Cost Components and Estimation in Production Units and Construction Projects, Quizzes of Building Materials and Systems

Download Cost Components and Estimation in Production Units and Construction Projects and more Quizzes Building Materials and Systems in PDF only on Docsity! TERM 1 cost components of a production unit DEFINITION 1 Profit Overhead Operating Costs Ownership Costs TERM 2 operating costs of equipment... DEFINITION 2 tend to increase as the operating hours increase due to increasing maintenance & repair costs TERM 3 economic life of a piece of equipment... DEFINITION 3 ends when the average direct ownership & operating costs reach a minimum TERM 4 overhead charges of a piece of equip... DEFINITION 4 the wages of mechanics and supervisory personnel TERM 5 T/F A piece of equipment's Residual Value = Purchase Price * (A*H + B*H^2) DEFINITION 5 false, this is the cum. direct repair cost TERM 6 Estimating DEFINITION 6 the process of looking into the future and predicting costs and resource requirements TERM 7 4 types of estimates listed by Daniel Halpin DEFINITION 7 Prelim Conceptual Bid Engineer's TERM 8 Conceptual Estimate DEFINITION 8 preliminary cost projections based on minimal design data it's done before the commencement of any design useful for the schematic or budgetary phase TERM 9 Estimate type depends on... DEFINITION 9 level of design detail available TERM 10 Preliminary Estimate DEFINITION 10 is prepared by the architect/engineer in order to reflect expected costs based on more definitive data TERM 21 scheduling network DEFINITION 21 consists of nodes and links TERM 22 activity on a node network DEFINITION 22 shows the activities on the nodes and is also known as precedence notation TERM 23 total float DEFINITION 23 the amount of time that an activity can be delayed without impacting activities that follow it. TF(I) = LFT(I) - EFT(I) TERM 24 Design-Build Contracts DEFINITION 24 one contractor provides the project as a single package they involve one company only TERM 25 Construction Management Contract DEFINITION 25 there is a single point of coordination to owners, the construction manager, who coordinates all activities from concept design through acceptance of the facility