Project / Research Work: MBA

Introduction

Today, most of the construction companies are using computer-aided softwares for cost estimation and cost control. The cost estimation is done before the construction begins and the cost control is performed during the construction period. The organization which controls the cost could be different from the organization which prepares the cost estimate. Moreover, different softwares are available for cost estimation and cost control.

Purpose of Study

The purpose of this study is to find out techniques used for the cost estimation and cost control processes. Complete information regarding the cost status of the project can be accessed at any time. integration model is developed using Systems Analysis and Design (SAD) approach using relational database management. MS Access is used as a physical tool to implement and test the system.

Cost Engineering

It consists of cost estimation and cost control. Cost control is a process to hold expenditures within the budget by monitoring and appraisal of the cost performance.

Different people perform cost estimation and cost control in most construction projects (quantity surveyors or estimators do estimation while owner or contractor’s cost engineers does the cost control) and sometimes by different organizations using different techniques and/or softwares. The cost estimation and cost control data are usually available in different forms and at different levels of detail due to this detail. This inconsistency of data results in lack of accuracy and untimely generation of cost control reports for any corrective decision making.

Objective

The project aims at finding out the various techniques used for estimating cost in construction projects of DMRC. There are a number of factors that influence cost of the project. Cost estimating can determine the economic feasibility of manufacturing the project by different methods. No matter what type of construction project you are working on, you must have accurate cost estimates. With strict timelines and budgets, estimating helps ensure that your project hits its milestones on time and within your budget. Correct forecast of resources and costs will set you up for success.
The purpose of this project is also to assess whether it is feasible to extend the benefits of automatic estimating from buildings to civil concrete structures (mainly concrete bridges used by DMRC). Currently there is no automatic estimator for bridges.

Importance of cost estimation in project

When planning a project, such as building, costs can overrun seriously if correct estimates are not considered. Correct project planning details every summarized item and service required.

– Resources and Services
Estimating the cost of all resources needed, such as building supplies, must be factored into the budget. Overestimating a budget for tendering a quote also can cost you a contract. Accurate planning of materials, labor charges, duration of the job and possible worst case scenarios shows forward planning as well as foresight.

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One Comment

  1. Pinoza

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