Cost Estimation & Budgeting Flashcards
7 cards from real FPE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Cost Estimation & Budgeting flashcards as text
The ENR (Engineering News-Record) Construction Cost Index is primarily used in fire protection cost estimation to:
Answer: Adjust historical project costs to current dollar values using price escalation
The ENR CCI tracks construction cost trends over time, allowing estimators to escalate past project costs to current conditions for benchmarking.
In parametric cost estimating for fire suppression systems, a cost model expressed as '$/sq ft of protected area' is most accurate when applied to:
Answer: Projects with occupancy types and densities similar to the database source projects
Parametric models are calibrated to specific occupancy profiles; applying them outside those profiles introduces significant error.
A fire protection engineer is producing a Class D (order-of-magnitude) estimate at project inception. The expected accuracy range for this estimate class is typically:
Answer: +/- 50% to 100%
Order-of-magnitude (Class D or Class 5) estimates produced with minimal scope definition carry an accuracy range of roughly −50% to +100%.
When preparing a budget for a new fire protection system in a renovation project, which hidden cost category most commonly causes budget overruns?
Answer: Existing condition deficiencies discovered during demolition and installation
Renovations frequently uncover unknown existing conditions (asbestos, structural deficiencies, non-code-compliant systems) that add unbudgeted remediation costs.
Which contract delivery method typically results in the earliest reliable fire protection cost certainty for an owner?
Answer: Design-Build with a fixed-price contract established at schematic design
A fixed-price Design-Build contract established at schematic design locks in cost early by transferring both design and construction risk to a single entity.
A building owner requests a value engineering (VE) exercise on the fire protection design. Which change would a fire protection engineer LEAST likely recommend in a VE exercise?
Answer: Replacing UL-listed components with uncertified equivalents to save material costs
VE should never compromise code compliance or listing requirements; substituting uncertified components violates NFPA standards and invalidates system approval.
In a fire protection project schedule, 'float' (slack) on the fire alarm rough-in activity matters to cost estimation because:
Answer: Activities with float can be resequenced to level labor resources and reduce peak cost
Non-critical activities with float can be shifted to smooth resource loading, reducing costly peak labor demand and associated overtime or crew mobilization costs.