Al Juboori, A A (2021) Exploring project costs estimator practices that increase the budget estimate’s accuracy during the initial phase of construction project’s life cycle. DM thesis, Colorado Technical University, USA.
Abstract
Despite the intense focus of research studies on developing new and advanced techniques to improve project budget estimation, projects still face cost overrun challenges. The project life cycle’s initial stage is characterized by a lack of information and a high risk and uncertainty level. Thus, the estimator’s experience and historical data play a crucial role in accurately estimating the project cost. However, the literature review revealed a knowledge gap regarding successful project cost estimator practices that increase project conceptual cost estimate accuracy. Toward this end, this qualitative exploratory study examined effective cost estimator practices that increase the accuracy of cost estimation in the initial phase of the life cycle of large construction projects, based on their successful experiences. The researcher used semi-structured interviews with 8 open-ended questions to inquire from 10 project cost estimators with extensive and successful experiences preparing the budget for large construction projects. This study identified 9 critical topics related to best practices that increase the initial project cost estimation accuracy as follows: (a) factors that affect cost estimation accuracy, (b) project life cycle phases, (c) understanding of the project scope, (d) cost changes and assumptions, (e) risk determination/strategies against risks, (f) budget estimating methods, (g) project manager role, (h) cost estimating techniques/tools, and (i) cost estimating guidelines/policies. The results of this study provided insights and inferences for project budget estimators, project managers, and stakeholders on the most accurate practices and techniques in estimating project budget in the initial phase. It also identified the most critical factors that affect the budget estimate’s accuracy for large construction projects.
| Item Type: | Thesis (Doctoral) |
|---|---|
| Thesis advisor: | Finkelmeier, R |
| Uncontrolled Keywords: | accuracy; uncertainty; construction project; best practice; cost estimation; estimating; life cycle; project cost; cost estimator; estimator; project manager; stakeholders; interview |
| Index terms: | cost estimating, large construction project, interview, cost estimate accuracy, accuracy, exploratory study, project cost, strategy, literature review, face, estimator, construction project, estimating, project manager, critical factor, estimation, cost overrun, life cycle, project scope, best practice, cost estimator, estimate |
| Subjects: | data analysis and analytics, financial and cost management, profession, risk assessment, data collection methods, business, value management, management, economics, professional development, psychology, scope management, research methods, organizational theory, production management |
| Topics: | Risk Management, Project Management, Organizational Design, Roles and Professions, Information Management, Research Practice, Cost Management, Business Strategy |
| 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