Open Access Open Access  Restricted Access Subscription or Fee Access

Review on Impact of Factor Affecting Cost Estimation Corresponding with Stakeholder’s Prospective View

Rahul B. Joshi, Nimita Gujar, Neetu B. Yadav

Abstract


For project planning and finance, it is essential to make very accurate cost estimates for construction projects early on in the project development process. Before purchasing a site and committing to build, construction clients need timely and accurate cost advice in order to make an informed decision about whether to proceed with the project or not. The accuracy of a cost estimate, however, could be impacted by numerous variables. The study compilation and review of the previous study of researchers for factors have impact on the cost estimation. This goal is accomplished by compiling the key elements from the literature review and constructs a strong mathematical cost estimation model by this study. The study examines the effects of those aspects from the perspectives of the consultants and contractors, measuring their level of relevance and ranking them according to an importance index. The degree of agreement among the involved stakeholders regarding the ranking of the elements influencing the accuracy of cost estimating in construction projects is shown. In this paper concluded the review of top five factors impact on the cost estimation related contractor and consultant prospective view.


Keywords


Cost estimation, Factor affecting, Stakeholder, Cost estimation technique

Full Text:

PDF

References


Ibrahim Mahamid., 2014. Factors affecting cost estimate accuracy: Evidence from Palestinian construction projects

Qinghua J. 2019. Estimation of construction project building cost by backpropagation neural network. J Eng Des Technol. 18(3):601–604.

Agyekum G. 2018. The degree of accuracy and factors that influence the uncertainty of SME cost estimates. Int J Constr Manage. 19(5):2–12.

Hatamleh MT, Hiyassat M, Sweis GJ, Sweis RJ. 2018. Factors affecting the accuracy of cost estimate: case of Jordan. Eng Constr Architect Manage. 25(1):113–653.

Enshassi A, Mohamed S, Abdel-Hadi M. 2013. Factors affecting the accuracy of pre- tender cost estimates in the Gaza strip. J Constr Dev Countries. 24(1):2–17.

Matel E, Vahdatikhaki F, Hosseinyalamdary S, Evers T, Voordijk H. 2019. An artificial neural network approach for cost estimation of engineering services. Int J Constr Manage. 37(5):1–14

Avinash RY, Swamy RM. 2018. Factors affecting cost and inflation of a project. Int Res J Eng Technol. 5(2):1713.

Akintoye A. 2000. Analysis of factors influencing project cost estimating practice. J Constr Manage Econ. 18(1):77–89.

Mohd Shahraiz Mohd Nor et al. 2022. Challenges of cost management technique implementation during pre-tender in Klang valley construction project. E3S Web of Conferences:347

Alpaydin E (2014) Introduction to machine learning. MIT Press, Cambridge

Aamodt A, Plaza E (1994) Case-based reasoning: foundational issues, methodological variations, and system approaches. AI Commun 7(1):39–59

Gunduz M, Sahin HB (2015) An early cost estimation model for hydroelectric power plant projects using neural networks and multiple regression analysis. J Civ Eng Manag 21(4):470–477 PF (2002) Project estimating and cost management. Management Concepts Incorporated, Virginia

Layer A et al (2002) Recent and future trends in cost estimation. International Journal of Computer Integrated Manufacturing 15(6):499–510

Qian L, Ben-Arieh D (2008) Parametric cost estimation based on activity-based costing: a case study for design and development of rotational parts. Int J Prod Econ 113(2):805–818

Sanaz Tayefeh Hashemi (2020) Cost estimation and prediction in construction projects: a systematic review on machine learning techniques. SN Applied Sciences A springer nature journals


Refbacks

  • There are currently no refbacks.