Comparison between the Construction Costs for Basic Type and the Actual Construction Cost of Multi-Housing Sale Price Ceiling System

Construction cost is a major concern to both clients and contractors. Based on a hypotheticalconstruction project (a six-storey concrete framed office building), cost and otherrelated information was collected through a survey of contractors in Japan, the UK and theUS. Using multiple regression analysis it was found that lower overheads, less prefabricatedcomponents, and fewer design variations could reduce construction cost. Overheadslargely represent indirect costs to contractors and if reduced can lead to increased profitlevels and improved competitiveness. The use of prefabricated components may be problematicwhere there are delays in production, insufficient coordination between design andconstruction, and congested transportation on site. Design variations during constructionbring about uncertainties and are disruptive to the construction process. These factorshave paramount impact on construction cost and demand close attention and consideration.Contractors are advised to reduce the costs of their overheads and utilise prefabricationappropriately, while clients and designers should minimise the number of designvariations during construction if better cost performance is desired.

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Study on Foundation Pit Construction Cost Prediction Based on the Stacked Denoising Autoencoder

Mathematical Problems in Engineering ◽

10.1155/2020/8824388 ◽

2020 ◽

Vol 2020 ◽

pp. 1-16

Author(s):

Lanjun Liu ◽

Denghui Liu ◽

Han Wu ◽

Junwu Wang

Keyword(s):

Influencing Factors ◽

Construction Cost ◽

Average Error ◽

Support Vector ◽

Calculation Error ◽

Denoising Autoencoder ◽

Construction Costs ◽

Deep Foundation ◽

Foundation Pit ◽

Project Construction

To accurately predict the construction costs of foundation pit projects, a model based on the stacked denoising autoencoder (SDAE) is constructed in this work. The influencing factors of foundation pit project construction costs are identified from the four attributes of construction cost management, namely, engineering, the environment, the market, and management. Combined with Chinese national standards and the practice of foundation pit project management, a method of the quantization of the influencing factors is presented. 60 deep foundation pit projects in China are selected to obtain 13 main characteristic factors affecting these project construction cost by using the rough set. Then, considering the advantages of the SDAE in dealing with complex nonlinear problems, a prediction model of foundation pit project construction costs is created. Finally, this paper employs these 60 projects for a case analysis. The case study demonstrates that, compared with the actual construction costs, the calculation error of the proposed method is less than 3%, and the average error is only 1.54%. In addition, three error analysis tools commonly used in machine learning (the determination coefficient, root mean square error, and mean absolute error) emphasize that the calculation accuracy of the proposed method is notably higher than those of other methods (Chinese national code, the multivariate return method, the BP algorithm, the BP model optimized by the genetic algorithm, the support vector machine, and the RBF model). The relevant research results of this paper provide a useful reference for the prediction of the construction costs of foundation pit projects.

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Construction Cost of Green Building Certified Residence: A Case Study in Taiwan

Sustainability ◽

10.3390/su11082195 ◽

2019 ◽

Vol 11 (8) ◽

pp. 2195 ◽

Cited By ~ 2

Author(s):

Chen-Yi Sun ◽

Yin-Guang Chen ◽

Rong-Jing Wang ◽

Shih-Chi Lo ◽

Jyh-Tyng Yau ◽

...

Keyword(s):

Residential Buildings ◽

Public Information ◽

Residential Building ◽

Green Building ◽

Construction Cost ◽

Construction Costs ◽

Practical Strategy ◽

The Government ◽

The Relationship

The green building certification system of Taiwan, EEWH (Ecology, Energy Saving, Waste Reduction and Health), has been in operation for more than 20 years (since 1999). In order to understand the relationship between green building certification and the construction costs of residential buildings, this study obtained 37 green building-certified residential cases and 36 general residential cases available from public information and conducted a comparative analysis. The results of this study showed that the average construction cost of a green building certification residential building was only 1.58% higher than a general residential building, indicating that green building certification does not require a large increase in costs. However, for residential buildings, achieving a high-grade (gold-grade or diamond-grade) green building certification means an increase of 6.7% to 9.3% in construction costs. This shows that the pursuit of higher levels of green building certification does require higher construction costs. In addition, the results of this study can not only provide important references for the government in making green building policies, but also offer a practical strategy for developers for decision-making.

