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Estimating Study Guide Quiz 2

# Estimating Study Guide Quiz 2 - Estimating Study Guide Quiz...

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Estimating Study Guide – Quiz 2 Estimating Parameter – significant work item whose quantity correlates closely with the cost of a project or a component of a project One-Step Parameter Estimating Method (Type and Quantity of Work)(Unit Cost of Parameter) = Quantity of Money Two-Step Parameter Estimating Method (Type and Quantity of Work)(Productivity Parameter) = Quantity of Resource (Quantity of Resource)(Resource Unit Cost) = Quantity of Money Level of detail needed to use standard parametric estimating techniques? The estimator must know how the project is to be constructed and prepare a detailed checklist of all items and their quantities required to construct the project determined from the drawings. The estimator then reviews the plans and specifications to prepare a quantity takeoff that will determine the type and amount of work required to build the project. Why is it not appropriate to base your estimate for the cost of producing the shop drawings needed to fabricate steel on the purchase price of steel that will be used on the project? The cost of preparing the drawings is based on the complexity of the detailing and the number of sheets required. Because the total cost of the drawings is charged to the steel that will be furnished for a job, the cost per unit weight of steel will vary with the total cost of the drawings and quantity of steel, and the base quantity of steel is subject to change due to economic conditions. Plan Quantities vs. Actual Quantities Plan quantities are quantities of materials that are produced by the project engineer that are needed to construct the project, actual quantities are the quantities that are ordered and usually trimmed to the plan quantity ordered by the project engineer.

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