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
For which project phase is the use of published cost databases MOST critical for developing an accurate estimate?
Answer: Schematic design and preliminary budget phases when detailed drawings are unavailable
Published databases are most valuable early in design when scope is defined but detailed drawings do not yet exist for quantity takeoffs.
What is the primary purpose of the AACE International Recommended Practice No. 18R-97 related to cost estimating?
Answer: To classify cost estimates by accuracy range based on project definition level
AACE RP 18R-97 provides a cost estimate classification system with five classes tied to project definition and expected accuracy ranges.
When an estimator applies a 'quantity adjustment' to a cost database unit price, which situation typically triggers this adjustment?
Answer: The project quantity is significantly smaller or larger than the database's assumed quantity range
Very small or very large quantities can shift unit costs due to economy of scale or mobilization overhead, requiring a quantity adjustment.
Which of the following is an example of a 'tertiary' cost data source for a CPE estimator?
Answer: A vendor quote obtained directly from a material supplier
Vendor or supplier quotes are primary sources; published databases are secondary; tertiary sources include cost-sharing networks and internet forums.
In cost database terminology, what does 'installed cost' mean for a piece of mechanical equipment?
Answer: Total cost including the equipment price, freight, labor to install, and startup
Installed cost captures all expenses to put a piece of equipment in service: purchase price, shipping, installation labor, and commissioning.
An estimator is using a cost database to price structural steel fabrication and erection. The database lists separate line items for each. Why is this important?
Answer: Fabrication and erection are often performed by different subcontractors and need separate pricing
Structural steel fabrication and erection are typically separate scopes — often by different firms — so accurate estimating requires pricing them independently.
A cost database entry for a roofing assembly includes a 'crew day output' of 2,400 SF/day. If the roof area is 18,000 SF, approximately how many crew-days are required?
Answer: 7.5 crew-days
18,000 SF ÷ 2,400 SF/day = 7.5 crew-days required to complete the roofing installation.