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Acheamfour, V K, Kissi, E and Adjei-Kumi, T (2019) Ascertaining the impact of contractors pre-qualification criteria on project success criteria. Engineering, Construction and Architectural Management, 26(04), 618–32.
Aksorn, T and Hadikusumo, B H W (2008) Measuring effectiveness of safety programmes in the Thai construction industry. Construction Management and Economics, 26(04), 21.
Cheung, F K T, Wong, M and Skitmore, M (2008) A study of clients' and estimators' tolerance towards estimating errors. Construction Management and Economics, 26(04), 349–62.
- Type: Journal Article
- Keywords: Expert judgement; cost planning; client; accuracy; survey
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/01446190701802380
- Abstract:
Previous research on building pre-tender cost estimating stresses the importance of giving accurate estimates and minimizing estimating errors. Cost models, especially those mathematical models using mean square error or the like for model training and validation, often treat positive errors (overestimates) and negative errors (underestimates) of equal magnitude the same with an implicit assumption that the regret or disutility of positive errors (overestimates) is equal to that of negative errors (underestimates). A survey was conducted in Hong Kong to study estimating practice and in particular, the attitude of clients and estimators towards estimating errors. This involved the use of regression analysis to model the relative disutility of underestimates (in terms of overestimates) for four different building types. Both clients and estimators are found to be risk averse—tolerating overestimates more than underestimates—and, arguably, clients are satisfied with overestimates. However, they have contrasting views on the desired characteristics of estimates with clients considering the ability to identify cost sensitive elements to be more important than accuracy. In this regard, the formalization of value analysis as part of the cost advice function under typical cost consulting agreements should be the best form of improvement.
Forsythe, P J and Sepasgozar, S M (2019) Measuring installation productivity in prefabricated timber construction. Engineering, Construction and Architectural Management, 26(04), 578–98.
Jayasinghe, R S, Rameezdeen, R and Chileshe, N (2019) Exploring sustainable post-end-of-life of building operations. Engineering, Construction and Architectural Management, 26(04), 689–722.
Jha, K N and Devaya, M N (2008) Modelling the risks faced by Indian construction companies assessing international projects. Construction Management and Economics, 26(04), 337–48.
Kumaraswamy, M M and Dissanayaka, S M (1998) Linking procurement systems to project priorities. Building Research & Information, 26(04), 223–38.
Kyrö, R, Peltokorpi, A and Luoma-Halkola, L (2019) Connecting adaptability strategies to building system lifecycles in hospital retrofits. Engineering, Construction and Architectural Management, 26(04), 633–47.
Lingard, H, Warmerdam, A and Shooshtarian, S (2019) Getting the balance right. Engineering, Construction and Architectural Management, 26(04), 599–617.
Littlefair, P J (1998) Predicting lighting energy use under daylight linked lighting controls. Building Research & Information, 26(04), 208–22.
Luu, T-V, Kim, S-Y, Cao, H-L and Park, Y-M (2008) Performance measurement of construction firms in developing countries. Construction Management and Economics, 26(04), 373–86.
Mallasi, Z (2019) Designing with pixels: parametric thinking for patterning dynamic building facades. Engineering, Construction and Architectural Management, 26(04), 668–88.
Mejlænder-Larsen, & (2019) A three-step process for reporting progress in detail engineering using BIM, based on experiences from oil and gas projects. Engineering, Construction and Architectural Management, 26(04), 648–67.
Naderpajouh, N and Afshar, A (2008) A case-based reasoning approach to application of value engineering methodology in the construction industry. Construction Management and Economics, 26(04), 363–72.
Toor, S-U-R and Ogunlana, S (2008) Problems causing delays in major construction projects in Thailand. Construction Management and Economics, 26(04), 395–408.
Wang, D, Fang, S and Li, K (2019) Dynamic changes of governance mechanisms in mega construction projects in China. Engineering, Construction and Architectural Management, 26(04), 723–35.
Zou, Y and Lee, S-H (2008) The impacts of change management practices on project change cost performance. Construction Management and Economics, 26(04), 387–93.