Question 1

Which of the following statements correctly describes a construction cost estimate?

Accepted Answer

A) Approximation of the probable quantity and unit cost of each element in a project 
B) Includes a factor to account for uncertainty and risk associated with project elements and project environment 
C) Aggregation of many elements; not a single number 
D) All of the above 
A) Approximation of the probable quantity and unit cost of each element in a project 
B) Includes a factor to account for uncertainty and risk associated with project elements and project environment 
C) Aggregation of many elements; not a single number 
D) All of the above D

Question 2

ITE, LLC charges $125/hour for a Resident Engineer (RE) and $75/hour for an Inspector (I). Administrative staff hours are estimated to be 25% of RE and I time and are charged at $45 per hour.
A profit rate of 10% is charged on total labor. If a project is estimated to take 10 weeks, and assuming a 40-hour work week for both the RE and I, what is the estimated marked-up labor cost?

Accepted Answer

A) $89,000 
B) $97,900 
C) 107,800 
D) None of the above 
A) $89,000 
B) $97,900 
C) 107,800 
D) None of the above B

Question 3

In which phase of a typical capital improvement project, such as building a highway or a flood control dam, is cost estimating undertaken?

Accepted Answer

A) Planning phase 
B) Design phase 
C) Bidding phase 
D) All of the above 
A) Planning phase 
B) Design phase 
C) Bidding phase 
D) All of the above D

Question 4

What is the sample mean of the following cost data?
Supplier: Cost of Sonar Inspection Unit
CUES:$ 80,000
RedZone: $ 92,500
Olsen Equipment: $ 92,500
Envirosight: $ 100,200
Collins: $ 140,000

Accepted Answer

A) $80,832 
B) $92,500 
C) $101,040 
D) None of the above 
A) $80,832 
B) $92,500 
C) $101,040 
D) None of the above

Question 5

What is the calculated overhead rate for an engineering firm that provides inspection and testing services given the following year-end audit information?
Item: Cost ($)
Direct Labor: 922,000
Allowable fringe benefits:452,000
Allowable general overhead: 1,200,000

Accepted Answer

A) 38% 
B) 156% 
C) 179% 
D) 469% 
A) 38% 
B) 156% 
C) 179% 
D) 469%

Question 6

What is the estimated labor budget for a 40-week project with the following staffing?
Personnel - Hourly Billing Rate - Hours per Week
Principal --- $185 --- 2
Resident Engineer --- $125 --- 32
Inspector --- $80 --- 40
Administrative Assistant --- $45 --- 10

Accepted Answer

A) $17,400 
B) $151,700 
C) $320,800 
D) $696,000 
A) $17,400 
B) $151,700 
C) $320,800 
D) $696,000

Question 7

If the nominal interest rate is 8.2% and the rate of inflation is 6.6%, what is the approximate real interest rate?

Accepted Answer

A) 1.6% 
B) 7.4% 
C) 14.8% 
D) None of the above 
A) 1.6% 
B) 7.4% 
C) 14.8% 
D) None of the above

Question 8

Which of the following is not generally considered a component of construction cost estimate preparation?

Accepted Answer

A) Preparing planning documents, conceptual drawings, detailed plans, and specifications 
B) Interpret technical information and develop estimates of quantities 
C) Relate construction specifications and plans to specific site conditions 
D) Apply unit price costing that reflects site and current market conditions 
A) Preparing planning documents, conceptual drawings, detailed plans, and specifications 
B) Interpret technical information and develop estimates of quantities 
C) Relate construction specifications and plans to specific site conditions 
D) Apply unit price costing that reflects site and current market conditions

Question 9

Which of the following cost estimating techniques is commonly used to develop planning level cost estimates?

Accepted Answer

A) Analogous 
B) Bid-Based 
C) Parametric 
D) Cost-Based 
A) Analogous 
B) Bid-Based 
C) Parametric 
D) Cost-Based

Question 10

Which of the following may be considered as an Unforeseen Condition?

Accepted Answer

A) Contaminated soils 
B) Unearthed historic artifact 
C) Incorrectly drawn underground utilities 
D) All of the above 
A) Contaminated soils 
B) Unearthed historic artifact 
C) Incorrectly drawn underground utilities 
D) All of the above

Question 11

Which of the following best describes the construction cost estimating term stagflation?

Accepted Answer

A) Slow economic growth, stable inflation and unemployment rates 
B) Slow economic growth, increased inflation rates, and relatively high unemployment 
C) A. and B. 
D) None of the above 
A) Slow economic growth, stable inflation and unemployment rates 
B) Slow economic growth, increased inflation rates, and relatively high unemployment 
C) A. and B. 
D) None of the above

Question 12

The Engineering News-Record (ENR) provides what is considered to be reliable general construction cost index (CCI) and building cost index (BCI) historic values. Which of the following statements best describes the use of ENR indexes?

