Factors That Influence Cost Accuracy
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Added on 2020-02-24
Factors That Influence Cost Accuracy
Added on 2020-02-24
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FACTORS INFLUENCING ACCURACY OF COST ESTIMATES IN EARLY STAGE BUILDINGStudent’s NameClassTutor’s NameInstitution’s NameCity Date1000 words
Costs 2IntroductionIn the estimation of cost, a number of factors have to be considered. This is due to the market posting an estimation influence in the cost. The estimation factors which tend to affect the estimation cost are such as material prices, material, quality and material availability. Together with the influencing factors come some of the methods which are able to produce answers to early building cost estimation. Methods that can be used are a cubic method, functional unit, storey enclosure and floor are a unit[ CITATION Dav11 \l 1033 ]. Factors that influence cost accuracy in early stage building estimates. 1.Material pricesThe wide market presents very many factors that fluctuate and material prices is one of them. Ina construction site. Materials that are used compose of various categories. There are large items such as concrete, gravel, timber, bricks, steel, plumbing and electronic fittings. The small items are such as the nails and screws that are mainly very basic in building sites. During buying these materials, their cost varies[ CITATION Jim16 \l 1033 ]. The cost is also under the influence of the manufacturer and the abilityto produce them. The manufacturer’s production ability is influencing such that any purchase during periods of numerous orders makes the prices be set high due to high demand. These prices also drop in times that the orders are low. The ratio of the volume of buyers to the volume of the materials in store also affects the material price. In times when the buyers have a larger volume of the materials present, the prices are set high[ CITATION Rob16 \l 1033 ]. 2.Material Quality.When estimating, one has to take in the quality of the material at hand. Quality is judged as for whether it is of low or high quality. Materials having high quality instantaneously affect the cost
Costs 3estimation in that the initial cost becomes high. The cost of constructing a building may also be high because of the use of low-quality materials. Low-quality materials have the tendency to get damaged during construction. They may break during temporary storage or in transit to construction sites. After damage, funds will have to be routed for replacement thereby raising the cost estimation. Materials thatdamage easily is due to the poor standard of manufacture and management system of the material[ CITATION Bry10 \l 1033 ]. Hence when a contractor is intending to make a profit in the building, materials being used have to be of high quality in that they meet the minimum requirements ofthe standard before being flagged for use. This tactic makes the contractor escape repairing of the building that could increase expense. Buying high-quality material is a big move that later pays off since the structures built last longer. It concludes that buying faulty materials should not be an option[ CITATION All15 \l 1033 ]. 3.Material AvailabilityMaterial availability means how easy a building material can be found or purchased or obtained.The availability is a factor that proves costly for some building structures while some it is a diminished factor. The dependency of the cost of estimation for example taking stone or timber as a raw material, ifthey can be purchased easily then the estimation cost becomes less. On the other hand, materials that are difficult to find make the cost high. The factor of sustainability of materials in construction is an inclusive command. To make it clearer is by using the example of easily available raw materials in the surrounding construction site. These materials have reduced cost whereas those that are not easy to locate increase their prices. A clear raw material is the teak tree. Teak has the tendency to only grow in suitable climates hence they can only be found easily in these areas. Such areas have the teak tree cheap at price. If the site is not located in environmentally friendly zones the tree will not grow, hence
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