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Factors Influencing The Choice Of Cost Estimates Types And The Accuracy Of Estimates For Construction Projects

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  • Cezar SIMION-MELINTE

Abstract

In this paper were analyzed, based on a research methodology, relations between the factors that determine what types of cost estimates of construction projects and approaches used in making cost estimates. The analysis made led to the confirmation of two research hypotheses: a strong positive correlation between the professional experience of project managers and the use of top-down approaches in the cost estimates of construction projects; a strong positive correlation between time and resources allocated for estimation and using parametric estimates. A second analysis is performed to estimate the relationship between the type of estimates used and accuracy of the estimate, confirmed for the three types of estimates: analogous, parametric and definitive. It has not been confirmed a significant relationship between the level of education of project managers and using bottom-up approaches, cost estimates of construction projects.

Suggested Citation

  • Cezar SIMION-MELINTE, 2016. "Factors Influencing The Choice Of Cost Estimates Types And The Accuracy Of Estimates For Construction Projects," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 10(1), pages 50-56, November.
    • Handle: RePEc:rom:mancon:v:10:y:2016:i:1:p:50-56
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    1. Ajibade Ayodeji Aibinu & Thomas Pasco, 2008. "The accuracy of pre-tender building cost estimates in Australia," Construction Management and Economics, Taylor & Francis Journals, vol. 26(12), pages 1257-1269.
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