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WorksheetsCost Estimating Theory
Total questions: 16
Worksheet time: 9mins
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
"Obtain the administrative and technical approval of estimate from the competence authorities to release the funds for construction."
The statement above explains about ....
the importance of cost estimating
the definition of cost estimating
the side-effect of cost estimating
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
Types of project cost are
direct, indirect, surcharge, fixed, sunk
indirect, sunk, variable, estimation
sunk, fixed, variable, direct, internal
fixed, sunk, direct, variable, indirect
'those directly linked to doing the work for the project'
The statements refers to
direct cost
indirect cost
fixed cost
variable cost
sunk cost
'not specifically linked to your project'
The statements refers to
direct cost
indirect cost
fixed cost
variable cost
sunk cost
'everything that is a one-off charge'
The statements refers to
direct cost
indirect cost
fixed cost
variable cost
sunk cost
'charges that change with the length of your project'
The statements refers to
direct cost
indirect cost
fixed cost
variable cost
sunk cost
'money that has already been spent and cannot be recovered'
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
The selection of the method in estimating will depend on....
choose all correct answers
The total and type of cost data available
The experience of Quantity Surveyor
The information and time to prepare the estimate
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
