16
January
by Jeffrey C Kadlowec, Registered Architect Cost estimation is critical to the success of any construction project. Inaccurate estimating can lead to poor job performance or project failure due to budget shortfalls and schedule overruns. Most formal research has been focused on the various methods of cost estimations without investigating the performance factors of those estimates (Fazil 2021). By studying cost estimating methods and how they impact to project outcome, we can better predict the profitability of future work. Historical data and macroeconomic indicators are widely used in construction cost estimating. These range from rough approximations based on size, scope.
