Uncertainty Variables on Cost Estimation in Project Construction
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 1
Abstract
Cost and time are the main factors management aspects of a construction project. In implementing the project, the contractor is always trying to minimize the costs incurred in order to obtain maximum benefit. To achieve it, there needs to be a cost estimation process that aimed to estimate how much it costs needed to complete the project. In addition, the cost estimation process can also be a reference in determining the offer price, in estimating costs, many uncertainty factors that will occur during the implementation of construction projects. Risk is something that can never be avoided in a human activities, including the activities of project development and construction projects. Because in each of the activities, such as construction, there must be many uncertainties. Uncertainty factor is what ultimately led to the emergence of a risk on an activity, to avoid losses due to risks, estimators need to allocate contingency costs.
Authors and Affiliations
Anita Rauzana
Keywords
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- EP ID EP409420
- DOI 10.9790/487X-2001018086.
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