Estimate Class B

Test Your Knowledge

Quiz: Estimate Class B

Instructions: Choose the best answer for each question.

1. What is the main purpose of an Estimate Class B? a) To provide a rough cost estimate for initial project feasibility analysis. b) To develop a detailed cost estimate based on preliminary design drawings. c) To track actual project costs against the approved budget. d) To negotiate final contracts with contractors and suppliers.

2. Which of the following is NOT a key feature of an Estimate Class B? a) Detailed cost breakdown structure. b) Finalized design drawings. c) Preliminary cost plan for the project. d) Basis for contract negotiations.

3. How does Estimate Class B contribute to early cost control? a) By establishing a clear budget that can be used to track spending. b) By identifying potential cost overruns before they become major issues. c) By providing a basis for negotiating favorable contracts with suppliers. d) All of the above.

4. What happens to Estimate Class B after it is approved? a) It is archived for future reference. b) It becomes the final cost plan for the project. c) It is used to develop a more detailed Estimate Class C. d) It is presented to the client for final approval.

5. Which of the following benefits is NOT directly associated with developing an Estimate Class B? a) Enhanced communication among project stakeholders. b) Improved risk management strategies. c) Increased project profitability. d) Reduced project delivery time.

Exercise: Estimate Class B Application

Scenario:

You are a project manager working on the construction of a new office building. The preliminary design drawings have been completed, and you need to develop an Estimate Class B for the project.

Task:

1. Identify the key elements of the project that need to be included in the Estimate Class B (e.g., materials, labor, equipment, subcontract work).
2. Develop a preliminary cost breakdown structure for the project, breaking down the total cost into different categories.
3. Explain how you would use the Estimate Class B to inform your cost control efforts during the design and construction phases.

Hints:

• Consider the specific details of the project, such as the building's size, materials used, and location.
• Use your knowledge of construction costs and industry standards to estimate the cost of different elements.
• Think about how you would track and manage deviations from the initial Estimate Class B.

Techniques