Factors affecting accuracy of cost estimation of building contracts in the Gaza Strip

Factors affecting accuracy of cost estimation of building contracts in the Gaza Strip Estimating is a fundamental part of the construction industry. The success or failure of a project is dependent on the accuracy of several estimates through‐out the course of the project. Construction estimating is the compilation and analysis of many items that influence and contribute to the cost of a project. Estimating which is done before the physical performance of the work requires a detailed study and careful analysis of the bidding documents, in order to achieve the most accurate estimate possible of the probable cost consistent with the bidding time available and the accuracy and completeness of the information submitted. Overestimated or underestimated cost has the potential to cause loss to local contracting companies. The objective of this paper is to identify the essential factors and their relative importance that affect accuracy of cost estimation of building contracts in the Gaza strip. The results of analyzing fifty one factors considered in a questionnaire survey concluded that the main factors are: location of the project, segmentation of the Gaza strip and limitation of movements between areas, political situation, and financial status of the owner. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Management of Property and Construction Emerald Publishing

Factors affecting accuracy of cost estimation of building contracts in the Gaza Strip

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Publisher
Emerald Publishing
Copyright
Copyright © 2005 Emerald Group Publishing Limited. All rights reserved.
ISSN
1366-4387
DOI
10.1108/13664380580001069
Publisher site
See Article on Publisher Site

Abstract

Estimating is a fundamental part of the construction industry. The success or failure of a project is dependent on the accuracy of several estimates through‐out the course of the project. Construction estimating is the compilation and analysis of many items that influence and contribute to the cost of a project. Estimating which is done before the physical performance of the work requires a detailed study and careful analysis of the bidding documents, in order to achieve the most accurate estimate possible of the probable cost consistent with the bidding time available and the accuracy and completeness of the information submitted. Overestimated or underestimated cost has the potential to cause loss to local contracting companies. The objective of this paper is to identify the essential factors and their relative importance that affect accuracy of cost estimation of building contracts in the Gaza strip. The results of analyzing fifty one factors considered in a questionnaire survey concluded that the main factors are: location of the project, segmentation of the Gaza strip and limitation of movements between areas, political situation, and financial status of the owner.

Journal

Journal of Financial Management of Property and ConstructionEmerald Publishing

Published: Aug 1, 2005

Keywords: Cost estimation; Accuracy; Contracts; Building; Political situation

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