All Weeks Construction Cost Estimating and Cost Control Quiz Answers
This course introduces the types of cost estimation from the conceptual design phase through the more detailed design phase of a construction project. In addition, the course highlights the importance of controlling costs and how to monitor project cash flow. Students will work on a break-even analysis of construction tasks in a project.
Construction Cost Estimating and Cost Control Week 1 Quiz Answers
Quiz 1: Understanding Design
Q1. Design changes can be made at any period along the design spectrum.
Q2. Which of the following is NOT one of the design stages?
- Schematic Design
- Design Development
- Construction Design
- Order of Elevation
- Order of Magnitude
Q3. Calculate the Rough Order of Magnitude for a building that is 40,000 square feet with a budget of $200 per square foot.
Q4. The architectural elements within the design development level plans include all of the following except:
- Glass Partitions
Q5. The level of design will dictate how detailed your estimate will become.
Q1. Cost estimates are based on
- Judgement and Experience
- Market and Price
- Cost and Supply
- Judgement and Demand
Q2. Examples of the tools and methods to perform preliminary and conceptual estimates include:
- Cost indices
- Component Ratios
- Cost Capacity Factors
- Parameter Costs
Q3. BCI stands for Building Cost Index whereas CCI stands for Construction Cost Index.
Q4. In the cost-capacity factor equation, C2 = C1(Q2/Q1)x , x stands for
- the cost-capacity factor for the type of work
- the cost-capacity of materials
- the capacity of labor
- the cost-capacity for the building
Q5. The equipment installation cost ratio can help estimate the cost of buying equipment for a project.
Q1. It is the beginning of 2008. Assume that you have an estimate on file for a 100,000 square feet building that was completed in June 2002 for a total cost of $3,980,000. In August 2004, a storage facility was added for a cost of $320,000.
Today, the client is interested in building a similar building and the same storage facility in the same area. You are asked to perform a feasibility study for the construction of these two structures in March 2016.
The new building is going to have an area of 120,000 square feet. The cost capacity factor for this type of construction is 0.92. The targeted site is free – no existing structures have to be removed.
The Building Cost Index of 2002 is 3624; for 2004 it is 4027; and for 2016 it is 4571.
Use the above information to answer the s in this quiz.
1) What is the total cost of the building in 2016 (Use cost indices factor method)?
- $ 5,020,028
- $ 3,155,441
- $ 5,217,710
- $ 4,156,218
Q2. Considering the first , what is the cost of the building in 2016 (Use cost capacity factor) ?
- $ 6,024,033
- $ 4,776,000
- $ 5,936,806
Q3. What is the cost of the storage facility in 2016 ?
- $ 320,000
- $ 363,228
- $ 403,620
- $ 281,916
Q4. What is the total cost of the new building including storage in 2016 ?
Q1. Measurement is important because (Check all that apply):
- Effective procurement aims to provide clients with projects that achieve good value for money
- Key objectives include accurate budgets that are prepared before work commences and the correct price is paid when work is completed
- Project scope can change in the design phase of the project
- It is a crucial process that brings processes together
Q2. A cost estimator would use measurement to
- take off quantities from detail drawings to produce a bill of quantities for bid purposes
- calculate the approximate quantities of work during the design development stage to produce a cost plan
- require the gross floor area of a proposed project to establish a building budget at the initial stages of a contract
- calculate insurance costs from a detailed drawing.
Q3. The purpose of measuring any building is to establish the correct amount of work to be carried out. This involves producing accurate quantities that are (Check all that apply):
- technically accurate
- clear and logical in approach and presentation
- fully comprehensive
- dependent on labor pool in the region
Q4. Cut and Fill equipment include all of the following except
- Soil Compactor/Roller
- Wheel Tractor-Scraper
- Dump Truck
Q5. Cut and Fill Software helps with analysis of land and conditions present on site.
Q6. Typical uses of construction caissons include (Check all that apply):
- Taller buildings
- Construction over water
- Building on a landfill
- Poor soil conditions
Q7. When calculating concrete takeoff, it is important to convert from ft3 to CY
Construction Cost Estimating and Cost Control Week 2 Quiz Answers
Quiz 1: Pricing
Q1. The Key Guide to Pricing is to ensure it is (choose all options that apply)
- Project specific
- Ignores market conditions
- Location specific
Q2. Which of the following is NOT a factor in cost of materials?
