Developing cost model for preliminary estimate of road projects in Nigeria Online publication date: Tue, 12-Jun-2018
by Adedayo J. Ogungbile; Ayodeji E. Oke; Kehinde Rasak
International Journal of Sustainable Real Estate and Construction Economics (IJSRECE), Vol. 1, No. 2, 2018
Abstract: This paper was aimed at developing cost models to predict the preliminary estimate of road projects in Nigeria at the early state using parametric estimating techniques. To achieve this, there is need to identify both the quantitative and qualitative factors that affects the construction cost of road projects. The used procedure resulted in the formulation of linear and multiple regression models which provide a means of determining the cost of road functional activities as a function of projects characteristics. The models developed were for seven major construction activities based on 50 sets of data collected from road projects executed within between 2010 and 2015 in South Western Nigeria. The addition of all elements will give the probable cost of the road project. The coefficient of determination r2 for the developed models ranged from 0.85 to 0.99 indicating that the predicted values from a forecast models fit with the real-life data.
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