BCM Construction Cost Estimating and Control

Question 1

A conceptual (order-of-magnitude) estimate in construction typically has an accuracy range of:

Accepted Answer

-30% to +50%

Answer

Order-of-magnitude estimates produced early in design have a wide accuracy range due to limited project definition at that stage.

Question 2

Direct costs in construction estimating include:

Accepted Answer

Labor, materials, and equipment used directly in the construction work

Answer

Direct costs are expenses directly tied to physical construction activities, including field labor, materials incorporated into the work, and equipment used on-site.

Question 3

The quantity takeoff process in construction estimating involves:

Accepted Answer

Measuring and calculating the quantities of materials and work from project drawings

Answer

Quantity takeoff is the systematic measurement of all materials and work items from construction documents to form the basis of a cost estimate.

Question 4

General overhead (general and administrative costs) in construction estimating refers to:

Accepted Answer

Costs of running the contractor's main office not attributable to a specific project

Answer

General overhead covers home office costs like executive salaries, rent, and accounting that support all projects but aren't charged to a specific job.

Question 5

Value engineering in construction is best defined as:

Accepted Answer

A systematic process to achieve required functions at the lowest life-cycle cost without reducing quality

Answer

Value engineering analyzes the functions of systems and components to find cost-effective alternatives that meet performance requirements.

BCM - Bachelor of Construction Management Practice Test

BCM - Bachelor of Construction Management Practice Test

BCM Construction Cost Estimating and Control