px | week 03 review

Question 1

what is included in a construction cost?

Answer 1

anything that is attached to / becomes part of the building structure?

Question 2

what is general overhead and what costs are associated?

Answer 2

the cost of running a contracting business; includes: office rent, admin help, utilities, and other recurring costs.

Question 3

what is project overhead?

Answer 3

the cost it takes to complete a specific job, NOT including labour, materials, or equipment.

Question 4

total overhead cost can range from ______ to _______ of a contractor’s labour, material, and equipment.

Answer 4

10%, 20%

Question 5

what is the term for the percentage of the total labour, materials, and equiment costs to a job?

Answer 5

profit

Question 6

what is a typical profit range?

Answer 6

5% - 15” of the total job cost.

Question 7

what is a typical overhead + profit range?

Answer 7

15% - 25% of the total construction cost.

Question 8

who pays taxes on materials used in construction?

Answer 8

the general contractor.

Question 9

what is the term for the allowance for unforeseen client change requests?

Answer 9

contingency

Question 10

contingency should account for what percentage of the total budget?

Answer 10

5% - 10%

Question 11

what is inflation factor?

Answer 11

the use of past cost indices and inflation rates to estimate the expected construction costs.

Question 12

what estimating method assigns a unit cost to construction quantities + furnishings?

Answer 12

the parameter method.

Question 13

what is a cost index?

Answer 13

a statistical measure that tracks changes in the cost of something over time, usually expressed as a ratio compared to a base period, reflecting price fluctuations of materials, labor, and equipment involved in that cost.

Question 14

what is included in net area (or net gross area)?

Answer 14

the actual occupant area required by a client.

Question 15

if there are five offices in a building suite and each office measures 150 sf, what is the net area?

Answer 15

150 sf x 5 = 750 sf

Question 16

what is the term for spaces not occupied by a tenant?

Answer 16

incidental space

Question 17

which building elements are considered incidental space?

Answer 17

• closets
• columns
• walls, etc

Question 18

what is an efficiency factor for a leased space?

Answer 18

the ratio of the net area to the total occupant area.

Question 19

what is the term for the total portion of a building being actively used by a tenant?

Answer 19

occupant area

Question 20

what is the typical range of efficiency ratios?

Answer 20

.6 - .8

Question 21

how is occupant area calculated?

Answer 21

occupant area = 1 / efficiency ratio

Question 22

how is rentable area calculated?

Answer 22

rentable area = (occupant area) (load factor)

Question 23

what does the building owners + managers association (boma) provide?

Answer 23

standards for common methods of measuring space for retail, industrial, multi-unit residential, and mixed-use buildings

Question 24

what is an r/u ratio?

Answer 24

rentable area / usable area

Question 25

what is an r/o ratio??

Answer 25

preliminary floor area / usable area

Question 26

a business is looking to move to a new leased office space. the client requires 4500 sf of net assignable area. the building's load factor is 1.20, how much space does the client need to consider leasing?

Answer 26

1. calculate gross area - gross area = net assignable area / efficiency factor - gross area = 4500 / .75 (office efficiency factor) - gross area = 6000 sf 2. calculate rentable area - rentable area = (gross area) (load factor) - rentable area = (6000 sf) (1.20) - rentable area = 7200 sf

Question 27

what is a normal range for the overall building efficiency?

Answer 27

.5 - .9 - ration of net assignable area / gross building area

Question 28

what is act of taking the total fee the designer will receive for the project and allocating it to the schedule + staffing of a project?

Answer 28

fee projection

Question 29

what costs are deducted from the total fee when calculating the project fee projection?

Answer 29

- profits - overhead - other expenses not used for professional time

Question 30

what type of chart graphically depicts all tasks required to finish a project including the sequence of events, duration, earliest / latest start time, and earliest / latest finish time?

Answer 30

a cpm chart

Question 31

what is project scope?

Answer 31

all activities that the designers agrees to perform in exchange for the fee.

Question 32

what is a construction manager?

Answer 32

a third party who is an expert in construction, costing, and management of the construction project.

Question 33

what type of project delivery includes the creation of construction documents which are sent out to bid by contractors?

Answer 33

design - bid - build

Question 34

what type of construction cost estimation consists of the contractor giving the owner a set price for completing the project?

Answer 34

fixed price method

Question 35

what type of construction cost estimation consists of the owner paying the construction cost + fee before construction begins?

Answer 35

cost + fee method - construction manager guarantees a maximum price.

Question 36

what is a control estimate?

Answer 36

the sum of the construction manager's estimate of the cost of work + the cm's fee.

Question 37

how does a design-bid-build method differ from a design-build method?

Answer 37

design-build places responsibility for the design + construction with one entity.

Question 38

how do mediation and arbitration differ?

Answer 38

mediation involves a third party to negotiate a settlement. arbitration is a formal, legally binding process for resolving disputes.