Abstract
ABSTRACTThe study examines the degree of accuracy and factors that influence the uncertainty of cost estimates. A critical review of literature conducted and was followed with two SMEs case studies executing four projects for different clients. The data collection methods used were documental review, observations and interviews. A total of 12 interviews were conducted and analysed using qualitative thematic analysis. The findings reveal an unquantifiable average cost drift or inflated risks of 19% in cost estimates which is significant as compared to other studies. Ten main factors were identified as the influential factors to the uncertainty of cost estimates, which included type of client, terms and conditions of payments, availability of cost information, experience, repeated work and guarantee of the job. This study contributes to existing literature and it reveals that in the UK post-2008 era, cost of construction remains higher and it could be reduced.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
