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Modelling risk impacts on the variability between contract sum and final account
Posted on: 25 September 2012
By: mackene
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Filed under: News
This report looks at the prediction of construction costs, and the difference that varies between the contract sum and final account. The report argues that the Bills of Quantities (BOQ) is not an accurate prediction of construction costs, and the difference varies between the contract sum and final account.A predictive model was developed for new build commercial projects using the ANN. The validation results from testing the developed model showed that the difference between the predicted variation and actual variation ranges from 0.2% and 6.5%. The developed model is potentially a practical useful tool to the professional quantity surveyor in providing a more accurate cost advice based on the notion of risk. It is also of practical relevance to the construction client who is interested in cost certainty and no surprises.
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