Preview Questions Cost Estimator | Role Specific Skill

Question 1: What does the "expert panel" estimation technique rely on?

Which action should you take?

Choose only one option

The collective experience and insights of a group of experts to make a cost estimate

A computer program that simulates cost estimation scenarios

The judgment of a single expert to make cost assumptions

A predefined set of formulas for estimating project costs

Question 2: How does a Cost Estimator ensure that labor costs are kept under control throughout a construction project?

Which action should you take?

Choose only one option

Assume that labor costs will not fluctuate during the project

Focus only on labor rates and ignore the number of workers required for tasks

Ignore fluctuations in labor costs and proceed with the original estimate

Monitor labor productivity regularly, adjust for inefficiencies, and ensure that labor costs align with the estimated 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: When estimating equipment costs, what is the best way to account for the wear and tear on machinery during a large-scale construction project?

Which action should you take?

Choose only one option

Ignore wear and tear if the equipment is rented

Factor in hourly or daily usage rates and maintenance schedules

Estimate based on equipment purchase price alone

Use fixed equipment cost per project phase

Question 5: How should a cost estimator adjust the budget for a project that is experiencing scope creep?

Which action should you take?

Choose only one option

By ignoring scope creep and continuing with the original budget

By reducing the project timeline to minimize cost increases

By increasing labor hours to keep costs under control

By revising the cost estimate to reflect the expanded scope and adjusting the budget accordingly

Question 6: Which of the following methods is primarily used to control costs by setting specific budgetary constraints for each department or task in a project?

Which action should you take?

Choose only one option

Activity-Based Costing (ABC)

Bottom-Up Budgeting

Top-Down Budgeting

Earned Value Management (EVM)