Estimating using cost significant global cost models

A. K. Munns and K. M. Al-Haimus

Construction Management and Economics, 2000, vol. 18, issue 5, 575-585

Abstract: Cost significant models have been suggested as one way of overcoming criticisms of the amount of detail contained within the traditional bill of quantities. Recent research into these models reveals a lack of formal rules for the selection of work packages to be used within the models, and a potential to overestimate the cost of projects. This paper presents a methodology for selecting work packages, and recommends a refinement to the technique that reduces the variability in estimates produced using cost significance. Estimates are produced using both the traditional method of producing cost significant models, and a refined global cost methodology. Both techniques are tested against unpriced bills to measure the difference in results, with significant improvements being achieved with the new technique.

Keywords: Bill Of Quantities Cost Estimating Cost Modelling Cost Significance (search for similar items in EconPapers)
Date: 2000
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DOI: 10.1080/014461900407383

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