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Cost Estimation & Budgeting Flashcards

7 cards from real CDT practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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  1. A project estimate shows a 15% cost overrun against the approved budget. What document is typically required to authorize spending beyond the original budget?

    Answer: Change order

    A change order is the formal document used to authorize changes to the project scope, schedule, or budget, including spending beyond the original approved amount.

  2. Which estimating approach is most appropriate when historical data from similar completed projects is available?

    Answer: Analogous (top-down) estimating

    Analogous estimating uses historical data from similar past projects as the basis for the current estimate, making it most appropriate when such data exists.

  3. When performing a takeoff for concrete work, which measurement unit is standard for ordering ready-mix concrete in the United States?

    Answer: Cubic yards (CY)

    Ready-mix concrete in the US is ordered and estimated by the cubic yard, which accounts for the three-dimensional volume of the concrete placement.

  4. What is the primary purpose of including 'profit and overhead' (P&O) in a contractor's bid estimate?

    Answer: To ensure the contractor can sustain business operations and earn return on investment

    Profit and overhead percentages in a bid cover the contractor's business operating costs and provide a return on investment for taking on project risk.

  5. In a cost estimate, 'escalation' refers to:

    Answer: The increase in material and labor costs over time due to inflation

    Escalation accounts for the anticipated increase in labor and material costs over the project duration due to inflation and market conditions.

  6. A drafter must estimate the cost of painting all interior walls of a 20' × 30' room with 9' ceilings. Ignoring doors and windows, what is the paintable wall area?

    Answer: 900 SF

    Wall perimeter = 2(20+30) = 100 LF; area = 100 LF × 9' = 900 SF of paintable wall surface.

  7. Which software feature in modern CAD/BIM platforms most directly supports automated quantity takeoffs for cost estimation?

    Answer: Model-based material scheduling and properties

    BIM platforms store material properties and quantities in the model database, enabling automated extraction of material schedules directly usable for cost estimation.