Abstract

This investigation aims to establish a construction cost estimation model for building projects. Due to various factors, the cost estimation for the building's construction cannot be enhanced. The cost estimation in the Indonesian construction industry is unreliable for completing projects at contract costs. Less emphasis on the variable factor decreases the accuracy of the estimated cost. This study gathered construction sector management data to contribute empirical evidence to the literature. According to this study, cost estimators can considerably enhance cost estimation in the Indonesian construction industry, estimating methodology, project information, current data, and historical data. Since the explored factors for estimating building construction costs were not considered in previous studies, the model devised by this research is a significant contribution. The practical implications of this research are reliable for cost estimation in the building and other sectors to increase the accuracy of the estimated cost about the actual project cost. This research also provides prospective directions for incorporating new knowledge into the cost estimation model by determining the impact of other significant factors.

Original languageEnglish
Pages (from-to)14-23
Number of pages10
JournalJournal of Modern Project Management
Volume11
Issue number1
DOIs
Publication statusPublished - Jan 2023

Keywords

  • Cost estimation
  • building construction
  • costing model
  • estimating model
  • project costing

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