This a report on the factors that influence on the accuracy of early-stage construction cost estimate based on a designed real-life construction project scenario.
Scenario: Assume you are employed by a property development company (client) as a construction cost consultant for their development projects. The company delivered 20 number (in total) residential, commercial, and land development (including infrastructure) projects, during 2017 and 2018. However, out of those 20 projects, the three projects described in Table 1 were completed with significant cost variations from the early-stage construction cost estimates, which were prepared by you in 2015. Company’s investors are concerned about the situation as their decision on investment for each project was mainly based on this early-stage construction cost estimate prepared by the cost consultant.
Choose 1 of the 3 in the below table in the next page
Please discuss which project was chosen on the left side of the column
Discuss which estimating method was chosen and justify why this was chosen, also describe how this method was used in the early-stage construction cost estimate with emphasis on the availability and assumptions made at the time of preparing the estimate.
Estimating techniques: Function unit, superficial floor area, functional floor area : Below examples however please look into this
Please discuss the influencing factors on the right side of the table which caused the discrepancy
Please ensure this goes to someone specialises in architecture, otherwise this will not be done correctly.
2000 Words, 5-10 references Havard style: All australian references
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