CBP Estimating & Cost Control Flashcards
6 cards from real CBP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CBP Estimating & Cost Control flashcards as text
Which estimating method uses historical cost data from similar completed projects to predict the cost of a new project?
Answer: Analogous estimating
Analogous estimating uses historical data from similar past projects as a basis for predicting costs of a new project.
A contractor receives a bid for $450,000 on a job estimated at $400,000. What is the bid-to-estimate variance percentage?
Answer: 12.5%
The variance is ($450,000 - $400,000) / $400,000 = $50,000 / $400,000 = 12.5%.
In a unit-price contract, the contractor is paid based on:
Answer: Predetermined prices per unit of work completed
Unit-price contracts pay a set amount per measurable unit of work (e.g., per cubic yard of concrete or linear foot of pipe).
Which document provides the most detailed breakdown of materials, labor, and overhead for a construction estimate?
Answer: Quantity takeoff sheet
A quantity takeoff sheet itemizes every material and labor component needed, forming the quantitative foundation of a construction estimate.
Overhead costs in construction estimating are typically categorized as:
Answer: General and project overhead
Overhead is divided into general overhead (company-wide costs like office rent) and project overhead (site-specific costs like a job trailer).
What is the primary purpose of a contingency allowance in a construction budget?
Answer: To account for unforeseen costs and uncertainties
A contingency allowance is a budget reserve set aside to cover unexpected costs or scope uncertainties that arise during construction.