Unit 301 Estimating quantities and price work / terms

How would you estimate the quantities of walling to be built?

• Calculate all the area of walling to be built

• Look at the floor plan of the house to estimate the volume of livable space

• Total roof space divided by 2

An estimate is

• a calculation of the quantities of various items of work and the expenses

• is journal which is not usable for any project especially expenses of any project

• indicating a project will 100% work based on it without any error

Costing is

• sistematic procedure for keeping your money save

• sistematic procedure for calculating an actual cost

• sistematic procedure to keep track of your daily coffee expenses.

Estimation of a project is

• a forecast of its probable cost

• a forecast of money

The purpose of cost estimating is to......

Choose all the correct answer below.

• find the cost of the manufacturing

• find the cost of operations involve

• assist in setting the price for the project

• find the cost irrelevant items

Cost estimating is importance to:-

• know the quantities of various materials

• decide the proposal cost

• matching cost with budget

• invite client's quotation

• make the meeting interesting

Aims of Cost estimation.

Choose all correct answers

• to establish world's currency

• to determine the most economical process

• to make decision

• to prepare production budget

'charges that change with the length of your project'

The statements refers to

• direct cost

• indirect cost

• fixed cost

• variable cost

• sunk cost

Lump Sum method in estimating includes all below except..

• volume

• floor area

• evaluation unit

• approximate value quantity

• bill of quantity

An itemized list of materials, parts, and labor (with their costs) required to construct, maintain, or repair a specific structure which has been identified by the drawings and specifications in the tender documentation.

Statement above explains about......

• Bill of Quantity

• Lump Sum