Q3. The cost of Concrete Structures can be split into all of the following EXCEPT:
- Reinforced steel
Q4. What affects the productivity in rebar-placing activities? Rates vary with which factors:
- Shapes of bars
- Complexity of the structure
- Size and length of bars
- Allowable tolerance in spacing bars
Q5. The cost of concrete in a structure includes the cost of all of the following EXCEPT:
- Price of Gas
- Equipment used to mix
Q6. Which of the following affects the productivity of concreting activities (choose all that apply)?
- Length of haul and equipment used to haul concrete
- Distribution of the placing area
- Availability of equipment
- Location of aggregate piles and cement storage
Q7. Which taxes are withheld from an employee’s earnings (choose all that apply) ?
- Federal income tax
- Equipment use tax
- State income tax
- Local taxes
Q8. The costs of owning and operating equipment include all of the following EXCEPT:
- Union Dues
- Maintenance and repairs
- Fuel and Lubrication
Q9. When estimating the time required by a truck for a round trip, the estimate should divide which 4 elements
- Hourly Rate
Q1. Procurement includes all of the following EXCEPT:
- Selecting Vendors
- Strategic vetting selection
- Labor Costs
- Purchase of Good and Services
- Establishing payment terms
Q2. Which of the following are construction procurement stages?
- Bid Return and Leveling
- Pre Bid Estimate
- Contract Award
- Procurement Analysis
- Bid Documents
Q3. The Pre-bid Estimate is typically developed after procurement begins.
Q4. A goal of the pre-bid estimate is to set a cost baseline for your project.
Q5. The Bid Documentation checklist includes all of the following EXCEPT:
- Pricing Documents
- Drawing Register
- Request for Proposal
- Project Specific Details
- License Requirements
Q6. The Contract Award Stage is the final stage of procurement.
Q7. All of the following actions would be part of the contract award stage EXCEPT:
- Date of contractor availability
- Outlining the contract with potential bid award
- Contract Negotiation
- Agreeing on final contract value
- Review of bidder’s financial status
Q1. The post-contract stage is the time from the signing of the contract until the final building certificate.
Q2. Select all of the criteria which determine if a project is delivered successfully
- To the required standards
- On time
- Within budget
- Without deviating from the design plan
Q3. Effective cost control will require all of the following actions except
- Interim valuations and certificates for payment
- Cash flow control and forecasts through budgetary control
- Financial statements showing current and expected final costs for the project
- Change Order
- Final account, the agreement of the settlement of the final certificate and the settlement of the claims
Q4. You use an S Curve in reporting for all of the following reasons except
- Cumulative project cost against time
- Used as a desired forecast for cash flow
- More accurate than a bar graph
- Allows the user to quickly identify growth slippage and potential problems
- For performance checking
Q5. Change orders are changes to the construction contract that occur after award of the contract while being within the general scope of the contract.
Q6. Which of the following is not a type of change order?
- Time and Material Change Order
- Customer Requested Change Order
- Lump Sum Change Order
- Unit Price Change Order
Construction Cost Estimating and Cost Control Week 3 Quiz Answers
Quiz 1: Earned Value Method
Q1. The earned value establishes a direct relationship between percent complete of an account and the budget of the account.
Q2. EVM = % complete x budget of the account
Q3. Calculate the earned value of work hours?
- Budget = $20,000
- 40 work hours completed
- Account is 35% complete
Q4. Choose the 4 parameters needed to understand EVM
Q5. Cost Variance = BCWP – ACWP
Q2. What is the budgeted cost of work performed by work package B ?
Q3. What is the CPI for the work package A.20 ?
Q4. What is the CPI for the work package B.20 ?
Q5. Which of these work packages are within budget?
Q6. Which of these work packages have overrunning budget? (Select all that apply)
Q1. Design management includes all of the following documents and topics:
- Drawing Register
- Drawing pack
- Contractor pack
- Engineering pack
Q2. Pricing research includes which of the following
- Project specifics
- Location factors
- Number of vehicles rented
Q3. Benchmarking is the only way to test your pricing.
Q4. All of the following help to manage costs of a project efficiently:
- Meeting attendance
- Meeting participation
- Responding to phone calls within 72 hours
Q5. The Cost Manager is the person who estimates cost for a project. They will estimate the price, value, number, quantity or extent of something.
