Factors That Determine Accuracy Of Estimates Of Construction Costs

The Criteria

What criteria form the basis on which the Quantity Surveyor (or Estimator) determines an accurate estimate for your project AND which differentiates your project from others?
Here they are:

1. Your Design – Architectural and Structural – Every design reduces or increases the cost of a project, whether we like it or not.
2. Location of your site – this will indeed affect the cost of a project in terms of cost/availability of materials and labor…DO NOTE
   that this varies from place to place; hence, the assertion – “NO TWO PROJECTS ARE THE SAME”.
3. Topography, soil, and site characteristics of your land – may increase your construction cost, depending on the type of land you buy.
4. Prevailing market prices for various materials, labour, and equipment from one location to another will affect the accuracy of your
   estimates considerably. For example, there is a gulf of difference between the cost of a typical material like aggregates (sand, granite)
   or labor charges in Lagos in South-Western Nigeria to that of Kano or Kaduna in Northern Nigeria. This will greatly influence varying project
   costs in both locations by comparison.
5. Time factor – If you propose to commence your project at a future date, i.e., within a period of 1 or more years, the prices of materials would
   most likely have increased, thus affecting the accuracy of any estimate that is generated now.
6. Procurement method – This means the method/system by which the client intends to construct the project, e.g., traditional, direct labor, design
   and build, labor-only contracting, etc. These procurement methods affect the estimated costs of your project; a professional Quantity Surveyor
   understands how to reflect the client’s desired procurement method in the pricing and preparation of estimates.

Recommendation

From the above, it is established that the accuracy of construction estimates can be affected by various factors. Thus, it is wise for you to engage a
Quantity Surveyor/Estimator, who will consider these factors to prepare accurate estimates.

Wishing you success in your current and future construction projects.