Improving Financial Estimation in Construction Management Through Advanced Computing and Decision Making

View Sample PDF

Author(s): Varun Gupta (University of Beira Interior, Covilha, Portugal), Aditya Raj Gupta (Amity University, Noida, India), Utkarsh Agrawal (Amity University, Noida, India), Ambika Kumar (Amity University, Noida, India)and Rahul Verma (Amity University, Noida, India)
Copyright: 2020
Pages: 7
Source title: Crowdsourcing and Probabilistic Decision-Making in Software Engineering: Emerging Research and Opportunities
Source Author(s)/Editor(s): Varun Gupta (University of Beira Interior, Covilha, Portugal)
DOI: 10.4018/978-1-5225-9659-2.ch009

Keywords: Computer Science & IT / Information Science Reference / Systems & Software Design / Systems and Software Engineering

Purchase

View Improving Financial Estimation in Construction Management Through Advanced Computing and Decision Making on the publisher's website for pricing and purchasing information.

Abstract

The firm or the government invites bids against the tender whenever it requires third party to provide services to it like undertaking construction projects, delivery of material, etc. Interested parties gives their bid prices in sealed envelopes and the lowest bid rate wins the contract. However, contractor, in order to win the contract, may not estimate the cost of the project accurately as the estimation of factors contributing to the costs may be based on educated guesswork according to the past experiences. This increases the chances of the final cost of the project to go up in the end, which is to be borne by contractor. Hence, accurate and effective cost estimation is required. This chapter proposed an algorithm to provide a proper way for the contractors to estimate the accurate cost of the project for which they provide bids. This chapter provides an effective solution to the problem of inaccurate cost estimation. The algorithms are automated using a web-based tool.

The IRMA Community

Research IRM

Improving Financial Estimation in Construction Management Through Advanced Computing and Decision Making

Purchase

Abstract

Related Content

IRMA Sponsors