Basic Estimating Unit 1 - The Estimating Process
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Quality of a good estimator does not includ: The ability to read and interpret drawings and specs. Good communication skills. Good math skills. Knowledge of the location for the best pizza in town. | Good pizza is not a necessary quality for an estimator
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| An Estimate that is prepared when little or no design information is available for the project | An Order-of-Magnitude Estimate
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| An agreement between an owner and contractor where the contractor is responsible for completing the project for a fixed cost set forth in the contract | A Lump Sum Contract
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| The owner pays the contractor the cost of the actual work without markups, plus a set fee for the contractor’s profit | A Cost Plus Contract
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| A Cost Plus Contract | In this type of contract, the contractor's profit is set at a fixed amount. If actual costs are lower than the estimate, the owner keeps the savings. If actual costs are higher than the estimate, the owner must pay the additional amount
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| The work to be performed is broken into various parts, usually by construction trade, and a fixed price is established for each unit of work | ,A unit price contract
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| To use this method of estimating, it is only necessary to know the type of building or facility and the proposed number of square feet | A Square Foot Estimate.
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| Names sometimes used to describe this estimate include preliminary and ballpark Estimate | An Order-of-Magnitude Estimate
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| This estimate is often made in less than an hour and the expected accuracy is approximately 20% | An Order-of-Magnitude Estimate
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| This is the most accurate type of estimate | A Unit Price Estimate
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| This estimate takes more than an hour and the expected accuracy is approximately 5% | A Unit Price Estimate
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| This estimate is often made in less than an hour and the expected accuracy is approximately 15% | A Square Foot Estimate
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| This estimate is often made in less than an hour and the expected accuracy is approximately 10% | A Systems Estimate
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| These estimates can be prepared when the design and contract documents have been completed, or are essentially complete | A Unit price or Detailed Quantity Estimate
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| True or false; When a contractor receives the award for the work, the bid they submit becomes part of the contract documents and is legally binding | True
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| True or false; Contractors competing for work submit firm bids, stating the amount of money they will require to perform the work if awarded the contract based on the final estimate for the prohject | True
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| What is the definition of a “Cost Estimate? | An approximation of the probable cost of a product, program, or project, computed on the basis of available information.
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| Which is not a quality of a good estimator: The ability to read and interpret drawings and specs. Good communication skills. Good math skills. Knows where to get the best pizza in town. | Good pizza is not a necessary quality for an estimator
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