A concept for developing construction element cost models for German residential building projects
by Christian Stoy; Spiro Pollalis; Onur Dursun
International Journal of Project Organisation and Management (IJPOM), Vol. 4, No. 1, 2012

Abstract: Early cost estimate of construction projects plays a vital role hence it forms a foundation for budgeting, planning, monitoring and even for litigation aims. In German practice, the first stage cost estimation is performed at the pre-design stage where no design details exist. Thus, the practical relevance of any model to be developed that requires further design information, would be questionable. The German norms describe construction cost elements as the subcategories for cost of construction works. Therefore, the accuracy of the first stage estimate can be improved by modelling construction cost elements where more detailed information incorporates. In this context, it is aimed to demonstrate the development of a predictive model for the most relevant cost element: external walls. Historical data was randomly sampled from Building Cost Information Centre (Baukosteninformationszentrum) database. The most significant predictors for cost of external walls were determined by backwards regression method. Multiple linear regression methodology is employed for the final parameter estimation. The results reveal that substantial variation in the cost of external walls can be explained by the proposed model which leads to high prediction accuracy. The development of the model is anticipated to influence further studies that address cost modelling in Germany.

Online publication date: Sat, 16-Aug-2014

The full text of this article is only available to individual subscribers or to users at subscribing institutions.

 
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.

Pay per view:
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.

Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Project Organisation and Management (IJPOM):
Login with your Inderscience username and password:

Username:        Password:          Forgotten your password?

Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.

If you still need assistance, please email subs@inderscience.com