Estimates And Pricing Flashcards
(28 cards)
What’s ROM
Rough order of magnitude
ROM is best used when
For job that will be completes in three to five years and completes a risk factor
Job / tasks completion has
Labour rates
Hours
Services
Extra expenses
Hidden costs
Two methods used for preparing a cost ?
Bottoms up
Top up
Bottoms up is the most common used
True or false
True
Two methods for preventing an accuracy in estimate
Sufficient information
Ensure all assumptions are clarified before cost planning stage
Top down estimates best described
Actual cost of previous or similar projects
Two main categories of pricing
Preliminary and detailed
Describe preliminary estimate
Developed after a number of similar projects
Describe detailed estimates
After preliminary estimate, detailed estimate could be developed
Describe reverse doubling
Total cost on estimate is reduced by half
What are hopeful strategies that will assist you in developing a effective estimate?
Assistance from workers who responsible for the job
What is bid check off sheets
Most accurate and precise method available for contractors
Three things required to produce detailed estimates are
Task list
Material takeoff
Pricing sheet
Two types of overhead are
Fixed overhead
Variable overhead
Describe fixed overhead
Whether your company revenue goes up or down these expenses, don’t change
Two methods on which labour hours are based
Price per piece
Pounds per hour
Typical fabrication labour cost correction factor is how much percentage
12%
Where are labour costs added?
To your schedule in pricing
Describe contingency
Extra time due to unforeseen work delays
Equipment rental will be price how
Doubled the actual cost
The final bid can be sent how
Phoned or faxed
When the estimator is working details, he needs to consider
The time needed for the estimate
Indoor work cost include overhead, which is approximately how much
50 percent
