Kempton, J; Chapman, K and Alani, A M (2002) Surveyor element lifetime predictions and the anchoring and adjustment heuristic. In: Greenwood, D (ed.) Proceedings of 18th Annual ARCOM Conference, 2-4 September 2002, Northumbria, UK.
Abstract
The propensity for individual surveyors to be variable when estimating building element lifetimes has been noted in the literature. An experiment was conducted to investigate the particular 'rule of thumb' known as the Anchoring and Adjustment Heuristic in relation to lifetime estimation. The results indicate that the heuristic could be a factor in the inaccuracy of element lifetime estimation by surveyors. The results have implications for Housing Association and Local Authority long term business planning
| Item Type: | Conference Paper (Paper) |
|---|---|
| Uncontrolled Keywords: | adjustment; anchoring; element lifetimes; surveyor variability |
| Index terms: | heuristic, variability, housing association, local authority, estimation, estimating, experiment |
| Subjects: | statistical analysis, institutional client, risk assessment, sociology, data collection methods, financial and cost management |
| Topics: | Stakeholder Management, Research Practice, Roles and Professions, Risk Management, Cost Management |
| Descriptive scope: | 3 PCE |
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