The methods used to estimate the cost of a project during the selection phase are generally slower and consume more resources than those used to create detailed estimates in later phases.     True   False

Q: With an increase in quantities, the unit price drops due to: Reduced contribution of fixed costs…

A: With an increase in quantities, the unit price drops due to economies of scale. The fixed costs does…

Q: Construction Management

A: Below are the detailed discussion and explanations to each of the questions you asked…

Q: true/false for all three questions 8) Design-Build projects have a higher cost than…

A: 8) True  9) True 10) True

Q: Use time and location indices given is the table to prepare the conceptual cost estimate of a…

A:

Q: What is meant by a team approach to estimating, and how can it help an estimator in his or her work?

A: In a team approach to estimating, the estimator teaming up with seasoned construction field managers…

Q: The use of Design-Build projects has been decreasing. T or F Design-build eliminates the need for an…

A: This question is related to building construction from Civil Engineering. I answered all questions…

Q: Please match the 5 levels of BIM. Level 1 Total Cost of Ownership: Take v Level 2 Visualization: a…

A: Building Information Modelling (BIM) levels describes the information content of BIM object at a…

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: A contractor is planning the acquisition of construction equipment, including bulldozers, needed for…

A: Given Probability (P)=0.65 Number of bulldozers (n)=4 To find The probability that there will be at…

Q: BIM is one of the most recently developed project delivery methods. True or false

A: False.. BIM (building information modelling) It is used to create a common language between…

Q: true/ false 19) Debt financing has the lowest risk for investors. 20) On average, design consumes…

A:

Q: List two specific examples of factors that would fall into each of the three components of a triple…

A: People (Social Responsibility)1. **Employee Welfare**: This includes providing fair wages, safe…

Budget Estimating

The term budget signifies a plan over the long run, generally, a year that covers the financial expenses and revenues of any organization. This budget plan is known to estimate the growth and success of any organization. Civil engineering companies utilize project budgets for estimating project costs, construction costs, and other direct and indirect costs related to the project being undertaken. Project budget is a detailed statistical tool primarily used by project managers to estimate the overall project cost. The project budget is in the form of a document that includes all the costs which are incurred during the project undertaking and after the completion of the project. Large commercial projects have the project budget estimate in the form of large detailed pieces of documents which include every cost estimate regarding man and materials. Labor costs, material procurement costs, construction costs, and operational costs are some of the costs that are incurred during the project execution and planning phase.