Are project cost estimate scenarios budgets or predictions? Understanding a cost estimate scenario as a budget would mean that it is developed based on money that is available while understanding it as a prediction would mean that the cost estimate scenario is developed based on the project needs (Feng and Chen, 2010, pp. 347-349; Sodikov, 2005, p. 1036).

 

 

 

Approach for Optimizing Construction Cost Estimates in the UK

This project is anticipated to conduct a review of the UK construction industry with the intention of determining the most accurate project cost estimation approach. In fact, the research aim it to propose the most accurate project cost estimation strategy for application by construction engineers. Over the years, construction experts have attempted to prioritize the importance of project cost estimation during a construction process. They have linked cost estimate to engineers’ reputation, and buy or make decisions. During the conceptualizing and design phases of a construction project, the engineer must develop a cost estimate. The main question then is; are project cost estimate scenarios budgets or predictions? Understanding a cost estimate scenario as a budget would mean that it is developed based on money that is available while understanding it as a prediction would mean that the cost estimate scenario is developed based on the project needs (Feng and Chen, 2010, pp. 347-349; Sodikov, 2005, p. 1036). Therefore, there is a need to explore the available project cost estimation strategies as element of the construction from the engineers’ point of view and link this perspective to design software that integrate cost estimate in their purposes. As earlier indicated, the proposed research will address the aim of proposing the most accurate project cost estimation strategy for application by construction engineers. In relation to that, it will address three principal objectives: • The construction project cost estimation strategies applied in the UK. • Challenges faced by engineering in estimating project costs. • The way forward and prediction of the future use of 5-D CAD by construction engineers. The proposed research will answer the question of what is the best way for estimating project costs in the UK. To guarantee the reliability and validity of the research, there is a need to collect raw information that will be subjected to statistical analysis where conclusions drawn will be based on the statistical data analysis. Data collection will be conducted using both primary and secondary data collection techniques. Secondary data will be accessed from public sources that include the internet, published and unpublished materials. The collected information will then be used to meet the research aims and objectives and support drawn research conclusions (Freedman, Pisani & Purves, 2007, pp. 47-49). In essence, the research study will adopt a quantitative design that will involve questioning construction engineers and scrutinizing relevant peer-reviewed articles, books, and other publications that address the issue of accurate construction cost estimation. The collected data will then be analysed using statistical analysis tools to highlight key data trends and allow for comparisons. Answering the research question will enable the construction engineers operating in the UK to prepare better to meet cost estimation needs more accurately. Besides that, the research results will inform UK construction industry stakeholders – who include engineering education institutions, the government, engineers and so on – on which strategies to insist on for estimating construction project costs (Babbie & Benaquisto, 2009, pp. 76-79; Conner & Armitage, 1998, pp. 1440-1441; Hathaway, 1995, pp. 535-536; Kumar, 2005, p. 18-19; Urdan, 2010, pp. 97-99). With regards to the need for permits, collection of primary data will require that the participants sign consent agreements. With regards to secondary, permits are a moot point since all sources of data and information will be from publicly accessible publications. One must accept that the UK has a need for accurate construction project estimation strategies since inaccuracies will result in budget overruns and missing deadlines. That is in addition to causing understaffing, short schedules and undermining quality assurance efforts. The result is that the industry gets to suffer from inefficient efforts, deadline misses, loss of credibility, low quality, and staff burnout. Therefore, there is a need to explore the available project cost estimation strategies as element of the construction from the engineers’ point of view and link this perspective to design software that integrate cost estimate in their purposes.  References Babbie, E. & Benaquisto, L 2009, Fundamentals of Social Research. Washington. Nelson Education Limited. Conner, M & Armitage, C. 1998. Extending the theory of planned behaviour: A review and avenues for further research. Journal of Applied Social Psychology, 28, pp. 1440-1452. Feng, C & Chen, Yi 2010. Using the MD CAD model to develop the time–cost integrated schedule for construction projects. Automation in Construction, 19(1), pp. 347-356. Freedman, A., Pisani, R. & Purves, A 2007. Statistics, 4th ed. New York: William, Wadden and Norton Publishers. Hathaway, R 1995. Assumptions underlying quantitative and qualitative research: implications for institutional research. Research in Higher Education, 36(5), pp. 535-562. Kumar, R 2005. Research Methodology – A Step-By-Step Guide for Beginners, 2nd ed. Singapore: Pearson Education Publishers. Sodikov, J 2005. Cost Estimation of Highway Projects in Developing Countries: Artificial Neural Network Approach. Journal of Eastern Asia Society for Transportation Studies, 6, pp. 1036-1047. Urdan, C 2010. Statistics in plain English, 3rd ed. London: Routledge. Brief Description: There is a general consensus among construction stakeholders that projects are riddled with deadlines misses and budget overruns. In fact, miscalculating project costs could result in wrong schedules, understaffing and under scoping quality assurance efforts. In this case, the situations eventually result in personnel burnout, reduced quality, loss of credibility, deadline misses, and inefficient efforts. For that matter, accurate cost estimates are anticipated to help in increasing investment in continuous and transparent quality control and assurance, relating contingency to experience with uncertainty, and avoiding false precision. Based on this knowledge, the present project will analyse project construction cost estimate as an element of the construction from the engineers point of view and link this perspective to CAD software that incorporate cost estimate in their functions


 

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