Preview Questions Cost Estimator | Role Specific Skill

Question 1: What is the role of procurement in cost control during the construction phase?

Which action should you take?

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It focuses solely on contractor payments and ignores material costs

It ensures that materials and services are procured at competitive prices and on time

It sets the final project budget without accounting for changes

It eliminates the need for detailed cost tracking

Question 2: What is the primary difference between parametric estimating and analogous estimating?

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Parametric uses a mathematical model, analogous uses historical data

Parametric uses historical data, analogous uses expert judgment

Analogous is more detailed than parametric

Parametric estimates by unit costs, analogous uses averages

Question 3: What is the primary purpose of the "rate analysis" in quantity surveying?

Which action should you take?

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To estimate only the final project cost without considering individual components

To determine the unit cost of materials and labor for each item based on market rates and project conditions

To minimize costs by cutting down on material quantities

To compare contractor quotes

Question 4: When analyzing costs for a construction project, which of the following is most crucial for accurate cost estimation?

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A fixed, unadjusted project timeline

A detailed list of all materials required for the project

The current market value of labor and materials

A thorough understanding of project scope and design

Question 5: How does the "expert judgment" technique support the estimating process?

Which action should you take?

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It reduces the time spent on estimates by simplifying the process

It involves relying on expert opinion without considering data or history

It eliminates the need for detailed analysis and relies on assumptions

It involves using the experience and insights of industry experts to refine estimates when data is scarce

Question 6: How can a cost estimator incorporate contingency planning into a project's budget?

Which action should you take?

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By excluding all contingencies and focusing solely on known costs

By allocating a percentage of the total project cost to cover unforeseen risks

By minimizing the contingency amount to reduce the overall budget

By assuming that no unexpected costs will arise throughout the project