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A survey of current cost estimating practices in the UK

Author

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  • Akintola Akintoye
  • Eamon Fitzgerald

Abstract

The results are documented of an investigation into current cost estimating practices of contractors for construction projects. A questionnaire survey of contractors was undertaken, in which the respondents are classified into four groups based on their turnover namely: very small, small, medium and large firms. The survey indicates that contractors, irrespective of size, continue to undertake cost estimating predominantly for construction planning purposes, including the preparation of tenders and cost control of projects during the execution stage and, to a lesser extent, for construction project evaluation. Recent developments in cost estimating methods and tools that consider risks and variability in cost estimates, such as the use of range estimating and parametric estimating techniques, have not been adopted by contractors. The practice of cost estimating does not differ from conventional techniques based on the use of labour and material constants to obtain prices for bills of quantities items on an item by item basis. The study shows that the major causes of inaccuracy in cost estimating continue to be the lack of practical knowledge of the construction process by those responsible for the estimating function, insufficient time to prepare cost estimates, poor tender documentation and the wide variability of subcontractors' prices.

Suggested Citation

  • Akintola Akintoye & Eamon Fitzgerald, 2000. "A survey of current cost estimating practices in the UK," Construction Management and Economics, Taylor & Francis Journals, vol. 18(2), pages 161-172.
    • Handle: RePEc:taf:conmgt:v:18:y:2000:i:2:p:161-172
    DOI: 10.1080/014461900370799
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    Cited by:

    1. Andrew EBEKOZIEN, 2019. "Unethical Practices In Procurement Performance Of Nigerian Public Building Projects: Mixed Methods Approach," Theoretical and Empirical Researches in Urban Management, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 14(3), pages 41-61, August.
    2. João Adelino Ribeiro & Paulo Jorge Pereira & Elisio Moreira Brandão, 2020. "A real options approach to optimal bidding in construction projects considering volume uncertainty," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 41(4), pages 631-640, June.
    3. Ach Maulidi, 2017. "The Investigation and Elimination of Public Procurement Fraud in Government Sectors (A Case Study in Indonesia's Procurement System: Cases from 2006 to 2012)," International Journal of Economics and Financial Issues, Econjournals, vol. 7(2), pages 145-154.

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