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Exploring the Components of Cost on Construction Projects

Journal of Construction Business and Management ◽

10.15641/jcbm.2.2.573 ◽

2018 ◽

Vol 2 (2) ◽

pp. 42-50

Author(s):

Abimbola Windapo ◽

Alireza Moghayedi ◽

David Oliphant ◽

AbdulRauf Adediran

Keyword(s):

South Africa ◽

Construction Projects ◽

Resource Planning ◽

Construction Cost ◽

Research Approach ◽

Construction Work ◽

Construction Costs ◽

Cost Overruns ◽

Planning And Control ◽

Electrical Installation

This study examines the components of construction projects and whether there are construction resources that are the key project constituents. The rationale for the study stems from the unexplained assumptions regarding the primary components responsible for increases in construction costs in South Africa, as South Africa lacks a national building cost database. The study adopts a qualitative research approach that employs a case studies of six new and six refurbished projects in obtaining the necessary data for use in answering the study objectives. The study found that the primary cost constituents of construction projects are materials and sub-contracted work, accounting for 63.69% and 74.6% of the value of renovation and new construction work respectively and on the average, the major materials by value are reinforcement, cement and filling, while Electrical Installation is the primary sub-contracting item by value. Based on these findings, the study concludes that the future levels of construction work can be predicted knowing levels of specialist sub-contractor costs and building material costs. The study recommends that the sub-contractor and material inputs into construction projects are carefully managed, both on the projects and the construction industry, to limit construction cost increases and cost overruns on projects. The study contributes to the literature on resource planning and control in construction. Keywords: Cement, Construction Cost, Electrical Installation, Reinforcement, Specialist Sub-contractor.

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Economic challenges: Conceptual framework on factors affecting construction cost during COVID-19 pandemic in malaysia

IOP Conference Series Earth and Environmental Science ◽

10.1088/1755-1315/881/1/012020 ◽

2021 ◽

Vol 881 (1) ◽

pp. 012020

Author(s):

N.A. Abdullah ◽

I.F. Mohd Kamar ◽

N.A. Mustapa ◽

A Che Ahmad ◽

M.N. Abdullah ◽

...

Keyword(s):

Conceptual Framework ◽

Productivity Loss ◽

Workplace Safety ◽

Regulatory Compliance ◽

Construction Cost ◽

Construction Sector ◽

Construction Costs ◽

Factors Affecting ◽

Project Completion ◽

Almost All

Abstract Various studies have found that COVID-19 pandemic impacts on a country’s economy through several channels, including the construction sector. The construction sector, which has always been a big growth generator for the economy, has also been completely shut down. Construction stakeholders are facing a several of the issues as the construction costs keep increasing as a result of the workplace safety and health compliance, suspension and termination of the project, and productivity loss. Accordingly, this paper attempted to propose a conceptual framework on the factors affecting construction cost during COVID-19 pandemic in Malaysia. Almost all evidence from the literature shows that project completion, supply chain and regulatory compliance are the main factors that need to take heed of by the construction players during COVID-19 pandemic. Significantly, all these three components have the potential as the contributors to the increment of construction costs during COVID-19 pandemic.

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A Forecast Model for the Level of Engineering Maturity Impact on Contractor’s Procurement and Construction Costs for Offshore EPC Megaprojects

Energies ◽

10.3390/en12122295 ◽

2019 ◽

Vol 12 (12) ◽

pp. 2295 ◽

Cited By ~ 3

Author(s):

Myung-Hun Kim ◽

Eul-Bum Lee

Keyword(s):

