It is for construction estimating class. Note: no hand writing because it is som

Question

It is for construction estimating class. Note: no hand writing because it is sometimes not clear. Thank you 44 List three skills a good estimator should possess (3 ptsj? b. 45. Explain how each of the following are involved with the estimate (5 pts) a. Architect b. Engineer c. General Contractor d. Subcontractors e. Material Suppliers 46. Uist two items that would be clarified in the specilications in terms of concrete (4 pts) b. 47, What is the difference between direct costs and indirect costs, provide an example of each (4 pts)? 48. What is the difference between a bid bond and a performance bond (4 pts)? 49. How is insurance different than a bond (2 pts)?

Explanation / Answer

44.SKILLS OF A GOOD ESTIMATOR

--- An estimator should picture the object in his mind from the study of drawings and specifications.

--- Accurate estimate preparation, otherwise which leads to difficult problem for engineers to explain, to account for and arrange for the additional money.

--- Maintaining uniformity in units for all items of work through standards.

--- Make each item or dimension clear and intelligible so that they can be understood, checked or verified by anybody.

45.

ARCHITECT :

The architect has a fiduciary responsibility to the owner (under a full service contract). An architect often produces more interesting and creative design work. Avoids design errors common in plan books or with inexperienced designers. Detailed plans and specs provide a clear guide to contractors and clients. Well-written specifications require that materials and workmanship meet or exceed industry standards.

ENGINEER :

Estimating engineers are involved in projecting the estimated cost of upcoming projects in the company. Budget management is an important aspect of the survival of an organization, and estimating engineers aide the operational activities of the organization by evaluating the exact expenditure a company requires to invest. They evaluate the current market scenario and determine if the company will be profitable by investing in certain markets, or by bidding for a particular contract. Estimating engineers are also referred to as cost estimators, as their basic job responsibilities require them to estimate the cost involved in various investments.

CONTRACTOR :

The contractor should be equipped with enough resources to complete the first phase of the construction process. Using the information and estimates created during the planning stage, the contractor should request adequate funds from the project owner to furnish all project needs. Basic project needs include a competent and skilled workforce for various general and specialized tasks, supply of enough construction materials, and the deployment of all the required construction equipment.

SUB CONTRACTOR :

Subcontractors that work in more specialized areas tend to have better control over estimate and other processes, whereas those responsible to the execution of traditional activities seem to entrust the contracting parties with the duty of supplying them with coordination strategies.

MATERIAL SUPPLIERS :

They are responsible for the faithful supply of the material in recorded quantities according to the specifications and standards filed in the estimate.

46.

SPECIFICATION IN TERMS OF CONCRETE :

1. M20 For an average grading of aggregate (that is, Zone II), the proportions shall be 1:1 ½:3 for maximum size of aggregates 10 mm, 20 mm and 40 mm respectively.

2. M15 For an average grading of aggregate (that is, Zone III), the proportions shall be 1:2:4 and for maximum size of aggregates 10 mm, 20 mm and 40 mm respectively.

47.

DIRECT COST:

Direct costs can be defined as costs which can be accurately traced to a cost object with little effort. Cost object may be a product, a department, a project, etc. Direct costs typically benefit a single cost object therefore the classification of any cost either as direct or indirect is done by taking the cost object into perspective.

Examples:

--Direct material

--Direct labour cost

--Direct expenses

--Energy and fuel costs

INDIRECT COST

Costs which cannot be accurately attributed to specific cost objects are called indirect costs. These typically benefit multiple cost objects and it is impracticable to accurately trace them to individual products, activities or departments etc.

Examples:

--Rents, lease cost

--Indirect labour

--Administrative expenses

--Penalties and minimum charges.

48.

DIFFERENCE BETWEEN BID BOND AND PERFORMANCE BOND :

Both are types of surety bonds, more specifically types of Contract surety bonds. The major difference lies in what each bond guarantees.

Bid Bonds guarantee that if a contractor bids on a projects and is awarded the contract, they will follow through and sign the contract.

The purpose of these bonds is to prevent contractors from submitting a low-ball bid and then changing the contract before work gets underway, or backing out of the contract after being awarded a bid.

Performance Bonds guarantee that contractors will abide by all terms of their contract, such as completing the project on-time and within budget.

49.

DIFFERENCE BETWEEN INSURANCE AND BOND :

Insurance: It is a form of risk management. It is a two-party contract between the insured and the insurance company.

This contract (insurance policy) assumes a guaranteed promise that the insured will be compensated by the insurance company in the case of a covered loss.

Bond: It is a contract among at least 3 parties. It is issued by one party (the surety) on behalf of a second party (the principal).

This contract guarantees that the second party will complete an obligation to a third party (obligee). If the obligation is not met, the third party can recover its losses from that bond.

Simply to state, one part (insured) protects the business against loss, while the other part (bonded) protects the consumer from breach of contract from that business.

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