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ASSESSMENT OF COST ESTIMATING RISKS INFLUENCING BUILDING PROJECTS’ ESTIMATES IN ABIA STATE

ASSESSMENT OF COST ESTIMATING RISKS INFLUENCING BUILDING PROJECTS’ ESTIMATES IN ABIA STATE

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TABLE OF CONTENTS

Index                                      Title                                                                                 Page

Cover Page      .           .           .           .           .           .           .           .           .           .           i

Title Page        .           .           .           .           .           .           .           .           .           .           ii

Declaration      .           .           .           .           .           .           .           .           .           .           iii

Certification    .           .           .           .           .           .           .           .           .           .           iv

Dedication      .           .           .           .           .           .           .           .           .           .           v

Acknowledgements    .           .           .           .           .           .           .           .           .           vi

Table of Contents       .           .           .           .           .           .           .           .           .           vii

Abstract          .           .           .           .           .           .           .           .           .           .           x                                                                     

   CHAPTER ONE: INTRODUCTION                                                                                                  

1.1       Background of the Study       .           .           .           .           .           .           .           1         

1.2       Statement of Research Problems        .           .           .           .           .           .           2         

1.3       Aim and Objectives of the Study       .           .           .           .           .           .            3        

1.4       Research Questions                 .           .           .           .           .           .           .           3

1.5       Hypotheses of the Study        .           .           .           .           .           .           .           4

1.6       Significance of the Study       .           .           .           .           .           .           .           4

1.7      Scope and Delimitation of the Study  .           .           .           .           .           .           5

1.9     Organization of the Thesis                    .           .           .           .           .           .           5               

CHAPTER TWO: REVIEW OF RELATED LITERATURES                                      7         

2.1      Concept of Estimating            .           .           .           .           .           .           .           .           5   

2.2. Overview of Construction Risk Management Concepts .           .           .           .           8

2.3       Sources of Risks in Construction Cost Estimating     .           .           .           .           10

2.4       Cost Estimating Risk             .           .           .           .           .           .           .           14

2.5         Impact of Estimating Risks on Budgeted Cost                 .              .           .           17

2.6       Parameters for Improving Cost Estimating Under Risks      .           .           .           17

2.7       Summary of Review   .           .           .           .           .           .           .           .           21

CHAPTER THREE: RESEARCH METHODOLOGY                                               22

3.1       Introduction                                                                                                             22

3.2       Research Design                                                                                                      22              

3.3       Area of Study                                                                                                          22

3.4       Population of Study                                                                                                23

3.5       Sample and Sampling Technique                                                                           23

3.6       Method of Data Collection                                                                                     23

3.6.1    Data Collection Instrument                                                                                     23

3.7       Method of Data Analysis                                                                                       24

CHAPTER FOUR: DATA PRESENTETION, ANALYSES AND

             DISCUSSION OF FINDINGS                                                                         25                          

4.1       Administration of Questionnaire.                                                                         25

4.2       Respondents Characteristics                .          .           .           .           .                25         

4.3    Sources of Cost Estimating Risks          .           .           .           .              .        .     27

4.4    Critical Cost Estimating Risks   .           .           .           .                                        28

4.5    Improvement of Building Project Estimate Under Risk                                         28

4.6       Discussion of Findings                                                                                        29

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

5.0       Summary of Results                                                                                            31

5.1       Summary of Findings             .           .           .           .           .           .              31                         

5.2       Conclusion                                                                                                           32           

5.3       Recommendations                                                                                                33

REFERENCES                                                                                                                34

