Exam 1: Introduction

Which of the following stages in the process of detailed estimating pertains to the work to be performed by the contractor as measured in accordance with standard rules of measurement?

The basis of a ____ is the accurate assessment of the work in the form of a quantity takeoff that can only be obtained from the full design of the project.

In the schematic phase of the construction process, the owner considers the feasibility of the proposed project.

Once the design of a project is under way, budget amounts can be established for the various elements of the project using procedures for a ____ estimate.

The cost-plus contract method is far more likely to produce a price that is an accurate forecast of the actual costs of building a construction project than any other estimating method.

Most general contractors and subtrades enter into cost-plus contracts in order to perform a defined scope of work.

The different project delivery systems use the same types of estimates- conceptual, preliminary and detailed-at various stages in the development of the project.

A ____ estimate has to be prepared from a minimum amount of information because it is required at a time when the project is often little more than a vague idea in the mind of the owner.

A(n)____ in its essence is an assessment of the probable total cost of some future activity.

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.

____ contracts are usually the owner's choice of last resort because they can place the owner in a vulnerable financial position.

The first stage in the process of preparing a detailed  estimate is quantity takeoff.

The Occupational Safety and Health Administration (OSHA)safety standards are the law, and contractors who fail to comply with the requirements of this legislation face possible fines or even imprisonment.

____ contracts are based on a pricing schedule that consists of a breakdown of the work and estimated quantities for each of the items on the breakdown.

We put together estimates all the time in our everyday lives, often with little or no calculating.

As costs and benefits are usually extended over a number of years, monetary value of a project will normally be determined by means of "future worth" analysis or other "time value of money" concepts.

A construction management organization seeks to facilitate overlap between project stages, often referred to as ____, to allow earlier completion of the project.

There are four principal stages in the process of detailed estimating.

Cost budgets are compiled in a ____, which is a summary of all anticipated project expenditures.

In the process of __________, the estimated cost of each element in the cost plan is compared with the perceived value of that element to consider if the sum allocated to that component part of the building is justified.