DIMENSIONS OF COST ESTIMATING RISKS INFLUENCING BUILDING PROJECTS’ ESTIMATES IN AKWA IBOM STATE

ABSTRACT

Construction works estimate inaccuracies and none performance have made the imprecise cost estimating practice subjective. This study assessed the dimensions of cost estimating risks influencing building projects’ estimates. The objectives were to identify sources of cost estimating risks; determine critical risk influencing building project cost estimating; and to investigate management practices for improving building works estimates. The study data were collected through structured questionnaire survey administered on registered Quantity Surveyors, Builders, and Engineers from contracting and consulting and public sector organizations in Uyo metropolis. Data collected were subjected to both descriptive and inferential statistical analysis including Relative Important Index and Coefficient of Variation. Results of the study revealed the critical sources of cost estimating risks during estimating originate from cost data, procedural and estimators expertise. The most frequent and significant risks include market condition, economic situation, level of experience and lack of estimate of estimate preparation plan. The conclusion reached is that implication is that procedural, market and economics variables represent the significant risks significant surveyors must manage properly for effective building works estimate preparation