Forecast Model ◽

Construction Cost ◽

Cutoff Score ◽

Cost Overrun ◽

Construction Costs ◽

Cost Performance ◽

South Korean ◽

Cost Impact ◽

Data Points ◽

Procurement Cost

This paper focuses on the influence of detailed engineering maturities on offshore engineering, procurement, and construction (EPC) project procurement and construction cost performance. The authors propose a detailed engineering completion rating index system (DECRIS) to estimate the engineering maturities, from contract award to beginning of construction or steel cutting. The DECRIS is supplemented in this study with an artificial neural network methodology (ANN) to forecast procurement and construction cost performances. The study shows that R2 and mean error values using ANN functions are 20.2% higher and 19.7% lower, respectively, than cost performance estimations using linear regressions. The DECRIS cutoff score at each gate and DECRIS forecasting performance of total cost impact were validated through the results of fifteen historical offshore EPC South Korean mega-projects, which contain over 300 procurement cost performance data points in total. Finally, based on the DECRIS and ANN findings and a trade-off optimization using a Monte-Carlo simulation with a genetic algorithm, the authors propose a cost mitigation plan for potential project risks based on optimizing the engineering resources. This research aids both owners and EPC contractors to mitigate cost overrun risks, which could be continuously monitored at the key engineering gates, and engineering resources could be adjusted per optimization results.

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Effectiveness of Post-injection Grouting in Controlling Leakage: A Case Study

Hydro Nepal Journal of Water Energy and Environment ◽

10.3126/hn.v8i0.4903 ◽

2012 ◽

Vol 8 ◽

pp. 14-18

Author(s):

Krishna Kanta Panthi

Keyword(s):

Economic Loss ◽

Construction Cost ◽

Concrete Lining ◽

Post Injection ◽

Hydropower Project ◽

Construction Costs ◽

Energy And Environment ◽

Safety Risks ◽

Headrace Tunnel

In many occasions severe water leakage problems are faced in shotcrete lined or unlined water tunnels that not only reduce stability of the rock mass but also result in loss of valuable water in conveying tunnel systems. Such leakage causes safety risks and increases the potential for huge economic loss to the hydropower projects. On the other hand, use of full concrete lining as final support increases the construction cost and time considerably. The best way to reduce leakage control and construction costs and time is the use of pre-injection grouting in the headrace tunnels. This paper discusses the role that post-injection grouting has played for controlling leakage through shotcrete lined/unlined low pressure headrace tunnel of the 60 MW Khimti I Hydropower Project in Nepal. DOI: http://dx.doi.org/10.3126/hn.v8i0.4903Hydro Nepal: Journal of Water, Energy and Environment Issue No. 8, 2011 JanuaryPage: 14-18Uploaded date: 16 June, 2011

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A feature ontology to support construction cost estimating

Artificial intelligence for engineering design analysis and manufacturing ◽

10.1017/s0890060403172034 ◽

2003 ◽

Vol 17 (2) ◽

pp. 133-154 ◽

Cited By ~ 21

Author(s):

SHERYL STAUB–FRENCH ◽

MARTIN FISCHER ◽

JOHN KUNZ ◽

KOS ISHII ◽

BOYD PAULSON

Keyword(s):

Construction Cost ◽

Formal Ontology ◽

Cost Estimating ◽

Construction Costs ◽

Building Product ◽

Product Models ◽

Current Product ◽

Feature Based ◽

Construction Knowledge ◽

The Cost

Construction cost estimators are confronted with the challenging task of estimating the cost of constructing one of a kind facilities. They must first recognize the design conditions of the facility design that are important (i.e., incur a cost) and then determine how the design conditions affect the cost of construction. Current product models of facility designs explicitly represent components, attributes of components, and relationships between components. These designer-focused product models do not represent many of the cost-driving features of building product models, such as penetrations and component similarity. Previous research efforts identify many of the different features that affect construction costs, but they do not provide a formal and general way for practitioners to represent the features they care about according to their preferences. This paper presents the formal ontology we developed to represent construction knowledge about the cost-driving features of building product models. The ontology formalizes three classes of features, defines the attributes and functions of each feature type, and represents the relationships between the features explicitly. The descriptive semantics of the model allow estimators to represent their varied preferences for naming features, specifying features that result from component intersections and the similarity of components, and grouping features that affect a specific construction domain. A software prototype that implements the ontology enables estimators to transform designer-focused product models into estimator-focused, feature-based product models. Our tests show that estimators are able to generate and maintain cost estimates more accurately, consistently, and expeditiously with feature-based product models than with industry standard product models.