Accepted Answer

A) Use CCI when labor costs are a significant portion of total cost 
B) Use BCI costs for developing estimates of structures 
C) A. and B. 
D) None of the above 
A) Use CCI when labor costs are a significant portion of total cost 
B) Use BCI costs for developing estimates of structures 
C) A. and B. 
D) None of the above

Question 13

What is the sample median of the following cost data?
Supplier: Cost of Sonar Inspection Unit
CUES:$ 80,000
RedZone: $ 92,500
Olsen Equipment: $ 92,500
Envirosight: $ 100,200
Collins: $ 140,000

Accepted Answer

A) $80,832 
B) $92,500 
C) $101,040 
D) None of the above 
A) $80,832 
B) $92,500 
C) $101,040 
D) None of the above

Question 14

Which of the following estimating techniques rely on a bottom-up approach to estimate construction costs?

Accepted Answer

A) Cost-based 
B) Bid-based 
C) Historical percentages 
D) Analogous 
A) Cost-based 
B) Bid-based 
C) Historical percentages 
D) Analogous

Which of the following statements correctly describes a construction cost estimate?

In which phase of a typical capital improvement project, such as building a highway or a flood control dam, is cost estimating undertaken?

What is the sample mean of the following cost data? Supplier: Cost of Sonar Inspection Unit CUES:$ 80,000 RedZone: $ 92,500 Olsen Equipment: $ 92,500 Envirosight: $ 100,200 Collins: $ 140,000

What is the calculated overhead rate for an engineering firm that provides inspection and testing services given the following year-end audit information? Item: Cost ($) Direct Labor: 922,000 Allowable fringe benefits:452,000 Allowable general overhead: 1,200,000

What is the estimated labor budget for a 40-week project with the following staffing? Personnel - Hourly Billing Rate - Hours per Week Principal --- $185 --- 2 Resident Engineer --- $125 --- 32 Inspector --- $80 --- 40 Administrative Assistant --- $45 --- 10

If the nominal interest rate is 8.2% and the rate of inflation is 6.6%, what is the approximate real interest rate?

Which of the following is not generally considered a component of construction cost estimate preparation?

Which of the following cost estimating techniques is commonly used to develop planning level cost estimates?

Which of the following may be considered as an Unforeseen Condition?

Which of the following best describes the construction cost estimating term stagflation?

The Engineering News-Record (ENR) provides what is considered to be reliable general construction cost index (CCI) and building cost index (BCI) historic values. Which of the following statements best describes the use of ENR indexes?

What is the sample median of the following cost data? Supplier: Cost of Sonar Inspection Unit CUES:$ 80,000 RedZone: $ 92,500 Olsen Equipment: $ 92,500 Envirosight: $ 100,200 Collins: $ 140,000

Which of the following estimating techniques rely on a bottom-up approach to estimate construction costs?

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Hydraulics Closed

Hydraulics Open

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Material QC

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Scheduling

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Soil Mechanics

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Struct Materials

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Exam 4: Estimation

Which of the following statements correctly describes a construction cost estimate?

In which phase of a typical capital improvement project, such as building a highway or a flood control dam, is cost estimating undertaken?

What is the sample mean of the following cost data? Supplier: Cost of Sonar Inspection Unit CUES:$ 80,000 RedZone: $ 92,500 Olsen Equipment: $ 92,500 Envirosight: $ 100,200 Collins: $ 140,000

What is the calculated overhead rate for an engineering firm that provides inspection and testing services given the following year-end audit information? Item: Cost ($) Direct Labor: 922,000 Allowable fringe benefits:452,000 Allowable general overhead: 1,200,000

What is the estimated labor budget for a 40-week project with the following staffing? Personnel - Hourly Billing Rate - Hours per Week Principal --- $185 --- 2 Resident Engineer --- $125 --- 32 Inspector --- $80 --- 40 Administrative Assistant --- $45 --- 10

If the nominal interest rate is 8.2% and the rate of inflation is 6.6%, what is the approximate real interest rate?

Which of the following is not generally considered a component of construction cost estimate preparation?

Which of the following cost estimating techniques is commonly used to develop planning level cost estimates?

Which of the following may be considered as an Unforeseen Condition?

Which of the following best describes the construction cost estimating term stagflation?

The Engineering News-Record (ENR) provides what is considered to be reliable general construction cost index (CCI) and building cost index (BCI) historic values. Which of the following statements best describes the use of ENR indexes?

What is the sample median of the following cost data? Supplier: Cost of Sonar Inspection Unit CUES:$ 80,000 RedZone: $ 92,500 Olsen Equipment: $ 92,500 Envirosight: $ 100,200 Collins: $ 140,000

Which of the following estimating techniques rely on a bottom-up approach to estimate construction costs?

Earth Retention

Earth Structures

Earthworks

Foundations

Hydraulics Closed

Hydraulics Open

Hydrology

Material Mechanics

Material QC

Member Design

Scheduling

Soil and Materials

Soil Mechanics

Struct Loading

Struct Materials

Struct Analysis

Subsurface

Transportation

Waste Water

Water Treatment

Filters