Preview Questions Cost Estimator | Role Specific Skill

Question 1: What is the main objective of applying "Risk Mitigation Strategies" during construction risk analysis?

Which action should you take?

Choose only one option

To increase the project budget in response to risks

To ignore risks and focus on execution

To transfer the risks to subcontractors

To reduce the likelihood or impact of identified risks

Question 2: What is the role of contingency in a construction project budget?

Which action should you take?

Choose only one option

To account for fixed costs that are already included in the project

To cover unforeseen costs and risks that may arise during the project

To provide extra funds for contractor bonuses

To allocate funds for potential project delays

Question 3: How should a Cost Estimator handle the risk of changes in construction technology or techniques during a project?

Which action should you take?

Choose only one option

Assume technology changes will not affect the budget

Assess the potential impact of new technologies on material costs, labor efficiency, and project timelines, and adjust the budget accordingly

Ignore the technological advancements and proceed with the original methods

Assume that new technologies will reduce project costs without considering implementation costs

Question 4: How is the concept of "risk appetite" used in construction risk analysis?

Which action should you take?

Choose only one option

It helps determine the level of risk an organization is willing to take

It defines the total amount of budget allocated for risks

It outlines the legal risk factors for the construction project

It calculates the risk-related premiums for insurance

Question 5: What is the primary advantage of using a digital takeoff tool in Quantity Surveying?

Which action should you take?

Choose only one option

It provides automated, accurate measurements based on digital plans

It eliminates the need for manual measurement entirely

It ensures all materials are procured at fixed costs

It reduces the time spent on project scheduling

Question 6: How does a Cost Estimator control indirect costs such as overhead and administrative expenses?

Which action should you take?

Choose only one option

Ignore overhead costs to simplify the budget

Focus solely on labor and material costs and disregard overheads

Include overhead costs in the project budget based on detailed projections, and ensure that they are tracked and monitored throughout the project

Only estimate direct costs and exclude indirect costs