Cost Management (22) Flashcards
The most reliable estimate is a:
Detailed estimate
Which of the following documents summarizes the estimated cash receipts, estimated disbursements, and available cash balances for some period into the future?
Cash flow forecast
What takes into account capital, operating and maintenance costs to verify that the most effective design solution has been achieved?
Value engineering analysis
The CM’s preliminary cost estimates are generally based on the following information:
Preliminary project documents
When the CM performs forward pricing, which of the following factors should be considered in evaluating production rates?
Labor agreements
In preparing the initial project budget, the CM must ensure that the owner knows that:
The cost of the project is highly sensitive to quality and scope
A contingency amount of +15% would be most appropriate at which phase of a project?
Design
At the pre-design stage of a project, what should be the normal expected design contingency that an estimator should add to the total estimated construction cost?
15-25%
Which of the following project costs can be considered as a direct project cost?
Structural steel
The project cost management system should best be aligned with the project:
WBS
The dollar and time amount allocated by the owner for a project is defined as:
a budget
Which of the following tools is used to manage all or partial costs of the planning, design, and construction associated with the project budget?
Cost management plan
The Earned Value Analysis method generates a Cost Performance Index to:
Represent the relationship between actual costs expended and the value of the physical work performed
Which of the following owner objectives is most important for the CM to clarify with the owner?
Financial feasibility of the project
Which of the following estimating techniques is used during the conceptual phase of design, utilizing actual costs from similar, previously-performed projects?
Analogous estimating
