Review on Impact of Factor Affecting Cost Estimation Corresponding with Stakeholder’s Prospective View

Rahul B. Joshi; Nimita Gujar; Neetu B. Yadav

Abstract

For project planning and finance, it is essential to make very accurate cost estimates for construction projects early on in the project development process. Before purchasing a site and committing to build, construction clients need timely and accurate cost advice in order to make an informed decision about whether to proceed with the project or not. The accuracy of a cost estimate, however, could be impacted by numerous variables. The study compilation and review of the previous study of researchers for factors have impact on the cost estimation. This goal is accomplished by compiling the key elements from the literature review and constructs a strong mathematical cost estimation model by this study. The study examines the effects of those aspects from the perspectives of the consultants and contractors, measuring their level of relevance and ranking them according to an importance index. The degree of agreement among the involved stakeholders regarding the ranking of the elements influencing the accuracy of cost estimating in construction projects is shown. In this paper concluded the review of top five factors impact on the cost estimation related contractor and consultant prospective view.

Abstract

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