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Probability in Productivity Due To Fluctuation of Price in Construction Materials

Journal: International Journal of Mechanical and Production Engineering Research and Development (IJMPERD ) (Vol.10, No. 3)

Publication Date:

Authors : ; ;

Page : 14467-14480

Keywords : Price Fluctuation; Cost Escalation; Price Hike; Weightage; Price Prediction; Kerala;

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Accurate prediction of construction cost is essential thing in the success of a construction project. In this project a methodology is prepared for predicting the total cost escalation of the project using the historical cost data and some predefined index through SPSS (statistical package for the social sciences) statistics tool. The construction costs are always subject to fluctuations that trend toward increasing over a long term, which make the pricingprocess challenging job. In this paper, most important construction materials were considered and they are classified according to ABC classification. This study was done in Kerala state for five major districts. From the ABC classification, the price variation of “A” class materials that mostly affects the total cost of the project such as cement, steel, aggregates, brick and etc., were found from 2010 to 2019. The prices of considered material have a hike from 0% to 15% from 2010 to 2019 in five different districts in Kerala.From the prediction. It is concluded that all the materials have a price hike minimum of 1% to 4%. It is because of the maximum upper confidence limit price. Finally the construction materials are prepared according to their percentage contribution to the total cost of project for different years.

Last modified: 2020-09-30 16:10:16