Babatunde Dosumu*, Obuks Ejohwomu, Akilu Yunusa-Kaltungo and Olufemi Daramola
In Nigeria, there has been a dearth of study in the field of risk-related cost variability. Due to unreliable cost estimation, variations in cost, length and quality are the direct implications. Cost estimating is difficult, mainly when dealing with uncertainties. The research aims to develop a framework for evaluating the impact of risk on cost estimation through a systematic review. This risk is critical because initial estimates provided to clients serves as bases for planning activities. Theoretical concept was validated via a processual lens of a systematic literature review with cost variability and construction projects as search string within three databases: Scopus, Web of science and EBSCO (BSP) (Business source premium), which were further studied and knowledge or research gaps identified. The review indicated factors causing deviation between final accounts and contract sum varied from 1 to 45, thus meeting objective 1 of the study. Data collection will be achieved using interviews and questionnaires to consider other objectives of peculiarities, severity, effects and ways of mitigating risk, leading to the development of a cost estimating framework that is adjudged an essential tool in risk shedding rather than risk-sharing in project risk management, which would be a solution to cost estimation problems, leading to cost variability in the Nigerian construction industry.
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