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Knowledge-based system for construction cost control

AACE International transactions, 2003-01, p.IT101

Copyright American Association of Cost Engineers 2003 ;ISSN: 1528-7106

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  • Title:
    Knowledge-based system for construction cost control
  • Author: A A D A J Perera ; Imriyas, K
  • Subjects: Construction costs ; Cost control ; Knowledge ; Studies
  • Is Part Of: AACE International transactions, 2003-01, p.IT101
  • Description: Construction contractors generally obtain jobs through a competitive bidding process, where they have to submit a cost estimate and an intended schedule of the activities of the project. Generally, the lowest evaluated tender is accepted in most situations. This competitive nature always controls the freedom of contractors for pricing by adding enough mark-up for jobs. In fact, it drives contractors to bid at very low mark-ups. On the other hand, construction is very dynamic and exposed to several outer conditions and uncertainties, which have the capability to chip away the smaller mark-up added to the project cost and thereby result in the ultimate loss of the project. Thus, probably no other business needs an effective cost control system more than the construction business. Thus, the implementation of an effective integrated cost control system becomes the prerequisite for profit-making in the contract business.
  • Publisher: Morgantown: American Association of Cost Engineers
  • Language: English
  • Identifier: ISSN: 1528-7106
  • Source: ProQuest Central
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