Session

Architecture, Spatial Planning and Civil Engineering

Description

Project cost is one of the most important criteria of success of project and is of high concern to those who are involved in the construction industry. As the construction industry is encouraged to adopt innovation in its trade, project cost came to the industry players to review the prevalent method of cost estimation for cost planning and control of projects. Drawing from that, and appreciating the need to reform the construction industry’s practices, it was conceived that reviewing the existent construction cost modeling used in the preparation of cost planning and control for projects would be the most expedient and vital. Studies show that rarely projects are complete within stipulated budget. The objective of this paper is, to review the current status of design cost modeling in terms of the techniques used, their accuracy and levels of usage. Types of construction cost modeling are identified through literature review and interviews. This paper presents the results of a questionnaire survey conducted among contractors, designer and project managers. Data was analyzed with PASW statistical program, version18.This paper concluded that the traditional type of cost estimation models continue to be in widespread use irrespective of organizational type and size.

Keywords:

Cost Modeling, Cost Estimate, Construct

Proceedings Editor

Edmond Hajrizi

ISBN

978-9951-437-23-3

First Page

168

Last Page

180

Location

Durres, Albania

Start Date

2-11-2013 3:45 PM

End Date

2-11-2013 4:00 PM

DOI

10.33107/ubt-ic.2013.16

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Architecture Commons

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Nov 2nd, 3:45 PM Nov 2nd, 4:00 PM

Development Of Cost Model For Construction Projects In Albania

Durres, Albania

Project cost is one of the most important criteria of success of project and is of high concern to those who are involved in the construction industry. As the construction industry is encouraged to adopt innovation in its trade, project cost came to the industry players to review the prevalent method of cost estimation for cost planning and control of projects. Drawing from that, and appreciating the need to reform the construction industry’s practices, it was conceived that reviewing the existent construction cost modeling used in the preparation of cost planning and control for projects would be the most expedient and vital. Studies show that rarely projects are complete within stipulated budget. The objective of this paper is, to review the current status of design cost modeling in terms of the techniques used, their accuracy and levels of usage. Types of construction cost modeling are identified through literature review and interviews. This paper presents the results of a questionnaire survey conducted among contractors, designer and project managers. Data was analyzed with PASW statistical program, version18.This paper concluded that the traditional type of cost estimation models continue to be in widespread use irrespective of organizational type and size.