Mak, M Y; Ng, S T; Chen, S E and Varnam, M (2000) The relationship between economic indicators and Bromilow's time-cost model: A pilot study. In: Akintoye, A (ed.) Proceedings of 16th Annual ARCOM Conference, 6-8 September 2000, Glasgow, UK.
Abstract
The existing heuristic-based estimation of construction time has been considered as inefficient, and could result in disparity between the actual construction time and the contract duration. An empirical study carried out by Bromilow in 1969 on time-cost relationship has led to the development of a forecasting model (BTC model) for construction duration based on the cost of the project. Since the pilot study by Bromilow in 1969, further studies on the BTC model have been conducted in 1977, 1980 and 1988. The results of these studies indicated that the construction speeds are constantly changing as a result of the changing economic conditions. In this paper, the BTC model is refitted with a new set of 93 Australian construction projects between 1991 and 1998. The aim of this pilot study is to investigate the relationship between the BTC model (i.e. construction speed) and commonly used economic indicators in the construction industry. The results indicate that the construction speed (i.e. K value in the BTC model) is positive correlated to some economic indicators.
| Item Type: | Conference Paper (Paper) |
|---|---|
| Uncontrolled Keywords: | bromilow model; correlation; cost; economic indicators; time; empirical survey |
| Index terms: | empirical study, economic indicator, duration, estimation, construction industry, disparity, economic condition, construction project, survey, construction time, heuristic, time-cost model, forecasting |
| Subjects: | research methods, data collection methods, data analysis and analytics, quantity surveying, project controls, social justice, risk assessment, financial and cost management, economic analysis, industry analysis, production management, prediction and forecasting |
| Topics: | Time Control, Business Strategy, Risk Management, Research Practice, Project Management, Cost Management, Ethics |
| Descriptive scope: | 5 PCTEA |
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