Engineering Economics
Pick up the correct reason for making conceptual (or preliminary) estimate from the following:

All of these
To compute target estimate for the owner while drawing and specifications are in initial stage
To have a check on a definitive cost estimate
To check quotations from contractors and/or sub-contractors

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Engineering Economics
Which one of the following questions is relevant to the construction estimates?

Did the estimators precisely evaluate site conditions
Did the estimators use short cut methods which may be unrealistic in their situation
All of these
How much money will the contractor's risk, loosing if he were to submit bid on the raw estimate of cost

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