A PARAMETRIC STUDY ON COST EFFECTS ON VALUATION OF PROJECTS BASED ON DIFFERENT CONSTRUCTION DESIGNS AND TECHNIQUES

Recent studies indicated the importance of accurate cost estimates, there has been more effort directed at improving the cost estimates processes, especially for building construction projects. Estimating building costs can be difficult as most building projects are unique. A building construction project is a very complex undertaking, which can be composed of hundreds or thousands of construction activities called work items. These work items are often performed by workers or crews from different crafts, utilizing various materials of many different varieties. Due to these complexities, numerous factors can affect the building construction processes and ultimately their costs. Underestimates mean the design and specifications cost more than they are estimated. It is also often a result of poor estimating, whereby substantial cost items may be omitted. On the other hand, an overestimate can be as bad as an underestimate.