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Showing 3 results for Cost Estimation

Ayati E.,
Volume 2, Issue 2 (6-2004)
Abstract

Government agencies and the medical, insurance and automotive industries all have an interest in understanding the socio-economic costs of road crashes. These costs are estimated in most countries, and their computation methodology are continuously progressing as more refined costing methods, are used. This paper outlines two recent studies in Iran and Australia in order to compare crash cost estimation approaches. The analytical approaches and the results of similar studies in some other countries are also discussed It is shown that different approaches to estimating human costs and its components have considerable effects on the results. In both studies, the contribution to the total costs are human costs (50 to 60 percent), vehicle costs (30 percent) with the remaining 10 to 20 percent covering general costs.
Sung-Hoon An, Hunhee Cho, Ung-Kyun Lee,
Volume 9, Issue 1 (3-2011)
Abstract

In the early stages of a construction project, the reliability and accuracy of conceptual cost estimates are major concerns for clients and cost engineers. Previous studies applied scoring methods and established common rules or mathematical methods to assess the quality of cost estimates. However, those approaches have some limitations in adapting to real-world projects or require understanding of sophisticated statistical techniques. We propose a Conceptual Cost Estimate Reliability Index (CCERI), a simple, easy-to-use, and easy-to-understand tool that incorporates weights for 20 factors influencing the quality of conceptual cost estimates. The weights were obtained by eliciting experts’ experience and knowledge. Cost data from 71 building projects were used in the analysis and validation of the CCERI. The analysis reveals that a conceptual cost estimate with a CCERI score of less than 3000 has a high probability of exceeding 10% error, and such conceptual cost estimates are unlikely to be reliable. With the CCERI score, a decision maker or a client can recognize the reliability of the conceptual cost estimates and the score can thus support decision making using conceptual cost estimates. In addition, with the CCERI and the relative importance weights of factors affecting the conceptual cost estimates, the estimator can find ways to modify a conceptual cost estimate and reestimate it. These alternatives can decrease the risk in the conceptual estimated cost and assist in the successful management of a construction project.
H. Behbahani, H. Yaghoubi, M. A. Rezvani,
Volume 10, Issue 1 (3-2012)
Abstract

Magnetic levitation (maglev) is amongst the most advanced technologies that are available to the transportation industries. It

has already been noticed by decision makers in many countries around the globe. Contrary to such high levels of interest, there

are no practical algorithms available to the engineers and/or managers to assist them in analyzing economics of the maglev

systems. Therefore, it has been the purpose of this research to find appropriate answers to such vital questions and also investigate

feasibility for practical use of maglev technology in rapid transit systems. The life cycle costs (LCC) for the maglev system

including the cost of initiating such projects are included in this survey and are evaluated. To serve the purpose, an algorithm is

presented that facilitates the technical and economical analyses of maglev systems. The proposal for a long distance maglev

system, Mashhad-Tehran (M-T), is used as a case study by using the proposed algorithm. Moreover, the cost of establishing and

operating M-T project is estimated by two other different approaches. These include the already established mathematically based

cost estimating method, and the cost estimations based on the international norms and standards. These standards are based on

statistical (or provided) data. Such cost estimations assist verification of the proposed algorithm. Comparisons between outcomes

of the three methods prove close agreement for the cost estimation by all of them. It is concluded that the proposed algorithm for

implementation and operation of maglev route is practical.



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