Enshassi, A; Mohamed, S and Madi, I (2005) Factors affecting accuracy of cost estimation of building contracts in the Gaza Strip. Journal of Financial Management of Property and Construction, 10(2), pp. 115-125. ISSN 1366-4387
Abstract
Estimating is a fundamental part of the construction industry. The success or failure of a project is dependent on the accuracy of several estimates through-out the course of the project. Construction estimating is the compilation and analysis of many items that influence and contribute to the cost of a project. Estimating which is done before the physical performance of the work requires a detailed study and careful analysis of the bidding documents, in order to achieve the most accurate estimate possible of the probable cost consistent with the bidding time available and the accuracy and completeness of the information submitted. Overestimated or underestimated cost has the potential to cause loss to local contracting companies. The objective of this paper is to identify the essential factors and their relative importance that affect accuracy of cost estimation of building contracts in the Gaza strip. The results of analyzing fifty one factors considered in a questionnaire survey concluded that the main factors are: location of the project, segmentation of the Gaza strip and limitation of movements between areas, political situation, and financial status of the owner.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | accuracy; building; contracts; cost estimation; political situation |
| Index terms: | relative importance, cost estimating, movement, survey, accuracy, construction estimating, questionnaire, documents, estimating, bidding, building contract, owner, Gaza Strip, estimate, construction industry |
| Subjects: | bidding, financial and cost management, risk assessment, data collection methods, contract type, health behaviours and lifestyles, sociology, industry analysis, physical geography and landforms, professional development |
| Topics: | Risk Management, Stakeholder Management, Procurement, Cost Management, Information Management, Research Practice, Geographical Context |
| 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