100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
CM 1011 - Chapter 6 & 9 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution $7.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. CM 1011
  4.  
  5. CM 1011
  6.  
  7. CM 1011

Exam (elaborations)

CM 1011 - Chapter 6 & 9 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

 3 views  0 purchase
  • Course
  • CM 1011
  • Institution
  • CM 1011

CM 1011 - Chapter 6 & 9 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

Preview 2 out of 10  pages

Document information

  • June 26, 2024
  • 10
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • cm 1011 chapter 6 9 questions with 100 actua

Written for

  • CM 1011
  • CM 1011
  • CM 1011
All documents for this subject (170)

Seller

avatar-seller
Hkane

Reviews received

Content preview

CM 1011 - Chapter 6 & 9
What is an estimate? - ANS-An estimates is an educated guess and is formed of the cost to the
contractor.

It forms the basis of a contractor's budget.

includes:
-costs of labor and labor burdens
- materials and taxes on materials
- equipment
- subcontracts
- direct project overhead costs

Should NOT include:
-general overhead or profit

A bid.... - ANS--amount for which a contractor is willing to do the project.

-forms the basis of the Owner's budget

-estimate amount PLUS general overhead/ profit

Direct project overhead costs - ANS-costs that are not identified with any one work item, but are
needed for the project.

no project = no direct project overhead costs

Office overhead/ general overhead, - ANS-Cost of operating the home office

Office overhead/ general overhead = exists whether there is a project or not.

The estimate must be low enough to get the bid, but - ANS-high enough to make a profit off of.

Characteristics of a good estimator - ANS-1. knowledgeable in construction techniques & good
visualization skills
2. detailed oriented and thorough
3. Good with numbers and statistics
4. familiar with material costs and computer applications
5. Work well under deadline pressures
6. Be practical but creative

, Two main factors of a project? - ANS-1. Project Size
2. Project complexity

The larger the project is the more opportunity there is to - ANS-increase efficiencies around any
particular activity.

Economy of Scale - ANS-is a proportionate saving in costs gained by an increased level of
production.

As complexity increases, - ANS-so does cost!

What could cause a delay in the project? - ANS-Fabricated materials with long lead times

What impacts productivity of a project? - ANS-- complexity
- project details

Name some factors that increase the cost of a project? - ANS-1. Shape of facility
2. Height of the facility
3. Unique materials or applications

Liquidated damages - ANS-A daily amount of money paid by the contractor to the owner for
each day that the project fails to meet the completion date specified in the contract.

Not all contracts contain a liquidated damages clause.

Lead Time - ANS-The amount of time it takes for a product or equipment to be delivered to the
job site. Products that have a long delivery time are called long lead-time items and require
special planning considerations.

What impacts has the location of the project? - ANS--ease procurement and delivery of
materials, labor, equipment
-availability and cost of labor

Time of construction - ANS--Estimator must anticipate fluctuations of costs during various
stretches of time e.g. notice to proceed not received for 2 years, not to have enough funds to
sustain this

How do the seasons impact projects? - ANS-Seasonal weather changes impact estimate and
eventual cost

Quality of Work - ANS-Quality of a project is defined by the standards et forth in the
specifications.

Quality clearly impacts project cost.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Hkane. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.99
  • (0)
  Add to cart