CBP CBP Estimating & Cost Control

Question 1

Which estimating method uses historical cost data from similar completed projects to predict the cost of a new project?

Accepted Answer

Analogous estimating

Answer

Parametric estimating

Answer

Bottom-up estimating

Answer

Three-point estimating

Question 2

A contractor receives a bid for $450,000 on a job estimated at $400,000. What is the bid-to-estimate variance percentage?

Accepted Answer

12.5%

Answer

10%

Answer

11.1%

Answer

15%

Question 3

In a unit-price contract, the contractor is paid based on:

Accepted Answer

Predetermined prices per unit of work completed

Answer

A fixed lump sum regardless of quantities

Answer

The actual cost plus a fee

Answer

A percentage of the total project value

Question 4

Which document provides the most detailed breakdown of materials, labor, and overhead for a construction estimate?

Accepted Answer

Quantity takeoff sheet

Answer

Bid bond

Answer

Schedule of values

Answer

Notice to proceed

Question 5

Overhead costs in construction estimating are typically categorized as:

Accepted Answer

General and project overhead

Answer

Direct and indirect costs

Answer

Fixed and variable costs

Answer

Hard and soft costs

Question 6

What is the primary purpose of a contingency allowance in a construction budget?

Accepted Answer

To account for unforeseen costs and uncertainties

Answer

To cover the contractor's profit margin

Answer

To fund design changes requested by the owner

Answer

To pay subcontractor retainage