Liu, L and Zhu, K (2007) Improving cost estimates of construction projects using phased cost factors. Journal of Construction Engineering and Management, 133(1), pp. 91-95. ISSN 0733-9364
Abstract
Central to cost-based competition is the capability to accurately predict the cost of delivering a project. Most literature on cost estimation focuses on specific estimation methods as generic techniques and little attention has been paid to the unique requirements at each project stage. This note attempts to identify the critical factors for effective estimation at various stages of typical construction projects. Drawing from organization control theory and cost estimating literature, this note develops a theoretical framework that identifies the critical factors for effective cost estimation during each project phase of a conventional construction project. The underlying logic is that as a cost estimating effort progresses, both task programmability and output measurability improve. As a result, control effort will shift from input-oriented control to a combination of output and behavior control.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | construction costs; cost control; estimation; project management |
| Index terms: | project management, cost estimate, critical factor, cost factor, estimation, construction cost, competition, behaviour control, construction project, cost control, cost estimating, drawing |
| Subjects: | risk assessment, technical documentation, financial and cost management, economics, project management theory and practice, production management, market analysis, behavioral psychology |
| Topics: | Cost Management, Research Practice, Project Management, Risk Management, Design Practice |
| Descriptive scope: | 2 PC |
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