Which document provides a detailed breakdown of estimated costs for materials, labor, equipment, and overhead?
A detailed estimate itemizes all projected costs for a construction project, ensuring accurate budgeting and resource allocation.
What is typically the first step in the cost estimation process for a construction project?
Defining project scope ensures the estimator understands the full extent of work before calculating costs.
Which type of estimate is typically prepared during the conceptual design phase using limited project information?
An order of magnitude estimate provides a preliminary cost range based on early project parameters.
What does a quantity takeoff typically measure in cost estimation?
A quantity takeoff calculates the total quantity of materials and labor units needed to complete a construction project.
What is typically added to a construction estimate to account for unforeseen costs?
A contingency allowance provides a financial buffer for unexpected expenses or changes during project execution.
Which estimating method uses data from completed projects to predict the costs of a new, similar project?
Parametric estimating applies historical cost data and unit costs from past projects to estimate future project costs.
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In cost estimation, what is an allowance?
An allowance is a budgeted amount included in an estimate for a particular item when exact costs are unknown.
Which factor has the greatest impact on fluctuating construction material costs?
Market conditions like supply and demand, global trade, and commodity pricing trends heavily influence material costs.
What is typically excluded from a direct construction cost estimate?
Legal fees, permits, financing, and administrative costs are considered indirect or soft costs, not direct construction costs.