Q1. Select all of the characteristics of a punch list
- An activity to ensure all clients requirements are met
- List of contractors used on a project
- A list that a Project Manager and Cost Manager create when the work is at Practical Completion Stage
- Used as a check-list to ensure work is rectified
Q2. Select all of the benefits of including a punch list in a contract
- Ensures obligations of all parties
- Part of the earned value method of cost control
- Final payment terms consideration
- Risk Mitigation Technique
Q3. Select the people who would be need to work with the punch list
- Project manager
- Cost manager
- General Contractor
Q4. The role of the project manager is to compile all of the individual punch lists items in an organized manner that can be ticked or punched off the list as they are completed.
Q5. Once all punch list items are complete and have been approved by the client, the final Punch-List review will be handed over to the project manager for final commercial closeout
Construction Cost Estimating and Cost Control Week 4 Quiz Answers
Quiz 1: Project Cash Flow
Q1. Revenue – Expenses = Capital
Q2. The conservatism principle in accounting means recognizing revenue as soon as possible and expenses when they are received.
Q3. Reasons a contractor might not get paid include
- Client stops the project
- Equipment Malfunction
- General Contractors default
- Clients or General Contractors go out of business
Q4. Which of the following is not an impact to Revenue?
- Payment cycle
- Earned Value
Q5. Earned Value – Retainage = Billings
Q6. Retainage is the portion of the payment that the client pays up front to ensure work is completed
Q7. Operational Payment Cycle Drivers include which of the following
- Finance Review
- Schedule Review
- Accounting Processes
- Billing Review
Construction Cost Estimating and Cost Control Week 5 Quiz Answers
Quiz 1: Cost Control for Large Programs
Q1. Program costs, notably for large capital programs, represent a significant commitment, often several billion dollars over one year.
Q2. Cost overruns have a serious ripple effect that can impact beyond just the financial cost of the work at hand. Those costs can be all of the following except
Q3. A program is a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually.
Q4. Program management includes which of the following activities that contribute to the achievement of an organization’s vision, strategic objectives and desired results.
Q5. Typical responsibilities of program management include all of the following (please select all that apply):
- Oversight of all aspects of project and construction management
- Development of standards and guidelines for safety, quality, procurement and other areas
- Building management
- A thorough understanding of program costs and schedule
- Stakeholder management and engagement
Q6. Impacts of Cost Overrun include all of the following except
- Reduced program delivery
- Social and Economic Opportunity Cost
- More investment
- Time delays with resulting direct additional cost and asset benefit
- Political Capital
Q7. One of the most important program cost control measures is to ensure an accurate estimate across the life of the program.
Q1. Money is of paramount importance because:
- Early estimates that are too costly, kill projects
- In business, everything can be monetized
- When the team focuses on cost, budget performance increases dramatically
- All of the above
Q2. An Estimate is a Predictive Cost Model, based upon:
- Quantity Survey
- Detailed Trade Contractor Bids
- Incomplete, Ambiguous information
- Consumer Price Index
Q3. A “great” estimate results in Bids that are :
- Below the Allowable Cost and Evenly Distributed
- Precise (tightly clustered) and Accurate (at or near the estimated value)
- Segmented and Competitive
- Fixed Price and BIM-ready
Q4. The Estimating 2-Step uses historical data to predict future cost, using:
- Benchmark data, Normalized for Time, Location, Type and Scope
- Input and Output Indexes
- Owner Contingency to fund predicted over-runs
- Unit Costs only
Q5. The Parametric Estimate is a key tool because:
- Trade Contractors bid strictly per Uniformat categories
- Value Engineering is the preferred way to stay on budget
- Construction cost is a small percentage of the Total Cost of Ownership
- Detailed Estimates too early are a form of Waste (Overprocessing)
Q6. The Owner’s Value Proposition may be analyzed to provide guidance to the Design and Construction team regarding:
- Required Function
- Preferred Architectural Form
- Cost, Schedule and Sustainability
- All of the above
Q7. The Validation Process for cost results in documented Conditions of Satisfaction, based upon:
- Detailed Cost Estimate
- Value Proposition and Information Index
- Problem Statement
- Continuous Estimating
Q8. Achieving the Allowable Budget in Target Value Design relies upon:
- Line Item Transfer
- Set Based Design
- Good – Better – Best alternatives for building systems
- All of the above
Q9. In Target Value Design, the Allowable Cost is set below Market Cost in order to:
- Reduce the Owner’s Below-the-Line spend
- Establish the “batches” or “clusters” of building system alternatives
- Provide a ‘forcing function’ stimulating the project team’s creativity
- Clarify the estimator’s “swimlanes”
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