APPRAISING FACTORS INFLUENCING CONSTRUCTION ENGINEERING COST ESTIMATES

Costs estimations of construction engineering projects are susceptible to inaccuracy (bias) leading to cost overrun. Many studies observed that there has been an increasing evidence of high cost of construction engineering projects in Nigeria. Consequently, this study is conducted with the aim of evaluating factors influencing the accuracy of construction engineering cost estimates. The survey was based on a questionnaire to solicit opinions of professionals within the built environment (architects, engineers, quantity surveyors, and contractors). This was conducted amongst and within organisations, ministries, and private practitioners in various disciplines with experience in the delivery of construction engineering projects and analyzed using influence index value. Factors influencing the accuracy of cost estimates of construction engineering projects have been determined and include: low expertise level of estimator, non-early involvement of estimator, impact of contract type, inaccurate and unreliable cost information, and poor project schedule. The study concluded that 44 most influential factors limiting the accuracy of construction engineering projects can be attributed to: project team related factors (16 sub-factors); estimating procedure related factors (14 sub-factors); and project characteristic related factors (14 sub-factors). These findings will guide stakeholders and professionals on factors influencing the accuracy of cost estimates of construction engineering projects and led a foundation for reducing high project cost. It is recommended that government and relevant organizations should use the findings for improving the cost estimation process and reduce the inaccuracy cost estimation trends in the country.