Massachusetts Real Estate License Practice Test

Which method provides detailed estimates of amounts of raw materials and costs for construction?

1. Direct Cost Method

2. Comparative Cost Method

3. Quantity Survey Method

4. Cost Projection Method

The correct answer is: Quantity Survey Method

The Quantity Survey Method is designed specifically to provide detailed estimates of the raw materials and associated costs required for construction projects. This method involves a systematic approach to analyzing and quantifying all the components needed for a project, including labor, materials, and overhead expenses. Using this method, professionals can prepare a comprehensive bill of quantities, which outlines the specific amounts of materials required, their costs, and potentially any labor costs involved. This level of detail is crucial in budgeting for construction projects and allows for accurate forecasting of expenses, enabling project managers and developers to effectively allocate resources and manage funds. The other methods do not offer the same degree of specificity regarding raw materials and costs. The Direct Cost Method typically focuses on direct costs of labor and materials without the detailed breakdown of quantities. The Comparative Cost Method usually involves comparing costs from different projects, which does not provide the in-depth analysis of materials needed for a specific construction project. The Cost Projection Method emphasizes estimating future costs but lacks the detailed quantification of raw materials that the Quantity Survey Method provides.