CPE Cost Databases & Resources 3

Question 1

Which of the following best describes a 'square foot cost' method using published cost data?

Accepted Answer

An order-of-magnitude estimate based on cost per square foot of a building type

Answer

Square foot cost estimating uses published costs per SF for similar building types to quickly develop order-of-magnitude budgets.

Question 2

When a cost database lists a crew composition of '1 Carpenter Foreman and 3 Carpenters,' what is the primary purpose of this information?

Accepted Answer

To calculate the crew's daily cost and output for labor pricing

Answer

Crew composition in databases allows estimators to calculate daily crew cost and verify assumed productivity rates.

Question 3

Dodge Data & Analytics (formerly F.W. Dodge) is most commonly used by estimators for which purpose?

Accepted Answer

Tracking construction project starts, bids, and market forecasting data

Answer

Dodge Data & Analytics provides construction project pipeline data, bid leads, and market intelligence rather than unit costs.

Question 4

In RSMeans data, 'O&P' added to bare costs typically represents what percentage range for general contractors?

Accepted Answer

10% overhead and 10% profit (approximately)

Answer

RSMeans typically applies approximately 10% for overhead and 10% for profit when listing total installed costs including O&P.

Question 5

An estimator using a cost database finds that local material prices are 15% higher than database values. The correct adjustment is to:

Accepted Answer

Apply a location adjustment factor or manually adjust material unit costs upward

Answer

When local prices deviate from database averages, estimators apply location factors or manually adjust specific cost components.

(CPE) Certified Professional Estimator Practice Test