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Abdul-Hadi, N, Al-Sudairi, A and Alqahtani, S (2005) Prioritizing barriers to successful business process re-engineering (BPR) efforts in Saudi Arabian construction industry. Construction Management and Economics, 23(03), 305-15.
Chan, S L and Park, M (2005) Project cost estimation using principal component regression. Construction Management and Economics, 23(03), 295-304.
- Type: Journal Article
- Keywords: factors; principal component regression model; project cost
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/01446190500039812
- Abstract:
Factors affecting construction project cost include project-specific factors and those reflecting the characteristics of the project team. Multiple regression is often used to estimate a project’s cost, but independent variables with a high degree of correlation are likely be left out of such a model. As a result, only a limited number of factors are included in the estimate of project cost and predictions from such models will not be accurate. To overcome this technical inefficiency, the aims of this study are: to identify factors that contribute to project cost, to construct a predictive project cost model using the principal component technique and to assess the relative importance of determining factors. The data are obtained from a random sample survey comprised of Singapore building projects completed after 1992 costing more than US$5million in value. Three main groups of variables are identified, pertaining to characteristics of the project, contractors and owner/consultants. Special project requirements such as high technological level; contractor’s specialized skills; and public administered contract have significant effects on cost. Other factors include contractor’s technical expertise; owner’s level of construction sophistication and contractor’s financial management ability. The model assesses the impact of individual factors on project cost and provides a decision support tool to estimate cost more accurately.
Dainty, A R J, Bryman, A, Price, A D F, Greasley, K, Soetanto, R and King, N (2005) Project affinity: the role of emotional attachment in construction projects. Construction Management and Economics, 23(03), 241i4.
Hsieh, H H Y (2005) The 1990s Taiwan residential construction boom: a supply side interpretation. Construction Management and Economics, 23(03), 265-84.
Koushki, P A, Al-Rashid, K and Kartam, N (2005) Delays and cost increases in the construction of private residential projects in Kuwait. Construction Management and Economics, 23(03), 285-94.
Lianyu, C and Tiong, R L K (2005) Minimum feasible tariff model for BOT water supply projects in Malaysia. Construction Management and Economics, 23(03), 255-63.
Spangenberg, S, Hannerz, H and Tüchsen, F (2005) Hospitalized injuries among bridge and tunnel construction workers. Construction Management and Economics, 23(03), 237–40.
Tam, C M, Tong, T K L, Lau, T C T and Chan, K K (2005) Selection of vertical formwork system by probabilistic neural networks models. Construction Management and Economics, 23(03), 245-54.
Wood, G D and Ellis, R C T (2005) Main contractor experiences of partnering relationships on UK construction projects. Construction Management and Economics, 23(03), 317-25.
Yu, W-D and Lo, S-S (2005) Time-dependent construction social costs model. Construction Management and Economics, 23(03), 327-37.