PC2:6 - Budget and financial awareness and cost monitoring or control

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* 1. Who are the BCIS and how can they help inform construction projects?

A government body responsible for regulating building costs.

A professional institute for structural engineers.

A database providing cost information to assist in estimating and benchmarking construction projects.

A trade union for construction professionals.

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* 2. How does an 'Elemental Cost Plan' differ from 'Initial Cost Appraisals'?

An Elemental Cost Plan is prepared before site surveys are undertaken.

An Initial Cost Appraisal provides detailed cost breakdowns per element of the project.

An Elemental Cost Plan breaks down costs by building elements (e.g., foundations, structure), whereas an Initial Cost Appraisal is a high-level budget estimate

An Initial Cost Appraisal is completed after construction is finished.

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* 3. What is the purpose of a 'Pre-Tender Estimate'?

To establish a legally binding contract price for construction.

To provide a final cost summary after construction completion.

To predict the expected cost of a project before contractor bids are received.

To assess only material costs without labor considerations.

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* 4. How does one go about calculating the 'Final Account'?

By adding a percentage markup to the initial estimate.

By reviewing the contract sum, adding agreed variations, and including any claims or adjustments.

By simply adding together all the invoices received.

By averaging the total costs of previous projects.

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* 5. What professional would be best placed to advise on construction cost?

An Architect

A Quantity Surveyor

A Structural Engineer

A Town Planner