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Question 2390020 Construction Cost Management

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Construction
School
Florida International University
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Construction Cost and Time Management
Student Name
Institutional Affiliation
Course
Instructor’s Name
Due Date

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Construction Cost and Time Management
Part I: Construction Cost Management
1. Cost estimate of a college dormitory at Provo, Utah in 2014
Cost Estimate (C.E) = cost/S.F X Number of unit’s per S.F
C.E = College dormitory (cost/S.F) X 150000 S.F
C.E = $139.81 X 150000
C.E = $20971500
2. Cost index estimate of a college dormitory at Provo, Utah in 2014
Cost Index Estimate (CIE) = (known cost) X (Cost index for estimated cost)
Cost index for known cost
CIE = 20971500 X (Provo, Utah’s 2015 CI)/ Purdue’s 2014 CI
CIE = 20971500 X 47.8/ 41.9
CIE = $23924527.4
3. Difference between “construction cost estimating” and “construction cost control
A construction cost estimate is used to determine a construction project’s future or probable
cost based on its historical or existing construction cost database. It may be cost estimation for
constructing a new building, maintenance, repairs, or building renewal. For instance, question
one’s calculations show an estimated cost of constructing a college dormitory in Provo, Utah, in
2014. On the other hand, construction cost control is an approach that keeps construction
expenses under control through reasonable estimates and continuous monitoring. It is a complex
methodology that ensures the actual construction cost is reasonable and doesn’t exceed the
planned budget.
4. Examples of "direct" and "indirect" costs in a construction project

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1 Construction Cost and Time Management Student Name Institutional Affiliation Course Instructor’s Name Due Date 2 Construction Cost and Time Management Part I: Construction Cost Management 1. Cost estimate of a college dormitory at Provo, Utah in 2014 Cost Estimate (C.E) = cost/S.F X Number of unit’s per S.F C.E = College dormitory (cost/S.F) X 150000 S.F C.E = $139.81 X 150000 C.E = $20971500 2. Cost index estimate of a college dormitory at Provo, Utah in 2014 Cost Index Estimate (CIE) = (known cost) X (Cost index for estimated cost) Cost index for known cost CIE = 20971500 X (Provo, Utah’s 2015 CI)/ Purdue’s 2014 CI CIE = 20971500 X 47.8/ 41.9 CIE = $23924527.4 3. Difference between “construction cost estimating” and “construction cost control A construction cost estimate is used to determine a construction project’s future or probable cost based on its historical or existing construction cost database. It may be cost estimation for constructing a new building, maintenance, repairs, or building renewal. For instance, question one’s calculations show an estimated cost of constructing a college dormitory in Provo, Utah, in 2014. On the other hand, constructio ...
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