Ernest, K; Theophilus, A K; Amoah, P and Emmanuel, B B (2019) Identifying key economic indicators influencing tender price index prediction in the building industry: A case study of Ghana. International Journal of Construction Management, 19(2), pp. 106-112. ISSN 1562-3599
Abstract
Environmental characteristics of any economy have an influence on the building industry. These economy influences are perceived to have a significant contribution to tender price indices prediction. The growing phenomena have, therefore, become a topical issue among researchers and practitioners in recent times. The aim of this paper is to identify economic indicators that deserve constant attention during the prediction of tender price indices in the building industry. Using a mix of research methods such as literature review, interview and questionnaire survey, based on 23 economic indicators from literature, a questionnaire was developed to elicit the opinions of quantity surveyors on the relative significance of each economic indicator regarding tender price indices prediction. Hence, this study found five significant economic indicators from the perspective of quantity surveyors that it would have influence tender price indices prediction in the Ghanaian building Industry. These include composite consumer price index, producer price index, currency exchange rate, gross domestic product and interest rate. This suggests the need for critical examination of the extent of economic contributions and its influence when pricing building contracts. The findings of this paper can be applicable to other developing countries that share similar economic characteristics of Ghana.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | cost indices; economic indicators; Ghana building industry; prediction; tender price index |
| Index terms: | developing country, interview, survey, tender price, literature review, practitioner, questionnaire, interest rate, tender price index, pricing, composite, case study, gross domestic product, economic indicator, building contract, quantity surveying, Ghana, building industry |
| Subjects: | tendering, quantity surveying, development economics, Geography, industry analysis, contract type, profession, data collection methods, practitioner, materials science, economic analysis, data analysis and analytics |
| Topics: | Procurement, Roles and Professions, Construction Materials, Research Practice, Geographical Context, Business Strategy, International Construction |
| Descriptive scope: | 4 PCEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here