Yu, W D (2006) PIREM: A new model for conceptual cost estimation. Construction Management and Economics, 24(3), pp. 259-270. ISSN 01446193
Abstract
A new conceptual construction cost estimating method, namely, Principal Item Ratios Estimating Method (PIREM), is presented. The proposed PIREM integrates several existing conceptual estimating methods (including parametric estimating, ratios estimating, and cost significant model) with advanced nonlinear mapping techniques, and adopts a scheme that separates unit prices with the quantities of a cost item. It allows estimators to estimate based on the prevailing unit prices in the marketplace, thus the fluctuation of prices can be reflected on a real-time basis. Two comprehensive case studies were conducted for verification of PIREM. The demonstration case studies show that PIREM is able to provide accurate and the most updated estimates when advanced mapping technologies are incorporated.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | conceptual cost estimation; nonlinear mapping; parametric estimation; project planning |
| Index terms: | estimating, estimate, estimator, parametric estimating, estimation, cost estimating, construction cost, mapping, project planning, case study |
| Subjects: | spatial and geospatial analysis, data collection methods, financial and cost management, control systems, profession |
| Topics: | Cost Management, Roles and Professions, Research Practice, Project Management |
| Descriptive scope: | 3 PCE |
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