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A Comprehensive Approach to Construction Cost Management in the Context of Public Investment

Economics and Management ◽

10.35854/1998-1627-2020-8-861-872 ◽

2020 ◽

Vol 26 (8) ◽

pp. 861-872

Author(s):

Yu. S. Prokhorova

Keyword(s):

Program Implementation ◽

Cost Management ◽

Public Investment ◽

Construction Cost ◽

Methodological Framework ◽

Construction Costs ◽

Investment Program ◽

Economic Framework ◽

Cost Of Construction ◽

Maximum Limit

Today, the interaction between government entities, private organizations, research and consultation centers in terms of pricing issues in construction is not efficient enough. In this regard, it is necessary to adjust the mechanisms of construction cost management.Aim. The presented study aims to develop an organizational and economic framework of construction cost management that would improve the interaction between executive authorities and the participants of the investment-construction process at the stages of development, coordination, and implementation of investment programs, while also increasing the accuracy of construction cost estimation.Tasks. The authors develop a methodological framework of construction cost management aimed at observing the maximum limit of public investment in construction in the context of implementation of investment programs; determine the content of the structural elements of the organizational and economic framework of construction cost management; develop an organizational and economic framework of construction cost management in the context of public investment.Methods. This study uses general scientific methods of analysis and synthesis, economic-mathematical and graphical modeling, methods of expert and comparative assessments, methods of pricing in construction, and methods of cost engineering.Results. An organizational and economic framework of construction cost management is developed, allowing for increased accuracy and reliability in determining the estimated cost of construction. The framework also regulates the interaction between the participants of investment program implementation as well as economic mechanisms and methods involved in construction cost management at different stages of implementation of investment programs - from development and coordination to implementation. The presented approach to construction cost management solves the problems of pricing and investment planning, cost management and investment policy formation. It creates a single information space, which makes it possible to quickly and flexibly respond to information requests and make management decisions with allowance for the objectivity, reliability, and completeness of the data provided. Thus, the organizational and economic framework of construction cost management provides a new format of interaction between the participants of targeted investment program implementation and calculation of the estimated construction cost. The authors propose a methodological framework for controlling construction costs, which includes management planning, assessing and determining the estimated cost of construction, controlling and monitoring construction costs, registering the actual cost of construction. This covers all stages of the construction object’s implementation life cycle.Conclusions. A methodological framework of construction cost management is developed with an aim to observe the maximum limit of public investment in construction in the context of implementation of investment programs.

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Probabilistic analysis of factors affecting highway construction costs: a belief network approach

Canadian Journal of Civil Engineering ◽

10.1139/l02-003 ◽

2002 ◽

Vol 29 (3) ◽

pp. 369-374 ◽

Cited By ~ 6

Author(s):

Nii O Attoh-Okine

Keyword(s):

Graphical Models ◽

Graphical Representation ◽

Highway Construction ◽

Construction Cost ◽

Sufficient Information ◽

Cost Models ◽

Belief Networks ◽

Construction Costs ◽

Factors Affecting ◽

Graph Theoretic

This paper presents the application of belief networks to make inferences in highway construction costs. The methodology is evolving; it works very well when sufficient information and incomplete quantitative data are available. It is an attempt to identify the extent of influence of selected variables on highway construction costs. Belief networks are an expressive graphical language for representing uncertain knowledge about causal and associational relations among construction cost variables. This then provides a graphical representation of probabilistic construction cost models. The graph-theoretic framework of the belief lends itself for modeling probabilistic dependence and flow information between different construction costs and related variables in overall highway construction cost determination.Key words: construction costs, belief networks, graphical models, uncertainty, and Bayesian network.

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