Purpose Cost estimating process is an important element within the project life cycle. Comprehensive information, expanded knowledge, considerable expertise, and continuous improvement are needed to obtain accurate cost estimation. The purpose of this paper is to identify the critical factors that affect accuracy of cost estimation and evaluate the degree to which these factors are important from contractors’ and consultants’ viewpoints. Design/methodology/approach Qualitative and quantitative research approaches were adopted in collecting and analyzing the data, and testing the hypotheses. Based on the literature review, a questionnaire was prepared and then was modified according to the results of face-to-face open-ended interviews conducted with 11 project managers. The final version of the questionnaire was distributed to a random sample of 265 respondents. For analyzing the collected data Kendall’s and Mann-Whitney tests were conducted. Findings The analysis revealed that there is a strong agreement between contractors and consultants in the ranking of the factors related to consultant, contractor, design parameters, and information. A slightly weak agreement between contractors and consultants was noted regarding the factors related to market conditions (external factors) and factors related to project characteristics. Furthermore, the results show that the top ten factors affecting the accuracy of cost estimate are clear and detail drawings and specification, pricing experience of construction projects, perception of estimation importance, equipment (cost/availability/performance), project complexity, clear scope definition, accuracy and reliability of cost information, site constraints (access, storage, services), material availability, financial capabilities of the client, and availability of database of bids on similar project (historical data). Originality/value Offers an original view of the concept of accuracy of cost estimates as it relates to the efficiency of the project relying on both literature review and empirical evidence.

As is often the case in project scheduling, when the project duration is shortened to decrease total cost, the total float is lost resulting in added critical or nearly critical activities. This, in turn, results in decreasing the probability of completing the project on time and increases the risk of schedule delays. To solve this problem, this research developed a fuzzy multicriteria decision-making (FMCDM) model. The objective of this model is to help project managers improve their decisions regarding time-cost-risk trade-offs (TCRTO) in construction projects. In this model, an optimization algorithm based on fuzzy logic and analytic hierarchy process (AHP) has been used to analyze the time-cost-risk trade-off alternatives and select the best one based on selected criteria. The algorithm was implemented in the MATLAB software and applied to two case studies to verify and validate the presented model. The presented FMCDM model could help produce a more reliable schedule and mitigate the risk of projects running overbudget or behind schedule. Further, this model is a powerful decision-making instrument to help managers reduce uncertainties and improve the accuracy of time-cost-risk trade-offs. The presented FMCDM model employed fuzzy linguistic terms, which provide decision-makers with the opportunity to give their judgments as intervals comparing to fixed value judgments. In conclusion, the presented FMCDM model has high robustness, and it is an attractive alternative to the traditional methods to solve the time-cost-risk trade-off problem in construction.

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PurposeRisk impedes the success of construction projects in developing countries due to planning in an unpredictable and poorly resourced environment. Hence, the literature suggests that practitioners are not fully aware of how important the risk identification process is. Some of the prior studies identified risks in developing countries without highlighting how they can be beneficial to the practitioners in the industry. Therefore, this study highlights this process and identifies the key risks that affect the Jordanian construction industry.Design/methodology/approachThis study adopted an exploratory sequential mixed approach, two rounds of face-to-face interviews that were conducted in Jordan among 12 experts followed by a questionnaire randomly distributed to 122 practitioners. This study utilized the relative importance index, coefficient of variation, and Mann–Whitney (U) to analyze the data. Also, the factor analysis technique was used to identify and regroup the risk factors to further understand the correlation among the risks.FindingsThe result revealed an agreement among contractors’ and consultants’ responses toward allocating risks. Furthermore, several risks can be traced back to the project communication management process, highlighting a deficiency in the process. Also, four-factor groups were established, the first group includes the risk of defective design, late decisions making by other project participants and poor coordination with the subcontractor. The second group has only the risk of corruption, including bribery at sites. The third group includes stakeholders’ financial instability and inadequate distribution of responsibilities and risks. The fourth group includes adverse weather conditions and the use of illegal foreign labor.Originality/valueSome of the prior studies identified risks in developing countries without highlighting how they can be beneficial to the practitioners in the industry.

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