2019
DOI: 10.1155/2019/4092549
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An Effective Approach to Input Variable Selection for Preliminary Cost Estimation of Construction Projects

Abstract: Accurate cost estimates are vital to the effective realisation of construction projects. Extended knowledge, wide-ranging information, substantial expertise, and continuous improvement are required to attain accurate cost estimation. Cost estimation at the preliminary phase of the project is always a challenge as only limited information is available. Hence, rational selection of input variables for preliminary cost estimation could be imperative. A systematic input variable selection approach for preliminary … Show more

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Cited by 13 publications
(11 citation statements)
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References 51 publications
(82 reference statements)
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“…The predictability can be viewed as a challenging issue due to the fact that time/cost overruns might be caused by numerous variables such as inadequate planning, design changes, an increase of material costs, poor supervision, lack of skilled professionals, unforeseen ground conditions or poor contract administration [15][16][17]. Obviously, more precise cost estimations (in terms of the bill of costs) are at disposal when detailed project documentation is available [18], whereas preliminary estimations in the design phase are quite inaccurate if no advanced approach tools are used [19][20][21]. Furthermore, costs issues related to the project can be improved by the use of cost-optimal construction scheduling approaches [22].…”
Section: Overview Of Common Performance Management Areas In Constructionmentioning
confidence: 99%
“…The predictability can be viewed as a challenging issue due to the fact that time/cost overruns might be caused by numerous variables such as inadequate planning, design changes, an increase of material costs, poor supervision, lack of skilled professionals, unforeseen ground conditions or poor contract administration [15][16][17]. Obviously, more precise cost estimations (in terms of the bill of costs) are at disposal when detailed project documentation is available [18], whereas preliminary estimations in the design phase are quite inaccurate if no advanced approach tools are used [19][20][21]. Furthermore, costs issues related to the project can be improved by the use of cost-optimal construction scheduling approaches [22].…”
Section: Overview Of Common Performance Management Areas In Constructionmentioning
confidence: 99%
“…By consulting engineers and experts, the authors in [ 114 ] came up with 12 sets of input cost variables, which are believed to be crucial in the preliminary cost prediction of a highway construction project, especially in the case of the Ethiopian highway construction industry. These variables are listed below.…”
Section: Important Input Parameters Ai Techniques and Performancmentioning
confidence: 99%
“…A set of four factors or input variables, including the number of bridges, inflation rate, terrain type and project type, was considered and used for the implementation of the newly proposed model development. Such factors were identified as the most significant factors affecting the accuracy of the cost estimate of Ethiopian highway construction projects (Meharie et al , 2019). They also presented and proposed the appropriateness of these factors to make highway cost predictions.…”
Section: Case Illustrationsmentioning
confidence: 99%