Answered: Qf#4 Cost estimation plays a vital role…

Qf#4 Cost estimation plays a vital role in the success of any project. Explain the different tools and techniques due to which the process of cost estimation takes place.

Fundamentals Of Construction Estimating

4th Edition

ISBN:9781337399395

Author:Pratt, David J.

Publisher:Pratt, David J.

Chapter16: Budget Estimating

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Related questions

Q: Explain what does the CPM method of time cost trade offs provide ?

Q: What are the procurement methods in the construction industry? For each method, give a construction…

A: The selection of a sourcing method is critical to the completion of every building project.…

Q: What are the three degrees of accuracy that are acknowledged in capital cost estimation?

A: Here is the explanation of the three degrees of accuracy that are acknowledged in capital cost…

Q: What means are available to a contractor bidding a unit-price project for recovery of “General…

A: Front loading bids, unbalancing bids to retrieve mobilization costs. Owners set lump sum amounts for…

Q: What is the difference between first cost and life-cycle cost?

A: The difference between the First Cost and Life-cycle cost is given in following table.

Q: Explain the difference between unit-cost estimating methodsand resource enumeration methods. When…

A: Unit cost is the ratio of resource costs to the production rate. Resource costs and production rates…

Q: As a construction project manager, what general categoriesof information would you want to have on a…

A: As a construction project manager in order to properly evaluate what i think is a developing overrun…

Q: What are the three levels of accuracy recognized in estimating capital costs?

A: Different levels of cost of capital estimates offer key input for choices over the lifetime of…

Q: Interpret the objectives of life-cycle costing and discuss the importance of determining building’s…

A: Solution- Objective- The goal of life lifecycle costing would be to minimize life - cycle cost by…

Q: What are the components of work to which cost information are required by every estimator?

A: IntroductionCost estimation is the most important process of any project. The cost estimation is to…

Q: Major projects require a great deal of pre-planning so that all employees and subcontractors can use…

A: Construction management should actively follow the most effective use of personnel, materials, and…

Q: Discuss Overlap and underlap of Subcontracted work and the Problem Associated with each Condition

A: The cases of overlap and underlap arise where work is not clearly identified as being part of a…

Q: s Construction Project Management differ from other management activities/ work? In Construction…

A: Hi! Thank you for the question As per the honour code, We’ll answer the first question since the…

Q: 1. After determining the various materials needed for the construction project, why is it that data…

Q: Cost estimation plays a vital role in the success of any project. Explain the different tools and…

A: The cost estimation: Cost estimation is one of the important parts of a project, the process of…

Q: What are the different periods during the life of a project when unjustified requests for…

A: Substitution process allows the contractor to use different brand with same specifications and…

Q: Is it a good idea to utilize cost-loaded CPM for contractor progress payments on unit-price…

A: The cost-loaded schedule comprises the works that have been ordered and spread throughout the…

Q: Give an insight and reflection about this "Development of cost engineering system in construction"

A: Introduction:- The current construction pricing system comprises not only budget production at the…

Q: Q- Idea and purpose of project t mean •......... All of them Each project has a goal, such as…

A: Idea and purpose of project is to be well defined with proper feasibility studies done by…

Q: There has been the recent news of inflated project cost in the country by some politicians. This…

A: Construction cost It is a cost of built up area means how much we spend on constructing a given…

Q: Why is the accurate pricing of labor and equipment very difficult on some projects?

A: The labor and equipment are the most important part of any project. They both are connected to each…

Q: When a company is going to invest cash that they have on hand in a development, what discount rate…

A: Construction management is the back bone of the civil engineering. Under construction management…

Q: In the implementation of project planning in Malaysia, there are numbers of cost estimating…

Q: What trade-offs are involved in each of these aspects of inventory management?c. Conducting cycle…

Q: How are cost reports used by an estimator

A: Uses of Cost report:

Q: On what basis you can arrive at an estimation for your project

A: Solution: Estimations her project play a very important role in determining that whether the project…

Q: A 10 million project was awarded to an engineer. His target profit was 15% of the awarded project.…

A: Let us assume the entire project will be completed in one year. Given data, Cost of the project, CP…

Q: How accurate is a strategy for estimating the costs of engineering projects?

