Construction Cost Estimating: Types and Purposes of Estimates

Item #: 1951ONL91
Price: $45.00
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Format: Online Self-Paced
Duration: 1.00
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Did you know ``opinion of probable cost`` does not mean the same thing as an estimation of cost? While this may be a term used by design consultants in the preliminary stages of a project’s estimate, this should not be mistaken for an estimation of cost. This is simply a professional opinion based on experience and available knowledge. The responsibility of a Contractor is to provide a detailed quantitative analysis of each material cost or step in the process for a given project. This interactive online course will educate you on the various types of estimates that can be provided as well as the methods to do so accurately.
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Objectives
  • State the purpose of an estimate and the primary objective of a contractor when preparing one
  • List the various types of estimates
  • Define the terms assembly and escalation as they are used in estimating
  • Identify the characteristics of the five class types of the Cost Estimate Classification Matrix
  • Recall the primary purpose of performing a Cost and Schedule Risk Analysis (CSRA)
  • List the items included in a GMP (Guaranteed Maximum Price) on a Design/Build project
  • Identify the items to be evaluated in a change order proposal
  • Describe how a Contractor’s monthly payment on a contract is determined
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