A Study on the Key Factors Influencing the Reliability of Conceptual cost estimates in Building Construction Projects

An, Seongpil; Park, U-Yeol

doi:10.5345/jkic.2008.8.4.053

Cited by 4 publications

(4 citation statements)

References 5 publications

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“…The severity index was calculated following Equation (2). Finally, the importance index to rank all factors was calculated based on Equation (3). Based on data analysis, the next part will discuss each category and its related factors.…”

Section: Resultsmentioning

confidence: 99%

“…Cost estimation is an essential process in construction project management. There are numerous uncertainties in the project that may affect determining the probable construction-project cost to be handled by estimators [3]. Increasing uncertainties in any project will reduce the reliability of cost estimation and reduce the success of any project; hence, the application of risk management in the construction project in an early stage will increase the chances of the project's success [4,5].…”

Section: Introductionmentioning

confidence: 99%

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Assessing Risk Factors Affecting the Accuracy of Conceptual Cost Estimation in the Middle East

2022

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The construction industry is subjected to more risk and uncertainty than many other industries, in addition to poor risk-tracking records. This usually causes the late completion of projects, surpassing their estimated budgets even without achieving the desired quality and operational requirements. This study first identified the most critical factors affecting the accuracy of cost estimates. A questionnaire has been designed and distributed to construction experts; the results indicated stakeholders’ perception to improve their cost estimation using a proper and predefined risk management plan. Following the respondents’ judgment, this study identified 51 risk factors and their potential root causes and presents a response plan for the most critical risks that might affect cost estimates to improve construction-industry performance. Then, a new simple model has been developed to analyze risk factors affecting the accuracy of conceptual cost estimates, from both clients’ and contractors’ perspectives. The developed model will provide the decision-makers with a list of risks accompanied by guidelines/response plans to mitigate their effect on project cost to help the estimators identify the most effective cost contingency against the project’s scope creep.

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Section: Resultsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Assessing Risk Factors Affecting the Accuracy of Conceptual Cost Estimation in the Middle East

2022

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“…The effectiveness and strategies of a construction project were also investigated, among others in [3][4][5][6][7][8]. Frequently, factors are highlighted in the literature affecting the cost of construction of a building, for example, in [9][10][11].…”

Section: Literature Reviewmentioning

confidence: 99%

“…There have also been attempts of mathematical modelling of the quality management process in the construction project [26], integrated design management system (IDMS) [27] or even assessment of a conceptual cost estimation [10].…”

Section: Literature Reviewmentioning

confidence: 99%

Evaluation of Planned Construction Projects Using Fuzzy Logic

Gajzler

Zima

2017

Int J Civ Eng

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An Alternative Method of Estimating Piping Construction Projects

Lee

Choi

2012

AMM

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This research involves developing a project management system for the piping construction projects. Piping construction as a part of mechanical package usually takes over 30% of total efforts for the industrial construction projects, thus is typically recognized as a critical work scope for the similar kinds of construction projects. Therefore, the piping construction under budget and within schedule is one of the crucial tasks for management, and it takes accurate prediction of performance throughout the project execution process. The researchers suggest an alternative model be utilized to accurately forecast piping work efforts required for the piping construction. The model developed incorporates difficulty factors to estimate the level of efforts more accurately and the validation of the model is in progress. The alternative method of forecast may improve the accuracy significantly.

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A Study on the Key Factors Influencing the Reliability of Conceptual cost estimates in Building Construction Projects

Cited by 4 publications

References 5 publications

Assessing Risk Factors Affecting the Accuracy of Conceptual Cost Estimation in the Middle East

Assessing Risk Factors Affecting the Accuracy of Conceptual Cost Estimation in the Middle East

Evaluation of Planned Construction Projects Using Fuzzy Logic

An Alternative Method of Estimating Piping Construction Projects

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