Current practices in building project contract price forecasting in the UK

Engineering, Construction and Architectural Management

Volumn 12, Issue 5, 2005, Pages 446-457

  Fortune, Chris ^a   Cox, Owen ^a  

^a HERIOT WATT UNIVERSITY   (United Kingdom)

Author keywords

Economic theory; Management activities; Measurement characteristics; Pricing

Indexed keywords

BUILDINGS; COSTS; FORECASTING; FUZZY SETS; KNOWLEDGE BASED SYSTEMS; MATHEMATICAL MODELS; PROJECT MANAGEMENT; SURVEYS;

ECONOMIC THEORY; MANAGEMENT ACTIVITIES; MEASUREMENT CHARACTERISTICS; PRICING;

CONTRACTS;

EID: 25444502339     PISSN: 09699988     EISSN: None     Source Type: Journal    
DOI: 10.1108/09699980510627144     Document Type: Article

References (23)

1. Ashworth, A. (1999), Cost Studies of Buildings, 3rd ed., Longman Scientific & Technical, Harlow.
2. Bartlett, E. and Howard, N. (2000), "Information and decision making on the cost and value of green building", Building Research & Information, E&FN Spon, London, pp. 315-25.
3. Birnie, J. (1995), "The possible effects of human bias in construction cost prediction", Proceedings of the 11th Annual ARCOM Conference, University of York, September, pp. 359-66.
4. Bowen, P.A. (1995), "A communications-based analysis of the theory of price planning and price control", Research Paper Series, Vol. 1 No. 2, Royal Institution of Chartered Surveyors, London.
5. Bowen, P.A. and Edwards, P.J. (1998), "Building cost planning and cost information management in South Africa", International Journal of Procurement, Vol. 4 No. 1, pp. 16-25.
6. Brandon, P.S. (1982), "Building Cost research - need for a paradigm shift", Building Cost Techniques - New Directions, E&FN Spon, London, pp. 15-16.
7. Cangelosi, V.E., Taylor, P.H. and Rice, P.F. (1983), Basic Statistics - A Real World Approach, 3rd ed., West Publishing Co., Phoenix, AZ.
8. Coyle, D. (2004), "A model for the future: object-orientated technology provides a solution for the whole life appraisal of a building", Building Services Journal, January, p. 55.
9. Cresswell, J.W. (1994), Research Design: Qualitative and Quantitative Approaches, Sage Publications, London.
10. Crowther, D. and Carter, C. (1999), Copernican Metonymy and Management Accounting, University of North London Press, London.
11. Emsley, M.W., Lowe, D.J., Duff, A., Harding, R. and Hickson, A. (2002), "Data modelling and the application of a neural network approach to predicting total construction costs", Construction Management and Economics, Vol. 20 No. 3, pp. 465-72.
12. Fellows, R. and Liu, A. (2002), Research Methods for Construction, Blackwell Science Ltd, Oxford.
13. Fortune, C.J. and Hinks, J. (1998), "Strategic building project price-forecasting models in-use - paradigm shift postponed", Journal of Financial Management of Property and Construction, Vol. 3 No. 1.
14. Fortune, C.J. and Lees, M.A. (1996), "The relative performance of new and traditional cost models in the provision of strategic advice for clients", Research Paper Series, Vol. 2 No. 2, Royal Institution of Chartered Surveyors, London.
15. Kishk, M. and Al-Hajj, A. (1999), "An integrated framework for life cycle costing in buildings", Proceedings of the RICS Research Conference, University of Salford, September, pp. 92-101.
16. Lowe, D. (2003), "The development of expertise in early stage cost estimating through experiential learning", Proceedings of the RICS Construction and Building Research Conference, Oxford Brookes University, Oxford, Vol. 1, pp. 83-102.
17. Mak, S. and Raftery, J.J. (1992), "Risk attitude and systematic bias in estimating and forecasting", Construction Management and Economics, Vol. 10 No. 1, pp. 303-20.
18. Morrison, N. (1984), "The accuracy of quantity surveyors cost estimating", Construction Management and Economics, Vol. 2 No. 1, pp. 57-75.
19. Ogulana, O. and Thorpe, T. (1987), "Design phase cost estimating: the state of the art", International Journal of Construction Management and Technology, Vol. 2 No. 4, pp. 34-47.
20. Raftery, J.J. (1995), "Property and construction economics as the study of human behaviour in exchange", paper presented at the International Conference on the Financial Management of Property and Construction, Newcastle Co Down, N. Ireland.
21. Skitmore, M. and Marston, V. (1999), Cost Modelling, E&FN Spon, London.
22. Skitmore, R.M., Stradling, S., Tuohy, V. and Mkwezalamba, H. (1991), Accuracy of Construction Price Forecasts, University of Salford Press, Salford.
23. Tababai, R.G., Kartam, N., Flood, I. and Alex, A. (1997), "Expert judgement forecasting construction projects", Engineering Construction and Architectural Management, Vol. 4 No. 2, pp. 271-93.