Fortune, C (2001) Exploring the model selection process in the formulation of building project advice. Journal of Financial Management of Property and Construction, 6(3), pp. 167-177. ISSN 1366-4387
Abstract
Clients that require new building projects as solutions to their accommodation problems are involved in making early stage strategic value-for-money business decisions. This paper contributes to what is known about the investigation and formulation phases of the building project price forecasting process. Data was collected from a total of thirty-one practitioners in the field. A grounded theory-like conceptual model of the features found to be significant in the price advice formulation process has been developed following the analysis of the qualitative data obtained with the NUDIST4 software package. The paper indicates a framework of overarching issues that practitioners need to address in order to benchmark their model selection decisions. The paper concludes by identifying emergent issues related to the practice of building project price forecasting that need to be addressed in further investigations in the field.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | project price advice, forecasting, model selection criteria, grounded theory |
| Index terms: | investigation, forecasting, practitioner, software package, selection criteria, value-for-money, grounded theory |
| Subjects: | evaluation, theoretical framing, prediction and forecasting, software systems, data collection methods, tendering, practitioner |
| Topics: | Value Management, Research Practice, Procurement, Roles and Professions, Engineering Principles |
| Descriptive scope: | 3 PCA |
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