Investigation into the Current Practice of Cost Estimating and the Introduction of a Standard Price Book in the Malaysia Construction Industry

Abstract:

Cost estimating is one of the most important areas in construction project management.Three are various ways to do cost estimating with different efficiencies and possibly with differentaccuracies. In addition it is a complicated process including various activities. Standardized pricebooks will help improve the process and accuracy of cost estimating. However there is no publishedprice book in the Malaysia construction industry. This research has investigated and identified thecurrent practice of estimating in the Malaysia construction industry together with the possibilities ofintroducing a price book to the industry. Primary methods of estimating, efficiency of the currentmethods, significance of activities related to estimating, factors affecting the accuracy of estimatingare investigated through a survey. Further the obstacles in introducing a price book have beenidentified. The survey participants agree that the government should initiate the introduction of a pricebook in the Malaysia construction industry. The outcomes of this research can be also used to improvethe competitive advantages of quantity surveyors, consulting engineers/architects and contractors inrespect to cost estimating for construction projects in Malaysia.

• Periodical: Advanced Materials Research (Volumes 838-841)
• Pages: 3109-3114
• DOI: https://doi.org/10.4028/www.scientific.net/AMR.838-841.3109
• Online since: November 2013
• Authors: Byung Gyoo Kang*, Vin Shern Eng, Boon Hoe Goh, Wee Kang Choong, Tuck Wai Yeong
• Keywords: Construction, Cost, Estimating, Malaysia, Price-Book

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