Developing a Cost Estimating Conceptual Framework that Leverages on Knowledge
Abstract
Literature on the accuracy of cost estimates in construction projects has reported that attempts to improve accuracy were focused on the methods, tools/techniques, and the factors affecting accuracy. This confirmed that attempts at addressing these inaccuracies were based on reductionism. To avert these inaccuracies, there is a need to go beyond reductionism and adopt a multi-theoretical approach, such as leveraging knowledge. This paper reports the effort made to incorporate different and relevant theories to develop a framework that would be used to improve accuracy. A systematic literature review was used to identify and examine factors that affect leveraging knowledge within the cost estimating process. The factors include: cost estimating process models, factors affecting accuracy, information and knowledge required for estimating. Relevant theories were then used to underpin the concepts and finally develop the conceptual framework. The paper is one step in a larger study aimed at developing a knowledge-based cost estimating process model for construction projects. The developed framework will bridge the gap between research and practice. It provides a structured approach to cost estimating and improves the accuracy of estimates. The framework will enhance research rigour, foster advancements in cost estimating methodologies, and inform industry best practices.