Certified Pennsylvania Evaluator Practice Exam

Which method involves calculating the total cost of individual physical components?

1. Unit-in-place method

2. Quantity survey method

3. Comparative unit method

4. Market value estimation

The correct answer is: Quantity survey method

The quantity survey method is an approach used in construction and building management that involves a detailed assessment of individual components and their respective costs. This method breaks down the project into its various physical components, such as labor, materials, and overhead, allowing for an accurate total cost calculation based on precise measurements and specifications. It provides a clear and comprehensive picture of the costs involved in a project, making it a preferred choice for detailed budgeting and financial planning. In contrast, the unit-in-place method typically focuses on the cost of a complete unit of work installed at a specific location, rather than on individual components. The comparative unit method uses historical data to estimate costs based on similar past projects, which can lead to less precise estimates. Market value estimation involves assessing the current market price for an asset but does not specifically break down costs to the level of individual physical components, focusing more on the overall value in the marketplace. Therefore, the clarity and specificity in detailing costs associated with individual components make the quantity survey method the correct answer in this context.