Thesis Abstract

Abstract
This thesis investigates the optimization of cost estimation methods in construction projects through a comparative study. The construction industry is known for its complexity and the challenges associated with accurately estimating project costs. The aim of this research is to analyze and compare different cost estimation methods in order to identify the most effective approaches for optimizing cost estimation in construction projects. The study will focus on both traditional and modern cost estimation techniques to provide a comprehensive understanding of the factors influencing cost estimation accuracy. The research begins with an introduction that outlines the background of the study, presents the problem statement, objectives of the study, limitations, scope, significance of the study, structure of the thesis, and definitions of key terms. Chapter two consists of a detailed literature review that explores ten key aspects related to cost estimation methods in construction projects. This includes a review of traditional methods such as quantity surveying, as well as modern techniques like parametric estimating and building information modeling (BIM). Chapter three outlines the research methodology employed in this study. It includes discussions on the research design, data collection methods, sampling techniques, data analysis procedures, and ethical considerations. The methodology section will provide a clear framework for conducting the comparative analysis of cost estimation methods. Chapter four presents an in-depth discussion of the findings from the comparative study. The analysis will evaluate the strengths and weaknesses of different cost estimation methods and identify the factors that contribute to the accuracy of cost estimates in construction projects. The chapter will also discuss the practical implications of the findings and provide recommendations for optimizing cost estimation methods in practice. Finally, chapter five offers the conclusion and summary of the thesis. This section will highlight the key findings of the study, discuss the implications for the construction industry, and suggest areas for future research. Overall, this research contributes to the ongoing efforts to enhance cost estimation practices in construction projects, ultimately aiming to improve project outcomes and ensure the successful delivery of construction projects within budget constraints. Keywords Cost Estimation, Construction Projects, Optimization, Comparative Study, Quantity Surveying, Parametric Estimating, Building Information Modeling (BIM)

Thesis Overview

The project titled "Optimizing Cost Estimation Methods in Construction Projects: A Comparative Study" aims to investigate and compare different approaches to cost estimation in the construction industry. Cost estimation is a critical aspect of project management in construction, influencing budgeting, resource allocation, and overall project success. This research seeks to address the challenges and limitations of existing cost estimation methods by exploring innovative strategies and technologies that could enhance accuracy and efficiency in cost estimation processes. The project will begin with a comprehensive literature review to examine current practices and theories related to cost estimation in construction projects. This review will provide a foundation for understanding the different methodologies, tools, and factors that influence cost estimation accuracy. By analyzing a diverse range of sources, including academic journals, industry reports, and case studies, the research aims to identify gaps and opportunities for improvement in current cost estimation practices. Following the literature review, the research methodology will be outlined to detail the approach and techniques used to conduct the comparative study. This will include the selection of case studies or projects for analysis, data collection methods, and the criteria for evaluating the effectiveness of different cost estimation methods. The research will also consider the potential limitations and challenges that may arise during the data collection and analysis process, ensuring a rigorous and systematic approach to the study. The core of the project will involve a detailed discussion of findings from the comparative study, presenting the results of the analysis and insights gained from comparing different cost estimation methods. By examining the strengths and weaknesses of each approach, the research aims to identify best practices and recommendations for optimizing cost estimation in construction projects. This discussion will consider various factors such as project complexity, size, and location, highlighting the importance of tailoring cost estimation methods to specific project requirements. Finally, the project will conclude with a summary and conclusion that synthesizes the key findings and implications of the research. This will include a reflection on the significance of the study, its contributions to the field of construction project management, and potential avenues for future research. Overall, the project seeks to advance knowledge and understanding of cost estimation methods in construction projects, offering practical insights and recommendations for improving project outcomes and decision-making processes.