CCS Cost Estimation 2

Question 1

Which estimating method applies historical cost-per-unit data (e.g., cost per hospital bed) to quickly project total project cost?

Accepted Answer

Parametric estimating

Answer

Parametric estimating uses statistical relationships between historical data and project parameters such as capacity or size to produce rapid early-stage cost forecasts.

Question 2

A construction specifier is preparing a cost plan at the schematic design phase. Which CSI MasterFormat level is most appropriate for organizing cost data at this stage?

Accepted Answer

Level 1 — Divisions only

Answer

At schematic design, broad Division-level (Level 1) cost groupings align with the limited design definition available and provide appropriate cost framework.

Question 3

The term 'allowance' in a construction cost estimate refers to:

Accepted Answer

A sum set aside for work not fully defined at the time of bidding

Answer

An allowance is a specified amount included in the contract sum to cover the cost of prescribed items whose scope has not yet been fully determined.

Question 4

Which factor MOST directly causes a 'basis of estimate' document to be prepared alongside a cost estimate?

Accepted Answer

To document assumptions, exclusions, and accuracy range so reviewers can interpret the estimate

Answer

A basis of estimate captures the assumptions, inclusions, exclusions, and expected accuracy range, enabling informed review and future updates.

Question 5

In life-cycle cost analysis, 'present value' discounting is used to:

Accepted Answer

Convert future costs to equivalent today's dollars for apples-to-apples comparison

Answer

Discounting future costs to present value allows decision-makers to compare options with different cash-flow timing on a consistent economic basis.

(CCS) Certified Construction Specifier Practice Test

(CCS) Certified Construction Specifier Practice Test

CCS Cost Estimation 2