Cost Databases & Resources Flashcards
7 cards from real CPE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Cost Databases & Resources flashcards as text
Which of the following best describes a 'square foot cost' method using published cost data?
Answer: An order-of-magnitude estimate based on cost per square foot of a building type
Square foot cost estimating uses published costs per SF for similar building types to quickly develop order-of-magnitude budgets.
When a cost database lists a crew composition of '1 Carpenter Foreman and 3 Carpenters,' what is the primary purpose of this information?
Answer: To calculate the crew's daily cost and output for labor pricing
Crew composition in databases allows estimators to calculate daily crew cost and verify assumed productivity rates.
Dodge Data & Analytics (formerly F.W. Dodge) is most commonly used by estimators for which purpose?
Answer: Tracking construction project starts, bids, and market forecasting data
Dodge Data & Analytics provides construction project pipeline data, bid leads, and market intelligence rather than unit costs.
In RSMeans data, 'O&P' added to bare costs typically represents what percentage range for general contractors?
Answer: 10% overhead and 10% profit (approximately)
RSMeans typically applies approximately 10% for overhead and 10% for profit when listing total installed costs including O&P.
An estimator using a cost database finds that local material prices are 15% higher than database values. The correct adjustment is to:
Answer: Apply a location adjustment factor or manually adjust material unit costs upward
When local prices deviate from database averages, estimators apply location factors or manually adjust specific cost components.
Which type of cost index is most useful for adjusting costs between two different geographic locations at the same point in time?
Answer: City Cost Index (CCI)
City Cost Indexes allow estimators to translate national average costs to specific local market conditions.
A CPE estimator is preparing a preliminary budget and uses cost-per-bed data from a hospital cost database. This approach is an example of which estimating method?
Answer: Parametric estimating using functional unit costs
Parametric estimating uses functional units (beds, seats, parking spaces) multiplied by historical cost-per-unit to develop budgets.