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You are required to choose one group of factors. Group 1- Factors related to Project Characteristics, Group 2- Factors related to Client and Consultants, Group 3-Factors related to Material Market,...

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You are required to choose one group of factors. Group 1- Factors related to Project Characteristics, Group 2- Factors related to Client and Consultants, Group 3-Factors related to Material Market, Group 4- Factors related to Labour Market, Group 5- Factors related to Financial Market, Group 6- Factors related to Other External Factors. 0 You are required to select ONE group and explain how the factors in the chosen group generally affect accuracy of building cost estimating.
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Assignment 1 Outline Estimating 1: XXXXXXXXXXSpring 2017 Weighting: 20% individualDue: 28th August 2017 by mid night (Monday of Week 7), Submit via TurnitinAssignment 1 is a research write-up on factors affecting accuracy of early stage building cost estimates and a comparison of early stage building cost estimating methods. Scenario: Accurate estimation of the construction cost of a project is important from an early-stage. Various studies have focused on identifying the factors that have some influence on the accuracy of early-stage building cost estimating. Below is a table that identify key factors under six groups. Group 1: Project characteristics Examples: Project location, Project duration, Project complexityGroup 2: Client and Consultants Examples: Client type and his experience, Experience of consultants, Completeness of project documentsGroup 3: Material Market Examples: Material prices, Material quality, Material availabilityGroup 4: Labour Market Examples: Labour prices, Labour performance, Labour availabilityGroup 5: Financial Market Examples: Economic climate, Competitors, Contract methodsGroup 6: Other external factors Examples: Government regulations, Industrial relations, Weather effects Task: Part 1: From the table given above, you are required to select ONE group and explain how the factors in the chosen group generally affect accuracy of building cost estimating. You are required to bring examples from industry cases; and, research findings from relevant journal articles and books to support your discussion. Refer to FAQs given in vUWS. Part 2: Compare and contrast in a table commonly used preliminary estimating techniques including elemental estimating in the construction industry, covering criteria such as description of the method, accuracy levels, level of information required, popularity in the industry and...

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Answered Same Day Dec 27, 2021

Solution

Robert answered on Dec 27 2021
118 Votes
CONTENTS
1. INTRODUCTION .............................................................................................................. 2
2. IMPORTANCE OF EARLY COST ESTIMATION ......................................................... 3
3. FACTORS AFFECTING THE ACCURACY OF EARLY STAGE BUILDING COST
ESTIMATES.............................................................................................................................. 3
3.1 MATERIAL MARKET .............................................................................................. 4
3.1.1 MATERIAL PRICES .......................................................................................... 4
3.1.2 MATERIAL AVAILABILITY ........................................................................... 5
3.1.3 MATERIAL QUALITY ...................................................................................... 5
4. COMPARISON OF EARLY STAGE BUIDLING COST ESTIMATES ......................... 5
5. REFERENCES ................................................................................................................... 6
1. INTRODUCTION
The term early cost estimate refers to the prediction or forecasting or estimation of the costs
during the earliest stages of the construction projects. In this level, there exists a high level of
ambiguity as there is very less information available to make accurate cost estimates. The
accuracy of this estimation is critical with regards to the continuation of the project from one
phase to the successor phase. The accuracy of early stage cost is an important factor because
it is the beginning point for instigation of the project and a rudimentary reference for the next
stage. (Odusami & Onukwube, 2008)
Cost estimation is the prediction of the associated project costs done in absence of substantial
information and with still partial work scope characterisation. The estimation has three
important aspects. These are bias, consistency and accuracy. The term bias deals with the
mean of differences between the real prices and estimated prices; consistency deals with
extent of variation developed by the bias; and accuracy deals with the overall combination of
oth – the bias and the consistency. (Babalola & Adesanya, 2008)
The accuracy of the cost estimate is an important aspect for the successful completion of the
project. The overall success of the complete project depends on the degree of accuracy of
estimation at each and every stage of the project. (GAO, March 2009)
Figure 1. Various stages of...
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