PJM_Cost_of_Work_Estimates Flashcards
(15 cards)
What is the ‘Cost of the Work’ as defined in B101?
It is the total cost to construct the project, including contractor overhead and profit, materials, labor, and equipment; it excludes the architect’s compensation and costs related to site acquisition and financing.
When is the architect required to provide cost estimates as a basic service under B101?
During schematic design, design development, and construction document phases.
What estimating method is used by architects for cost of work in basic services?
Conceptual techniques such as cost per square foot, area, or volume.
Are detailed cost estimates a basic service under B101?
No, they are a supplemental service and may be performed by a consultant.
What are the three types of contingencies architects might include in cost estimates?
Design contingency, bidding contingency, and price escalation contingency.
Who is responsible for the cost of work estimate in CMc delivery?
Typically the Construction Manager, who may provide a Guaranteed Maximum Price.
What happens if the architect’s estimate exceeds the owner’s budget?
The architect may recommend adjustments or perform value engineering to align the project with the budget.
What is value engineering?
A process of modifying design or scope to reduce costs while maintaining project goals.
What is the purpose of alternates in cost estimating?
To offer cost-saving options the owner can choose during bidding to stay within budget.
What is a Rough Order of Magnitude (ROM) estimate?
An early conceptual estimate used to gauge general project cost based on past precedents.
How does B101 define the owner’s budget?
The budget for the Cost of the Work is defined in Section 1.1.3.
What section of B101 defines the architect’s ability to include contingencies?
Section 6.3.
When does value engineering become an additional service under B101?
When it is required due to market conditions or causes not attributable to architect error.
What is the difference in estimating responsibility between design-bid-build and CMc?
In DBB, the architect provides cost estimates; in CMc, the CM often provides detailed estimates and GMP.
Why might a project need to be rebid after value engineering?
To confirm that the revised scope meets the owner’s budget after cost-saving revisions.
