International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 11 Issue: 09 | Sep 2024
p-ISSN: 2395-0072
www.irjet.net
A COMPARATIVE ANALYSIS ON THE COST ESTIMATION TECHNIQUES IN BUILDING CONSTRUCTION Asit Chandra1, Dr. Devnita Polley2 1Department of Civil Engineering, Pacific University, Udaipur
2Assistant Professor, Department of Civil Engineering, Pacific University, Udaipur
----------------------------------------------------------------------***--------------------------------------------------------------------Abstract- Cost estimation is a fundamental aspect of the construction industry, serving as the basis for project planning, decisionmaking, and financial management. As building construction projects have become increasingly complex, selecting the right method for cost estimation is critical to ensuring that projects are completed within the allocated budget and timeframe. Various methods, ranging from traditional approaches to modern, technology-driven techniques, have been developed to address the unique challenges posed by construction projects. This abstract provides a comparative analysis of the most commonly used cost estimation methods in building construction, focusing on their advantages, limitations, accuracy, and adaptability to different project types. Keywords: Cost estimation, building information modelling, artificial intelligence, Building construction.
1. INTRODUCTION The construction industry plays a pivotal role in economic development, contributing significantly to employment, infrastructure development, and national productivity. However, construction projects are complex and multifaceted, often involving various stakeholders such as architects, engineers, contractors, project managers, and investors. One of the most critical elements influencing the success of these projects is cost estimation, which serves as the financial backbone for decision-making, budgeting, and project execution. Cost estimation is the process of forecasting the financial resources required to complete a project within a specified scope. It provides a financial snapshot at different stages of the project, including initial budgeting, tendering, and ongoing management. In recent years, construction cost estimation has seen significant advancements with the development of digital tools and software. Technologies such as Building Information Modeling (BIM), artificial intelligence (AI), and machine learning have made it easier to track costs, predict changes, and adjust estimates in real-time. These technologies have drastically improved the accuracy and reliability of cost estimates, leading to better financial planning and project execution. Despite these technological advancements, many projects still struggle with accurate cost estimation due to various factors, including market fluctuations, labor shortages, material cost volatility, and unforeseen delays. Therefore, exploring effective methods of cost estimation and the challenges that accompany it is a topic of growing importance in construction project management.
Fig.1. Project costs Classification
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