Preview Questions Cost Estimator | Role Specific Skill

Question 1: What is the benefit of using "cost-plus estimating" in construction projects?

Which action should you take?

Choose only one option

It provides a fixed price regardless of project changes

It provides an estimate without including contractor overhead

It allows for flexibility in pricing by covering actual costs plus a set fee or percentage

It eliminates the need for detailed cost breakdowns

Question 2: How can a Cost Estimator manage cost adjustments in response to design changes without affecting accuracy?

Which action should you take?

Choose only one option

By revising cost estimates based on the updated designs and obtaining new quotes

By ignoring minor design changes to avoid project delays

By leaving the estimates unchanged and informing the client of potential issues

By reducing the scope of the design to meet the original budget

Question 3: How should a Cost Estimator use software tools to assess and manage risks in construction projects?

Which action should you take?

Choose only one option

By inputting only basic cost data and ignoring risk factors

By manually managing risks without using software tools

By using software tools only for generating final estimates

By using risk management features in estimating software to identify, assess, and quantify potential risks, adjusting the cost estimate accordingly

Question 4: What is the primary purpose of a project cost contingency, and how should it be managed?

Which action should you take?

Choose only one option

To cover unexpected labor shortages during the project

To cover unforeseen costs and risks, with careful monitoring to ensure it is used appropriately

To serve as a buffer for minor cost deviations without tracking expenses

To reduce overall project costs by minimizing potential risks

Question 5: What is the relationship between labor unions and construction labor cost estimation?

Which action should you take?

Choose only one option

Union labor typically has a higher cost due to negotiated wages

Unions have no impact on labor cost estimation

Labor unions only affect the duration of a construction project

Unions help reduce labor costs by ensuring a steady workforce

Question 6: What is the best approach for managing cost control in a project with multiple subcontractors?

Which action should you take?

Choose only one option

Ignore subcontractor costs and focus solely on the overall project cost

Focus only on the general contractor's costs

Assume subcontractors will manage their own costs without oversight

Track the costs of each subcontractor separately, ensuring that they align with the original budget and scope of work