Planning and Estimating Flashcards
7 cards from real General Contractor License practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Planning and Estimating flashcards as text
What is the purpose of a 'schedule of values' submitted by the contractor?
Answer: To break the contract price into line items for progress billing purposes
A schedule of values allocates the total contract price across work items so that monthly pay applications can be measured against actual progress.
Which of the following best describes 'value engineering' during the planning phase?
Answer: Analyzing project components to achieve required function at lower cost without sacrificing quality
Value engineering systematically reviews design and materials to find cost-effective alternatives that meet the same functional requirements.
A contractor estimates 500 cubic yards of concrete at $150/CY. A 10% waste factor applies. What is the adjusted material cost?
Answer: $82,500
500 CY × 1.10 waste factor = 550 CY × $150 = $82,500.
What is the significance of the 'Notice to Proceed' (NTP) in project planning?
Answer: It is the owner's written authorization for the contractor to begin work, starting the contract clock
The NTP is the formal owner directive that officially starts the project and triggers the contract's time for completion.
When preparing a bid, why is it important to review addenda issued before bid closing?
Answer: Addenda modify the bid documents and all bidders must price the same revised scope
Addenda are formal revisions to bid documents, and failing to include them in your estimate can result in scope gaps or bid disqualification.
Which planning tool visually shows project tasks over a timeline using horizontal bars?
Answer: Gantt chart
A Gantt chart displays project activities as horizontal bars plotted against a calendar timeline, making it easy to see schedule and sequence.
What does 'liquidated damages' mean in a construction contract?
Answer: A pre-agreed daily penalty the contractor pays the owner for failing to finish on time
Liquidated damages (LDs) are a specified daily dollar amount the contractor owes the owner for each day past the contract completion date.