Estimating Practice Exam

What are the three stages in compiling a construction contract bid?

1. Planning, execution, completion

2. Advance, review, closing

3. Preparation, assessment, submission

4. Inquiry, negotiation, finalization

The correct answer is: Advance, review, closing

The stages in compiling a construction contract bid typically involve determining how to prepare a competitive and comprehensive bid that meets all requirements and expectations outlined in the project specifications. The correct sequence involves Preparation, Assessment, and Submission. In the preparation stage, all necessary information is gathered, including project specifications, site surveys, and cost analyses. This foundational work ensures that all aspects of the bid are considered. During the assessment stage, the details of the bid are evaluated against the project requirements, allowing for adjustments and refinements to ensure competitiveness and compliance. Finally, the submission stage is when the finalized bid is formally presented to the client or awarding authority, completing the process. The options provided include stages that do not accurately represent the typical construction bid compilation process. For instance, choices like Inquiry, negotiation, and finalization pertain more to the phases of contract discussions rather than the bidding process itself. Similarly, planning, execution, and completion reflect an overall project lifecycle rather than the specific steps of preparing a bid.