Publication Date : 01/08/2009

Author(s) :

Mukhtar, M. M, Zubairu, I. K..

Volume/Issue :
Volume 4
Issue 2
(08 - 2009)

Abstract :

This article presents the results of a study of the accuracy of cost estimates in public building projects in Nigeria. Data were collected from a sample of 40 completed building projects with initial cost values of between N3.00m – N187.19m. A questionnaire survey of construction professionals was also undertaken in which the respondents were asked to indicate their opinions on the causes of inaccurate cost estimate in public work projects. Seventy five (75) survey questionnaires were distributed and fifty three (53) of them were returned completed. Based on the analysis of the data collected, it was found that, public building projects exceed their initial estimates by an average value of 5.16%. Furthermore, 65.0% of the projects considered have their estimated costs within the limits of ±5% of the actual costs. The survey revealed that, the main factors that influence the accuracy of cost estimates of public building projects are improper planning, non compliance with condition of contract, incompetence on the part of the contractors, lack of understanding of project requirements by the estimator and insufficient information related to the project before execution. To improve on the accuracy of cost estimates, it is recommended that both the client and the contactor should make adequate planning in terms of the resources required for the execution of the projects at early stage, prior to the commencement of the work

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