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Ansah, R H and Sorooshian, S (2018) 4P delays in project management. Engineering, Construction and Architectural Management, 25(01), 62-76.
Babatunde, S O, Perera, S, Ekundayo, D and Adeleye, T E (2019) An investigation into BIM-based detailed cost estimating and drivers to the adoption of BIM in quantity surveying practices. Journal of Financial Management of Property and Construction , 25(01), 61–81.
Carreira, P, Castelo, T, Gomes, C C, Ferreira, A, Ribeiro, C and Costa, A A (2018) Virtual reality as integration environments for facilities management: Application and users' perceptions. Engineering, Construction and Architectural Management, 25(01), 90-112.
Cheah, C Y J, Kang, J and Chew, D A S (2007) Strategic analysis of large local construction firms in China. Construction Management and Economics, 25(01), 25-38.
Chen, J J (1997) China's construction industry and foreign investment. Building Research & Information, 25(01), 5–10.
Coleman, E, Nooni, I K, Fianko, S K, Dadzie, L, Neequaye, E N, Owusu-Agyemang, J and Ansa-Asare, E O (2020) Assessing contract management as a strategic tool for achieving quality of work in Ghanaian construction industry. Journal of Financial Management of Property and Construction, 25(01), 41–60.
Fan, Y and Kokko, E (1997) Three-dimensional gaseous transfer within cellular plastic insulation and its consequences. Building Research & Information, 25(01), 25–35.
Gerbov, A, Singh, V and Herva, M (2018) Challenges in applying design research studies to assess benefits of BIM in infrastructure projects: Reflections from Finnish case studies. Engineering, Construction and Architectural Management, 25(01), 2-20.
Hatamleh, M T, Hiyassat, M, Sweis, G J and Sweis, R J (2018) Factors affecting the accuracy of cost estimate: Case of Jordan. Engineering, Construction and Architectural Management, 25(01), 113-31.
- Type: Journal Article
- Keywords: construction; risk management; project management; construction planning
- ISBN/ISSN:
- URL: https://doi.org/10.1108/ECAM-10-2016-0232
- Abstract:
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.
Ikuabe, M, Oke, A E and Aigbavboa, C (2020) Impact of contractors’ opportunism on construction project transaction costs. Journal of Financial Management of Property and Construction , 25(01), 125–41.
Keswani, K (1997) The contribution of building centres to low-cost housing in India. Building Research & Information, 25(01), 50–64.
Lewis, T M (2007) Impact of globalization on the construction sector in developing countries. Construction Management and Economics, 25(01), 7-23.
Lian, J K M, Foo, Z Y and Ling, F Y Y (2018) Value of internships for professional careers in the built environment sector in Singapore. Engineering, Construction and Architectural Management, 25(01), 77-89.
Lingard, H, Blismas, N, Harley, J, Stranieri, A, Zhang, R P and Pirzadeh, P (2018) Making the invisible visible: Stimulating work health and safety-relevant thinking through the use of infographics in construction design. Engineering, Construction and Architectural Management, 25(01), 39-61.
Ma, L, Reed, R and Jin, X (2018) Identify the equilibrium of residential construction output: A vector error correction model approach. Engineering, Construction and Architectural Management, 25(01), 21-38.
Mbachu, J and Nkado, R (2007) Factors constraining successful building project implementation in South Africa. Construction Management and Economics, 25(01), 39-54.
Perera, B, Samarakkody, A L and Nandasena, S R (2020) Managing financial and economic risks associated with high-rise apartment building construction in Sri Lanka. Journal of Financial Management of Property and Construction , 25(01), 143–62.
Pheng, L S and Omar, H F (1997) Integration, segmentalism and the maintenance of quality management systems in the construction industry. Building Research & Information, 25(01), 36–49.
Plessis, C D (2007) A strategic framework for sustainable construction in developing countries. Construction Management and Economics, 25(01), 67-76.
Rwelamila, P M D (2007) Project management competence in public sector infrastructure organisations. Construction Management and Economics, 25(01), 55-66.
Sha, K, Deng, X, Chen, Q and Xie, B (1997) Evolution of cost estimating system in China: intelligent estimator for Shandong Province (IES) to general intelligent estimator (GIE). Building Research & Information, 25(01), 11–4.
Shih, N-J and Lan, W-J (1997) Incorporating a 3D urban environmental model (3DUEM) into government and architectural firms. Building Research & Information, 25(01), 18–24.
Singla, H K (2020) Does family ownership affect the profitability of construction and real estate firms? Evidence from India. Journal of Financial Management of Property and Construction , 25(01), 107–24.
Tawalare, A and Laishram, B (2019) Factors hindering effective partnering in Indian public sector construction organizations. Journal of Financial Management of Property and Construction , 25(01), 83–105.
Wei, H and Xu, X (1997) Composite masonry buildings in China. Building Research & Information, 25(01), 15–7.
Wells, J (2007) Informality in the construction sector in developing countries. Construction Management and Economics, 25(01), 87-93.
Wong, J, Wong, P N K and Heng, L (2007) An investigation of leadership styles and relationship cultures of Chinese and expatriate managers in multinational construction companies in Hong Kong. Construction Management and Economics, 25(01), 95-106.
Yorucu, V and Keles, R (2007) The construction boom and environmental protection in Northern Cyprus as a consequence of the Annan Plan. Construction Management and Economics, 25(01), 77-86.
Zekri, M M and Razali, M N (2019) Volatility dynamics of Malaysian listed property companies within the Asian public property markets by using a switching regime approach. Journal of Financial Management of Property and Construction , 25(01), 5–39.