Preview Questions Cost Estimator | Role Specific Skill

Question 1: What is the impact of using a global approach to material measurement (e.g., average rates) instead of a local one?

Which action should you take?

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It simplifies the cost estimating process but may overlook region-specific conditions

It ignores material quality differences between regions

It may lead to inaccuracies due to variations in local material prices and availability

It provides the most accurate estimates regardless of location

Question 2: What role does "benchmarking" play in cost estimation?

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It compares the project's cost estimates with industry standards or previous similar projects to ensure accuracy and competitiveness

It provides a one-time, fixed price for the entire project

It provides a fixed estimate based solely on historical data

It eliminates any need for adjustments based on current project conditions

Question 3: What is the benefit of using cloud-based estimating software over traditional desktop solutions in the context of large construction projects?

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It eliminates the need for data input validation

It allows for collaboration across multiple teams in real time

It reduces data storage costs significantly

It automatically adjusts cost estimates based on market conditions

Question 4: How does "parametric estimating" differ from "analogous estimating"?

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Parametric estimating uses historical data, while analogous estimating uses parameters

Parametric estimating is more accurate than analogous estimating

Parametric estimating uses specific parameters to calculate costs, while analogous estimating uses historical data from similar projects

There is no difference between the two methods

Question 5: What is the major risk of using analogous estimating for a high-complexity construction project?

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Over-estimation of project costs

Under-estimation due to incorrect assumptions

It ignores past data

Inaccuracy due to lack of detail

Question 6: How should a Cost Estimator control risks related to scope creep in construction projects?

Which action should you take?

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Ignore scope creep and focus solely on completing the original scope

Assume that scope creep will not impact the budget

Regularly assess scope changes, quantify their impact, and update the budget accordingly

Allow scope changes without updating the budget