Systematic construction risk, cost estimation mechanism and unit price movements

Makovšek, Dejan

doi:10.1016/j.tranpol.2014.04.012

Cited by 35 publications

(21 citation statements)

References 17 publications

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“…The contractual risk management objectives do not limit the management of legal risks associated with the conclusion of contracts. Integrated contractual planning and management, as well as contractual risk management approaches, are similar to other risk management measures in the economy [26,27].…”

Section: Problems Of Construction Managementmentioning

confidence: 99%

A Multi-Criteria Decision-Making Model to Choose the Best Option for Sustainable Construction Management

2019

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The article briefly discusses the content and terms of construction project management. It identifies the main problems of construction management and discusses ways to solve those using multi-criteria methods. Well-performed management is one of the critical factors which leads to the success of any significant sustainable project. Construction project management consists of setting goals and defining user requirements, project constraints, and resources needed. This paper aims to create a practically useful model. The paper presents a comprehensive set of criteria, which led to the creation of a decision-making model for construction management, which was applied to a Turkish case study. The Analytic Hierarchy Process (AHP) method and the Expert Choice computer program were used for calculations.

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Section: Problems Of Construction Managementmentioning

confidence: 99%

A Multi-Criteria Decision-Making Model to Choose the Best Option for Sustainable Construction Management

2019

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“…The reform is likely to lead to increased efficiency and lower project cost causing temporary upward bias in the cost estimates, which necessarily build on historical figures. An example of such an interaction is available in Makovšek (2014). After these effects subside, future investigations will be able to more accurately assess the impact of quality assurance in Norway.…”

Section: International Cost Estimation: Matching Accuracy To Design Dmentioning

confidence: 99%

Motorway Cost Estimation Review

2018

International Transport Forum Policy Papers

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List of acronyms AACE Association for the Advancement of Cost Engineering AASHTO American Association of State Highway and Transportation Officials BoQ Bill of Quantities DfT Department for Transport ER Expert Review (Štátna expertíza) FIDIC Fédération Internationale des Ingénieurs-Conseils (International Federation of Consulting Engineers) HOAI Honorarordnung für Architekten und Ingenieure (Architectural and Engineer Fee Regulation) NDS Národná dialnicná spolocnost (The Slovak Motorway Company

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“…The "analytical technique" is an activity based costing method in which the cost of individual work items is estimated and summed up to get total project cost (Makovšek, 2014;Duverlie and Castelain, 1999). The "analogical technique" of cost estimation is based on a comparison of the new system with a prior one (Molcho et al, 2014;Duverlie and Castelain, 1999).…”

Section: A Review Of Relevant Literaturementioning

confidence: 99%

“…The "analogical technique" of cost estimation is based on a comparison of the new system with a prior one (Molcho et al, 2014;Duverlie and Castelain, 1999). "Parametric technique" employs statistical methods, to relate the historical construction costs with a few relevant project parameters (Makovšek, 2014). "Expert systems" is another technique that combines different techniques such as decision trees and specialized cost estimation software etc.…”

Section: A Review Of Relevant Literaturementioning

confidence: 99%

Estimation of Highway Project Cost using Probabilistic Technique

Hannan¹,

Ahmed²,

Ashraf³

et al. 2017

dtetr

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Accurate assessment of effort, time and resources for estimation of project cost is a challenging task for project managers. Several methodologies are commonly practiced around the globe for project cost estimation based on the project's scope, type, and availability of resources. In developing countries like Pakistan most of the construction projects face delay and cost overrun, and construction industry continues to use traditional methodologies for preparation of project cost estimates. Present study developed a probabilistic framework for project cost estimation using Monte Carlo Simulation. A probabilistic model is proposed for estimation of total project cost using data on key risk factors that included (1) labour efficiencies, (2) machine efficiencies, (3) construction material wastages, and (4) construction items' prices. Using data from completed highway projects, model validation results revealed that developed model has the ability to predict reliable future project cost.

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Systematic construction risk, cost estimation mechanism and unit price movements

Cited by 35 publications

References 17 publications

A Multi-Criteria Decision-Making Model to Choose the Best Option for Sustainable Construction Management

A Multi-Criteria Decision-Making Model to Choose the Best Option for Sustainable Construction Management

Motorway Cost Estimation Review

Estimation of Highway Project Cost using Probabilistic Technique

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