A study of clients' and estimators' tolerance towards estimating errors

Construction Management and Economics

Volumn 26, Issue 4, 2008, Pages 349-362

  Cheung, Franco K T ^a   Wong, Margie W L ^b   Skitmore, Martin ^c  

^a OXFORD BROOKES UNIVERSITY   (United Kingdom)

^b CITY UNIVERSITY OF HONG KONG   (Hong Kong)

^c QUEENSLAND UNIVERSITY OF TECHNOLOGY   (Australia)

Author keywords

Accuracy; Client; Cost planning; Expert judgement; Survey

Indexed keywords

BUILDINGS; CONSTRUCTION; COST ACCOUNTING; ENGINEERING RESEARCH; ERRORS; ESTIMATION; REGRESSION ANALYSIS;

COST ESTIMATING; ESTIMATING ERROR;

CONSTRUCTION INDUSTRY;

COST; ERROR ANALYSIS; ESTIMATION METHOD; NUMERICAL MODEL; REGRESSION ANALYSIS;

ASIA; CHINA; EURASIA; FAR EAST; HONG KONG;

EID: 42049097941     PISSN: 01446193     EISSN: 1466433X     Source Type: Journal    
DOI: 10.1080/01446190701802380     Document Type: Article

References (30)

1. Akintoye, A. S., Ajewole, O. and Olomolaiye, P. O. (1992) Construction cost information management in Nigeria. Construction Management and Economics, 10, pp. 107-116.
2. Al-Khaldi, Z. S. (1990) Factors affecting the accuracy of construction cost estimating in Saudi Arabia.
3. Bowen, P. A. and Edwards, P. J. (1985) Cost modelling and price forecasting: Practice and theory in perspective. Construction Management and Economics, 3, pp. 199-215.
4. Bowen, P. A. and Edwards, P. J. (1996) Interpersonal communication in cost planning during the building design phase. Construction Management and Economics, 14, pp. 395-404.
5. Bowen, P. A. and Edwards, P. J. (1998) Building cost planning and cost information management in South Africa. Journal of Construction Procurement, 4, pp. 16-26.
6. Bowen, P. A., Wolvaardt, J. S. and Taylor, R. G. (1987) Cost modelling: a process-modelling approach. Building Cost Modelling and Computer, pp. 387-395.
7. Brandon, P. S. (1982) Building Cost Research: Need for a Paradigm Shift?, E & FN Spon, London
8. Connaughton, J. and Meikle, J. (1991) The Future Role of the Chartered Quantity Surveyor, The Royal Institution of Chartered Surveyors, Quantity Surveyors Division, London
9. (1966) Interdependence and Uncertainty: A Study of the Building Industry, Tavistock Publications Ltd, London
10. Flanagan, R. and Norman, G. (1983) The accuracy and monitoring of quantity surveyors' price forecasting for building work. Construction Management and Economics, 1, pp. 157-180.
11. Fortune, C. (2006) Process standardisation and the impact of professional judgement on the formulation of building project budget price advice. Construction Management and Economics, 24, pp. 1091-1098.
12. Fortune, C. and Hinks, J. (1998) Strategic building project price forecasting models in use: Paradigm shift postponed. Journal of Financial Management of Property and Construction, 3:1, pp. 3-26.
13. Fortune, C. J. and Cox, O. (2005) Current practices in building project contract price forecasting in the UK. Engineering Construction and Architectural Management, 12:5, pp. 446-457.
14. Gunner, J. C. and Skitmore, R. M. (1999) Comparative analysis of pre-bid forecasting of building prices based on Singapore data. Construction Management and Economics, 17, pp. 635-646.
15. Helson, H. (1964) Adaptation-Level Theory, Harper & Row, New York
16. Jackson, S. (2002) Project cost overruns and risk management. Proceedings of the 18th Annual ARCOM Conference, Northumbria University, September, pp. 99-108. ARCOM, Reading
17. Kahneman, N., Slovic, P. and Tversky, A. (1982) Judgement under Uncertainty: Heuristics and Biases, Cambridge University Press, New York, USA
18. Kleinbaum, D. G., Kupper, L. L. and Muller, K. E. (1998) Applied Regression Analysis and Other Multivariable Methods, PWS-Kent, Boston, MA
19. Male, S. P. (1990) Professional authority, power and emerging forms of 'profession' in quantity surveying. Construction Management and Economics, 8, pp. 191-204.
20. McCaffer, R. (1976) Contractors' bidding behaviour and tender price prediction.
21. Morrison, N. A. D. (1984) The accuracy of quantity surveyors' cost estimating. Construction Management and Economics, 2, pp. 57-75.
22. Ogunlana, O. and Thorpe, T. (1987) Design phase cost estimating: The state of the art. International Journal of Construction Management and Technology, 2:4, pp. 34-47.
23. Proctor, C. J., Bowen, P. A., Roux, G. K. Le and Fielding, M. J. (1993) Client and architect satisfaction with building price advice: An empirical study. CIB W55/W95 Internal Symposium on Economic Evaluation and the Built Environment, pp. 213-215. Lisbon
24. Royal Institution of Chartered Surveyors (1992) The Core Skills and Knowledge Base of the Quantity Surveyor, The Royal Institution of Chartered Surveyors, London
25. Skitmore, R. M. (1985) The Influence of Professional Expertise in Construction Price Forecasts. Department of Civil Engineering, University of Salford
26. Skitmore, R. M. and Cheung, F. K. T. (2007) Explorations in specifying construction price forecast loss functions. Construction Management and Economics, 25, pp. 449-465.
27. Skitmore, R. M. and Marston, V. K. (1999) Cost Modelling, E & FN Spon, London
28. Skitmore, R. M. and Patchell, B. R. T. (1990) Development in contract price forecasting and bidding techniques. Quantity Surveying Techniques: New Directions, pp. 75-120. Blackwell Scientific, Malden, MA, USA
29. Skitmore, R. M., Stradling, S., Tuohy, A. and Makwezalamba, H. (1990) The Accuracy of Construction Price Forecasts: A study of Quantity Surveyors' Performance in Early Stage Estimating, University of Salford
30. Wilson, A. J. (1982) Experiments in probabilistic cost modelling. Building Cost Techniques: New Directions, pp. 169-180. E & FN Spon, London