Cost Estimation & Budgeting Flashcards
7 cards from real IFC 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 Estimation & Budgeting flashcards as text
What is 'escalation' in the context of a multi-year firestop contract budget?
Answer: Adjusting projected costs to account for anticipated increases in labor and material prices over time
Escalation is the adjustment built into multi-year project budgets to account for anticipated inflation in labor wages and material prices over the project duration.
A firestop estimator calculates 200 hours of installation labor at a $75 loaded rate. What additional cost element must be added to determine the total cost of work?
Answer: Material costs, equipment, subcontractor costs, overhead, and profit
Total cost of work includes labor plus materials, equipment, any subcontractor costs, company overhead allocation, and profit margin.
In firestop estimating, what is the significance of the 'production rate' metric?
Answer: The quantity of firestop work (penetrations or LF) a crew can complete per hour or day
Production rate measures how much firestop work a crew can complete per unit of time, which directly determines labor hour requirements in the estimate.
Which factor most significantly reduces production rates for firestop installation in the field?
Answer: Restricted access, congested areas, and overhead work
Restricted access, congested mechanical/electrical areas, and overhead installations significantly reduce crew productivity compared to open, accessible conditions.
When reviewing a competitor's very low firestop bid, an IFC-certified professional should suspect which of the following?
Answer: The competitor omitted scope such as documentation, inspection support, or warranty work
An unusually low bid often indicates missing scope items such as required documentation, inspection attendance, or warranty/callback provisions rather than genuine efficiency.
What is the purpose of a 'bid bond' in the firestop contracting process, and how does it affect project budgeting?
Answer: It ensures the contractor will honor the bid price and typically costs 1-3% of the bid amount
A bid bond guarantees the contractor will enter into contract at the bid price if selected, and its cost (typically 1-3% of bid value) must be included in overhead or as a direct cost.
On a Design-Bid-Build project, at what phase should the firestop contractor perform a detailed quantity takeoff for bidding purposes?
Answer: After construction documents (100% CDs) are issued for bid
A detailed quantity takeoff should be performed from 100% construction documents because earlier drawings lack the penetration detail needed for accurate quantities.