+1 vote
237 views
in Civil Engineering Drawing by (128k points)
A ______________ may be included in an estimate to provide for unknown costs which are indicated as likely to occur by experience, but are not identifiable.

(a) approximate

(b) improbability

(c) contingency

(d) certainty

I got this question in quiz.

Asked question is from Office, Shop Building in portion Methods of Building Estimate & Estimate of Building of Civil Engineering Drawing

1 Answer

+1 vote
by (452k points)
selected by
 
Best answer
Right choice is (c) contingency

Explanation: When using an estimate which has no contingency to set a budget or to set aside funding, a contingency is often added to improve the probability that the budget or funding will be adequate to complete the project. Being unable to complete a project risks public ridicule. See cost contingency for more information. The estimate or budget contingency is not intended to compensate for poor estimate quality, and is not intended to fund design growth, owner changes, or anything else unrelated to delivering the scope as defined in the estimate documentation. Generally more contingency is needed for earlier estimates due to the higher uncertainty of estimate accuracy.

Related questions

Welcome to TalkJarvis QnA, a question-answer community website for the people by the people. On TalkJarvis QnA you can ask your doubts, curiosity, questions and whatever going in your mind either related to studies or others. Experts and people from different fields will answer.

Most popular tags

biology – class 12 biology – class 11 construction & building materials chemistry – class 12 electronic devices & circuits network theory data structures & algorithms ii cell biology ic engine insurance finance money computational fluid dynamics engineering physics i discrete mathematics chemistry – class 11 aerodynamics casting-forming-welding i engineering mathematics operating system casting-forming-welding ii engineering drawing mysql engineering geology digital circuits wireless mobile energy management electrical measurements digital communications cyber security analytical instrumentation embedded systems electric drives cytogenetics advanced machining computer fundamentals life sciences basic civil engineering iot design of electrical machines physics – class 12 applied chemistry dairy engineering basic chemical engineering cloud computing microprocessor bioinformatics aircraft design aircraft maintenance software engineering drug biotechnology digital signal processing biochemistry data structures & algorithms i automotive engine design avionics engineering material & metallurgy energy engineering cognitive radio unix electrical machines biomedical instrumentation object oriented programming electromagnetic theory power electronics analog communications bioprocess engineering civil engineering drawing engineering metrology physics – class 11 mathematics – class 12 engineering chemistry i basic electrical engineering unit processes mongodb signals and systems cryptograph & network security hadoop mathematics – class 11 engineering physics ii html control systems engineering mechanics antennas analog circuits computer network java sql server javascript concrete technology chemical process calculation artificial intelligence design of steel structures c++ database management computer architecture engineering chemistry ii corrosion engineering chemical technology dc machines
...