Research ArticleOpen AccessGoogle Scholar indexed
The Design of Cost Estimating Model of Construction Project: Application and Simulation
Studies and Research Laboratory in Applied Mathematics(LERMA), Mohammed V University- Mohammadia School of Engineering, Rabat, BP. 765 Ibn Sina avenue, Agdal Maroc
Studies and Research Laboratory in Applied Mathematics(LERMA), Mohammed V University- Mohammadia School of Engineering, Rabat, BP. 765 Ibn Sina avenue, Agdal Maroc
- 1 Studies and Research Laboratory in Applied Mathematics(LERMA), Mohammed V University- Mohammadia School of Engineering, Rabat, BP. 765 Ibn Sina avenue, Agdal Maroc
- 2 Studies and Research Laboratory in Applied Mathematics(LERMA), Mohammed V University- Mohammadia School of Engineering, Rabat, BP. 765 Ibn Sina avenue, Agdal Maroc
Open Journal of Accounting·Volume 01 (2012)·Pages 15–26·Published 24 July 2012·DOI10.4236/ojacct.2012.11003
Copy link · social · email
Abstract
Construction projects are encountered with serious risks in the completion of the project. One of these risks is the inaccuracy of cost estimate; the project is carried out under conditions of uncertainty, it is whether the over- or underestimate of construction works. This is due to inadequate knowledge of current existing costs, so it leads to a set of difficulties hindering, the smooth progress of the project. Hence, it arises the need to set out a cost estimating model in line with major studies made locally and internationally in terms of estimating methods and a common relationships between various expenses so that the cost estimate would be more realistic.
KeywordsEstimationCostProjectConstructionMethodsModel
- J. O. Ajanlekoko, “Controlling Cost in the Construction Industry,” Lagos Q. S. Digest, Vol. 1, No. 1, 1987, pp. 8- 12.
- D. W. Chan and M. M. Kumaraswamy, “A Comparative Study of Causes of Time Overruns in Hong Kong Construction Projects,” International Journal of Project Management, Vol. 15, No. 1, 1997, pp. 55-63. doi:10.1016/S0263-7863(96)00039-7
- A. S. Faridi and S. M. EL-Sayegh, “Significant Factors Causing Delay in the UAE Construction Industry,” Construction Management and Economics, Vol. 24, No. 11, 2006, pp. 1167-1176. doi:10.1080/01446190600827033
- G. O. Jagboro and A. A. Albinu, “The Effects of Construction Delays on Project Delivery in Nigerian Construction Industry,” International Journal of Project Management, Vol. 20, No. 8, 2002, pp. 593-599. doi:10.1016/S0263-7863(02)00028-5
- K. Gkritza and S. Labi, “Estimating Cost Discrepancies in Highway Contracts: Multistep Econometric Approach,” Journal of Construction Engineering and Management, Vol. 134, No. 12, 2008, pp. 953-962. doi:10.1061/(ASCE)0733-9364(2008)134:12(953)
- P. Kaming, P. Olomolaiye, G. Holt and F. Harris, “Factors Influencing Construction Time and Cost Overruns on High-Rise Projects in Indonesia,” Construction Management and Economics, Vol. 15, No. 1, 1997, pp. 83-94. doi:10.1080/014461997373132
- A. H. Al-Momani, “Construction delay: A Quantitative Analysis,” International Journal of Project Management, Vol. 18, No. 1, 2000, pp. 51-59. doi:10.1016/S0263-7863(98)00060-X
- S. U. R. Toor and S. O. Ogunlana, “Problems Causing Delay in Major Construction Projects in Thailand,” Construction Management and Economics, Vol. 26, No. 4, 2008, pp. 395-408. doi:10.1080/01446190801905406
- S. Al H. Tumi, A. Omran and A. H. K. Pakir, “Causes of Delay in Construction Industry in Libya,” The International Conference on Economics and Administration, Faculty of Administration and Business, University of Bucharest, Buchares, 14-15 November 2009.
- S. O. Ogunlana, K. Promkuntong and V. Jearkjirm, “Construction Delays in a Fast-Growing Economy: Comparing Thailand with other Economies”, International Journal of Project Management, Elsevier, Vol. 14, No. 1, 1996, pp. 37-45. doi:10.1016/0263-7863(95)00052-6