Estimating and Bidding Processes 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 Estimating and Bidding Processes flashcards as text
What is 'value engineering' in the pre-bid phase of a construction project?
Answer: A systematic review to improve function or reduce cost without sacrificing quality
Value engineering is a structured process that analyzes project components to achieve required functions at the lowest life-cycle cost.
On a lump-sum bid, the contractor assumes risk for which of the following?
Answer: All costs to complete the defined scope
In a lump-sum contract, the contractor bears the risk for all costs to complete the defined scope, regardless of actual quantities or conditions encountered.
Which document serves as the contractor's formal acceptance of contract terms and commitment to perform the work?
Answer: Executed Contract Agreement
The executed contract agreement, signed by both parties, represents the binding commitment to perform the work under the stated terms.
What is the significance of the 'bid opening date' in public procurement?
Answer: It is the deadline after which bids cannot be submitted and bids are publicly opened
The bid opening date is the deadline for submission, and in public projects bids are read aloud publicly to ensure transparency and equal treatment.
Which of the following best describes the purpose of a 'pre-bid meeting'?
Answer: To allow bidders to ask questions and clarify scope before submitting bids
Pre-bid meetings allow prospective bidders to inspect the site, ask questions, and receive clarifications that help them prepare accurate bids.
When estimating indirect costs, which of the following is typically classified as a project overhead item?
Answer: Temporary site fencing
Temporary facilities like site fencing are project overhead costs that support the work but are not directly incorporated into the permanent structure.
What is the meaning of 'alternates' in a bid package?
Answer: Optional scope items priced separately that the owner may add or deduct from the base bid
Bid alternates are separately priced additions or deductions that allow the owner flexibility in adjusting scope based on budget constraints.