufacture a finished product Quantity su...

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2 pages

Written in 2024/2025

Grade A+

Rechga

The components of an assembly may be limited to a single trade or may be installed by many different trades. - correct answer True The assembly and square-foot methods are typically used for preparing detailed estimates. - correct answer False When preparing a conceptual estimate, typically there are no drawings available or they drawings are very limited and the contractor makes assumptions about virtually every aspect of the project. - correct answer True Project compar...

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7 pages

Written in 2024/2025

Grade A+

Rechga

estimation is an _____ process - correct answer inferential estimation uses ___ statistics to estimate population parameters - correct answer sample point estimate uses ______ number to estimate unknown quantity - correct answer single point estimate is a ______ estimate - correct answer precise point estimate is not very ____ - correct answer accurate interval estimate uses _______ to estimate unknown quantity - correct answer ranges of values int...

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2 pages

Written in 2024/2025

Grade A+

Rechga

an inferential technique of using sample statistics to estimate a population parameter - correct answer what is estimation? point estimate is taking a single value from the sample and using it to estimate the population parameter. the problem is that sampling error varies from point to point, so we can never know how accurate it is - correct answer what is point estimate and what is the major problem with it? a range of values that are used to estimate the population parameter - ...

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2 pages

Written in 2024/2025

Grade A+

Rechga

Estimating - correct answer a. The key to a successfully conceived, managed, and completed project. b. Is not limited to the construction industry, but rather is a function common to a broad spectrum of projects in which cost and time must be managed. c. The estimate is the yardstick against which cost performance on a project is measured. i. Since time affects cost, the estimate of durations is also important and is usually considered con-currently with cost. Estimating -...

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5 pages

Written in 2024/2025

Grade A+

Rechga