METHODS OF ESTIMATING

What is the purpose of an early estimate in a project?

• To ensure the project runs smoothly without any challenges
• To waste time and resources
• To confuse stakeholders and delay the project
• To set initial expectations, plan resources, and identify potential risks.

What are some factors considered in estimate considerations?

• Project scope, resources required, time constraints, risks involved, historical data
• Team preferences
• Weather conditions
• Budget constraints

What is the purpose of UNIT RATES in construction cost estimation?

• Unit rates are used to estimate labor costs only
• Unit rates are irrelevant in construction cost estimation
• Unit rates help in accurately pricing specific quantities of work based on standard units.
• Unit rates are fixed values that do not change

What is the purpose of FLOOR AREA in cost estimation?

• To determine the color scheme for the interior design
• To calculate the number of windows needed for the project
• To determine the amount of space that needs to be covered or built upon, impacting materials and labor costs.
• To estimate the total weight of the building materials

What are the rules of measurement for calculating the Total cost using VOLUME method?

• Total cost = Volume + Cost per unit volume
• Total cost = Volume - Cost per unit volume
• Total cost = Volume x Cost per unit volume
• Total cost = Volume / Cost per unit volume

What is the significance of using a BILL OF QUANTITIES in construction projects?

• To list down the quantity of bills needed for the project

• To estimate the total cost of materials and labor required for the project

• To determine the project timeline

• To showcase the architectural design of the project

How does the concept of CONTINGENCY affect cost estimation in construction?

• Contingency is an unnecessary expense that should be avoided

• Contingency is a buffer amount included in the estimate to cover unforeseen circumstances or changes

• Contingency is used to reduce the overall project cost

• Contingency is only applicable to small construction projects

Why is it important to consider the LOCATION of a construction project in cost estimation?

• Location has no impact on the cost of construction projects

• Location affects the availability and cost of materials, labor, and permits

• Location determines the color scheme of the project

• Location is only relevant for residential projects