Assessment Of Factor Affecting Cost Estimate From The Perspective Of Stakeholder In Infrastructure Project

Abstract

This study's objective is to evaluate how erroneous cost estimates affect infrastructure projects from stakeholders' points of view in order to develop mitigation strategies. In this study the factors affecting cost estimation are determine by previous articles and research paper. There are a total 47 variables of factors which are affecting cost estimation identify by previous study. The article and research paper analysed cost estimation literature and used structured questionnaires to collect empirical data. A quantitative approach is used to conduct the research study. Construction professionals were given a questionnaire, and the results showed that stakeholders believed employing a proper and planned risk management plan would enhance cost estimation. Data are collected by the stakeholders are analyzing by using ANOVA tool and they show most critical factors affecting cost estimation and variance in variables of factor from the perspective of the stakeholders. The study provide guidelines and mitigation to lesser their impact on project costs, project duration, underestimation, overestimation, bidding and tendering process and increase in accuracy of cost estimation.