A: Construction projects are very different from products manufactured in assembly lines: each building…

Q: Explain the significance of unit cost in the context of a task order pricing structure.

A: A pricing structure establishes and arranges the prices of your company's goods and services. A…

Q: Q: When estimating the costs of a project, the costs that are not associated with specific work…

A: The question is When estimating the costs of a project, the costs that are not associated with…

Q: Explain about estimation and costing in construction project management ?

A: The management of projects in construction is a process of management of projects or managing the…

Q: Which method is the best to adopt while carrying out cost estimation of a new building project?…

A: Methods of cost estimation of building project: There are two methods 1.Individual wall method…

Q: You should have picked up that companies that employ this message need cost recorded to generate…

A: Invoicing and Billing it is an important document that indicates the sale supply to the site. It…

Q: If you work for a company that employs Percentage of Completion Method of Revenue and Profit…

Q: 10. Given the diagrams in Figure P5.1 of progress on individual work pack- ages of a project, answer…

A: Given Data : BCWS = budget cost of work scheduled (planned value) ACWP = Actual Cost of Work…

Q: n the perspective of the owner, give examples of problems that may arise if an early estimate is…

Q: Contrast the effort of building a car and building a residential unit. Which one requires more…

Q: Q1-b- Answer to the following (answer five only) - Define the negative cash flow - What is the…

A: 1.Define the negative cash flow . Negative cash flow is defined as when a business spends more cash…

Q: What are the phases of a project development cycle? Give the salient tasks under each phase

A: There are four phases of a project development cycle; Initiation Planning Execution Closure…

Q: The process of controlling workflow procedures in the project, and to ensure the achievement of…

A: Workflow procedures Workflow is the chain of steps that need to be taken to complete tasks. A…

Question

Q#4
Cost estimation plays a vital role in the success of any project. Explain the different tools and
techniques due to which the process of cost estimation takes place.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Cost estimation

VIEW

Step 2 Tools and technique

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, civil-engineering and related others by exploring similar questions and additional content below.

Similar questions

What are the components of work to which cost information are required by every estimator?
Can you produce an accurate forecast of the cost of a project using the cost-per-unit method of estimating? Explain
Interpret the objectives of life-cycle costing and discuss the importance of determining building’s life-cycle costs. In your own understanding and make it short.
What are the three levels of accuracy recognized in estimating capital costs?
What are the five main items of the cost of a project?
Estimate Costs is the process of developing an approximation of the monetary resources needed to complete project activities, as the project manager in charge of controlling cost on the project OUTLINE the input under estimate cost in project management in your own understanding.
Why does the estimate of probable total cost need to be revised as the project progresses?
You should have picked up that companies that employ this message need cost recorded to generate revenue. In other words, it's vitally important that its subcontractors and vendors bill them timely and accurately. As a ProjectManager , ensure your subcontractors are complying and sending you their monthly requisitions on time?
Q- What are the procurement methods in the construction industry? For each method, give a construction project as an example. (For example XXX is suitable for industrial plants, YYY for residential buildings
In the perspective of the owner, give examples of problems that may arise if an early estimate is significantly lower than the final actual cost of a project.
You are managing a project which is into six months of its execution. You are now reviewing the project status and you have ascertained that project is behind schedule. The actual cost of Activity A is Rs 2,00,000 and that of Activity B is Rs 1,00,000. The planned value of these activities are Rs 1,80,000 and Rs 80,000, respectively. The Activity A is 100% complete. However, Activity B is only 75% complete. Calculate the schedule performance index and cost performance index of the project on the review date.
On what basis you can arrive at an estimation for your project?