Estimating And Priceing

Question 1

Purpose of a rom ?

Answer 1

Access risk

Question 2

Doubling and reverse doubling are examples of ?

Answer 2

Priceing strategies

Question 3

Most common method of cost estimating?

Answer 3

Bottum up

Question 4

Estimate developed after a number of similar projects are complete?

Answer 4

Preliminary estimates

Question 5

Initial planning and preliminary estimates can be used in development of ?

Answer 5

Detailed estimates

Question 6

Two main categories of pricing ?

Answer 6

Preliminary and detailed

Question 7

Type of estimate that is most accurate ?

Answer 7

Detailed

Question 8

Two types of overhead ?

Answer 8

Fixed
Variable

Question 9

Engineer on staff is a fixed overhead or variable ?

Answer 9

Fixed

Question 10

What type of estimate is a sale ?

Answer 10

Variable overhead

Question 11

An estimate is defined as _______ project costing of material and labour

Answer 11

An accurate

Question 12

What type of estimating for large jobs ussally begins 3 or 4 years in advance of the actual start of the project ?

Answer 12

Rough order of magnitude (ROM)

Question 13

What must be completed after the ROM estimate is entered ?

Answer 13

Risk assessment factors

Question 14

What are the two basic techniques for putting an estimate together?

Answer 14

Top down
Bottum up

Question 15

What are 3 requirements to include in a detailed estimate ?

Answer 15

Material take off
Task list
Pricing sheet for each task item plus labour

Question 16

It is common practice to submit an un priced copy of your bid proposal and yiur proposal letter to the general contractor three to four days before the bid closing date. True or false

Answer 16

True

Question 17

The ____________ is the most reliable or best type of estimate

Answer 17

Detailed estimate

Question 18

When you are calculating a job and you wish to make a 10% profit you would add 10% to the selling price. True or false ?

Answer 18

False

Question 19

What is the typical correction factor for shop time ?

Answer 19

12%

Question 20

What is top down estimating ?

Answer 20

Uses actual cost of similar previous jobs as the basis for estimating the cost of the current project

Question 21

What are 2 correction factors ?

Answer 21

Price per peice
Lbs per hour

Question 22

What is primary cause of inaccurate estimates ?

Answer 22

Weather and poor working conditions

Question 23

What is a contingency ?

Answer 23

Extra time due to unforeseen circumstances or stoppages due to poor weather or other

Question 24

What is an estimate defined as ?

Answer 24

An accurate project cost

Question 25

Best way to differentiate ducts on a blue print ?

Answer 25

Color code the duct