An Assessment of Factors Affecting the Accuracy of an Early Cost Estimate for Repetitive Projects

Today-s era Indian construction industry is experiencing a rapid boom with enormous demand of infrastructure facilities. This huge demand results in the completion of projects with shorter duration and most economical manner. For this, project management tools (planning, scheduling, monitoring, controlling) plays vital role in the project time line. The early cost estimate is the proposed estimated cost of project that is calculated in the planning stage of the project. This acts as the key ingredient in the project-s funding. The accurate estimation of an early cost estimate is very important to the sponsoring organisation as well as project team. The performance and overall success of the project team is measured by how well the actual cost compares to early cost estimate. Understanding the importance of repetitive projects, accuracy of the early cost estimate, this paper is aimed to identify the various factors that are potentially affecting the early cost estimate of the project and their impact on the accuracy of early cost estimate.