APPENDIX A      Research Questionnaires                                                                   

ABSTRACT

Construction works estimate inaccuracies and none performance have made the imprecise cost estimating practice subjective. This study assessed the cost estimating risks influencing building projects’ estimates. The objectives were to identify sources of cost estimating risks; determine critical risk influencing building project cost estimating; and to investigate management practices for improving building works estimates. The study data were collected through structured questionnaire survey administered on registered Quantity Surveyors, Builders, and Engineers from contracting and consulting and public sector organizations in Umauhia metropolis. Data collected were subjected to both descriptive and inferential statistical analysis including Relative Important Index and Coefficient of Variation. Results of the study revealed the critical sources of cost estimating risks during estimating originate from cost data, procedural and estimator’s expertise. The most frequent and significant risks include market condition, economic situation, level of experience and lack of estimate of estimate preparation plan. The conclusion reached is that implication is that procedural, market and economics variables represent the significant risks significant surveyors must manage properly for effective building works estimate preparation.


CHAPTER ONE

INTRODUCTION

1.1       Background to the Study

It is not in doubt whether project risk management impact project performance (Junior and Carvalho, 2011). However, the efficacy of risk management practice is predicated on the effectiveness of risk assessment (Agyakwa-Baah and Chileshe, 2010). Aspects of construction project risk assessment are widely developed but what constitute cost estimating risks is less developed. Estimation of construction cost is one of the prerequisite tasks in construction project development life cycle. Accurately forecasted project estimate is suitable to direct key investment decisions with certainty (Chalmer, 2013). However, cost estimates are not without uncertainties and plethora of evidences exist in support of this position. The uncertainties result in deviation and these outcomes are obtained irrespective of the level of care and planning effort (Adafin, Wilkinson, Rotimi, and Odeyinka, 2016).

Estimates are vulnerable to influencing behaviours when allied to the desires of key stakeholders to ensure a proposal secures funding and meets objectives (Dada and Jagboro 2007). These factors can undermine reliable cost estimation and represents risk and uncertainties and so affect delivery of projects. Estimation of project costs is therefore challenged by process risks. Prevalent forms of estimating process risks include lack of depth about the precise contents of the estimate; unfamiliarity with procedures to performing estimate, lack of resources, inappropriate working conditions, amongst others (Peurifoy and Oberlender, 2014; Pratt, 2011). Dada and Jagboro (2007) clearly agreed related risks affect cost estimating process and also pose a great degree of threat to the cost of a project. Plethoras of literatures are available on risks in building project delivery. However, successive studies tend to focus on interface risks that is, the generic project risk (Chileshe, Edward, and Holt, 2003). Current research lean towards modelling the impact of projects on cost performance (Adafin, Wilkinson, Rotimi, and Odeyinka, 2016). Other explores the dimension of factors associated with uncertainties and inaccuracies in estimated costs (Akintoye, Hardcastle and Fitzgerald, 2000; Aibinu and Pasco, 2008 and Oladokun, Oladokun and Dada, 2010). The study of risks factors affecting building estimates in Abia State is acknowledged (Adu and Anjiba, 2015).

The important of investigating the cost estimating risks influencing building project cost performance is widespread among risk management literatures. The implications of cost overrun on project delivery in the global perspective are widely disseminated. Whilst these implications may be linked to project context, it is incumbent on this study to evaluate inferred dimension on estimating process. The goal of this study therefore, is to evaluate the dimensions of construction cost estimating risks in building projects executed in Abia State.

The relevance of investigating cost estimating risk in building project estimate preparation is widespread among risk management literatures. The implication of the study’s goal on inferred stakeholders’ cost management practices is deeply embedded. In its explorative strategy, identifying specific cost estimating risks can be used to develop cost models for forecasting premiums for resultant risks. These include an estimate of exposure to focal risks, ability to highlight relevant risk in cost estimating in order to improve estimate, and providing comprehensive literature about cost estimating risks. Developed models can be veritable tool for managing cost overruns in construction project delivery. Although, cost managers have spawned many implications of cost overruns, there is strong inclination towards holistic project context. It

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  • Included: Pages: 46
  • Included: Attributes: Abstract, All Chapters, Figures, Appendix, References
  • Study Level: Study Level: BTech, BSc, BEng, BA, HND, ND or NCE

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