What is the difference between first cost and life-cycle cost?
Q: How do Labor, materials, and equipment involve considerable risks?
A: The construction industry plays a vital role in the economy of any country, and hence employing a…
Q: Does over-creditting always exist in carbon offset programs?
A: A carbon offset is indeed a decrease in carbon dioxide or even other carbon emissions that is used…
Q: Can you produce an accurate forecast of the cost of a project using the cost-per-unit method of…
A: Estimation of the building is important in pre-planning so that a rough estimate can be prepared and…
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: A bill is made out for a completed repair job. The bill is broken down into partsand labor. The…
A: Given:- Total bill = $84.57 Part cost = $27.68 To find:- The cost for labor
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: Why does the estimate of probable total cost need to be revised as the project progresses?
A: there are two reasons for revise cost of project as project progress.
Q: If the average height of the building described in question 6 is 12'4" (3.8 m) to the roof surface,…
A: If the construction cost of the bungalow of area 34'6"(10.5m) x 40'9"(12.4) was $120,790.00 area=…
Q: Does the Labor, materials, and equipment involve considerable risks?
A: The resources such as labour, material and equipment required for any project involves a significant…
Q: What is loss and expense?
A: The expense is defined as “It arises from outflows or using assets to produce or deliver the goods…
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: Describe the major differences between Production Risk and Project Risk
A: Project Risk: It is an uncertain situation that can impact the project objective and achievement.…
Q: For what is the total cost method used?
A: Total cost method.In this method, the bid price is subtracted from the actual performance cost and…
Q: What is the probability that the simple project will be completed in 29 days? and How long will it…
A:
Q: What are the performance bonds?
A: Performance bond:
Q: How can the nature of construction risk be considered?
A: Construction risks can be defined as those factors that pose threats and problems to the overall…
Q: How accurate is a certain method when it comes to calculating how much an engineering project will…
A: In estimating project cost, we have the several methods. Out of all them, Detailed Estimate will be…
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: How is the allocation of indirect costs usually done?
A: Let's first understand what is indirect cost: Indirect prices area unit those that can't be fully…
Q: What types of services are offered by professionals service firms? What production problems do these…
A: Professional Service Firms: The professional service firms are the firms that provide services in…
Q: How are cost reports used by an estimator
A: Uses of Cost report:
Q: Describe the process of the Evaluation of Public Projects?
A: The process of project evaluation utilizes comprehensive review to collect data and show the…
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: What kind of cost-saving measures can be taken?
A: - Various measures to be taken for cost saving includes : 1- Use of alternative material - Use of…
Q: what does a company evaluate both the money allocated to a project and the time allocated to the…
A: A company evaluate both the money allocated to a project and the time allocated to the project
Q: Why are monthly reports of Contract Performance important?
A: The report that provides cost of contract and its total schedule and its performance data to…
Q: What is a calculated risk?
A: A hazard or chance of failure whose degree of probability has been reckoned or estimated before some…
Q: What is meant by the cost plus percentage of cost?
A: The contract in which the buyer reimburse the project costs which are legitimate towards the seller…
Q: How is the payment for the mobilization costs done to the contractor?
A: The Mobilization Advance is a financial payment to the contractor made by the client for initial…
Q: What are the five main items of the cost of a project?
A: - Different categories of cost of a project are, 1- Direct cost - It includes cost related to…
Q: The total estimated cost required to perform a project, is known as a. Budget b. Fund c. Cash flow…
A: Solution: The correct option to above given question is Option d All of the above.
Q: How are the field cost indexes derived?
A: Field Cost indices in construction : Most of the information used to compile construction price…
Q: What prevents a construction sector to adopt
A: History has shown that innovative new technologies are critical to increasing productivity, quality,…
Q: What is the difference between labor cost and labor productivity?Use a sketch to illustrate.
A: Graph between labour cost and labour productivity :
Q: What is the term Cost in value engineering?
A: Value engineering is the method of reviewing an existing or new product during the design stage…
Q: What are the most commonly used cost estimating methods for software?
A: Cost estimation Cost estimation means estimating the cost values of various items involved in any…
Q: Contrast the effort of building a car and building a residential unit. Which one requires more…
A:
Q: Give the example of indirect costs?
A: Indirect cost: Indirect costs would be those who impact the whole business, such as depreciation,…
Q: Identify the various types of building costs
A: Answer :- Mainly Building cost is classified into some types and they are :- 1) Fixed Cost - This…
Q: Provide various reasons as to why project costs may exceed the estimate and provide an alternative…
A: Exceedance in the estimated amount of project is known as cost overrun. It is defined as the total…
Q: what is the influence of construction cost overtime.
A: In order to know about factors influencing the construction cost in over time, we need to know the…
What is the difference between first cost and life-cycle cost?
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