Answered: Explain Index Construction?

Engineering

Civil Engineering

Explain Index Construction?

Fundamentals Of Construction Estimating

4th Edition

ISBN:9781337399395

Author:Pratt, David J.

Publisher:Pratt, David J.

Chapter1: Introduction

Section: Chapter Questions

Problem 1RQ

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Concept explainers

Estimating construction costs

The determination of the cost of various items that would be required to carry out a construction project successfully is termed the estimation of construction costs. For preparing an estimate, the quantities of the materials are calculated from the construction drawings or blueprint design using formulas, and using these quantities, the construction cost estimating is done. The estimation process can be manual or it can be computed using construction estimating softwares such as RSmeans, STACK, and ProEst.

Question

Explain Index Construction?

Expert Solution

Step 1

Index Construction-

It is a collection of scores or data from different individual items.

For constructing an index possible items are selected and then their examination of their empirical relationships is done and the index is scored, and then finally it is validated.

First step -

For creating an index, the items you wish to include in the index to measure the variable of interest are selected.

There are several things to consider when selecting the items. First thing is you should select items that have face validity that means the item should measure what it is intended to measure.

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