Utah Contractor Practice Exam

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Which method is effective for establishing labor costs?

  1. Using average market rates

  2. Consulting with subcontractors

  3. Taking hours from detailed job cost time cards

  4. Asking employees for their estimates

The correct answer is: Taking hours from detailed job cost time cards

Taking hours from detailed job cost time cards is effective for establishing labor costs because it provides precise data on the actual hours worked by employees on a specific project. This method allows contractors to analyze the time taken for various tasks, enabling them to calculate the direct labor costs associated with a project accurately. By utilizing actual time card data, contractors can better understand labor productivity and identify areas for improvement or cost savings. This approach is grounded in real performance metrics rather than estimates or assumptions, making it a reliable method for assessing labor costs. It can also help in creating more accurate future bids and budgets, as historical data from completed projects can inform predictions for similar upcoming tasks.

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