Preview Questions Cost Estimator | Role Specific Skill

Question 1: 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 2: How can an estimator use cost estimating software to optimize the bidding process?

Which action should you take?

Choose only one option

By setting a fixed margin for all bids

By removing the option to modify bids after submission

By providing detailed cost breakdowns that can be quickly adjusted based on scope changes

By using templates for each project type without modification

Question 3: How does the choice of insulation material impact the overall labor and material costs in building construction?

Which action should you take?

Choose only one option

It has no effect on the overall construction costs

It primarily affects the long-term energy savings, not the costs

It can significantly increase both labor and material costs

It increases labor costs but decreases material costs

Question 4: What is the best way to handle overlooked cost factors when finalizing an estimate for a complex project?

Which action should you take?

Choose only one option

Adjust the estimate to account for these factors and revise the budget

Leave them to the discretion of subcontractors

Ignore them if they are below 5% of the total project cost

Report them to the client as an additional cost

Question 5: When estimating site preparation costs, which of the following is the most likely to influence labor costs significantly?

Which action should you take?

Choose only one option

The type of equipment needed for excavation

The complexity of grading and soil stabilization

The project's location and availability of skilled labor

The weather conditions and seasonal changes

Question 6: How can a cost estimator incorporate the risk of supplier failure into the project budget?

Which action should you take?

Choose only one option

By including penalties and alternative supplier costs in the budget

By establishing fixed price contracts with suppliers

By adjusting the budget to cover supplier price fluctuations

By setting aside funds for future supplier payments