Variability Analysis of Prime Cost Sums
This paper investigated the variability levels of prime cost sums in building projects in order to establish the reliability of such estimates in bills of quantities. It involved a purposive sampling of forty-six executed projects in South-western Nigeria from which data on estimated and final prime...
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| Format: | Article |
| Language: | English |
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Petra Christian University
2008-01-01
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| Series: | Civil Engineering Dimension |
| Subjects: | |
| Online Access: | http://puslit2.petra.ac.id/ejournal/index.php/civ/article/view/16732 |
| _version_ | 1824020770031927296 |
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| author | Ime Johnson Ikpo |
| author_facet | Ime Johnson Ikpo |
| author_sort | Ime Johnson Ikpo |
| collection | DOAJ |
| description | This paper investigated the variability levels of prime cost sums in building projects in order to establish the reliability of such estimates in bills of quantities. It involved a purposive sampling of forty-six executed projects in South-western Nigeria from which data on estimated and final prime cost sums as well as estimated and final contract sums were procured. Ratios interrelating the four variables were generated and their mean values determined. The mean prime cost sum overrun was found to be 41% of the estimated sums. However, a negative relationship between the prime cost sums and the final contract sums was established. Based on observed variations, models were developed to predict any of the ratios in general, and specifically, the practical prime cost range in order to effectively control overall project costs. |
| first_indexed | 2024-12-19T01:35:40Z |
| format | Article |
| id | doaj.art-b29320100b3a4e94a8a1dd14ec46a909 |
| institution | Directory Open Access Journal |
| issn | 1410-9530 1979-570X |
| language | English |
| last_indexed | 2024-12-19T01:35:40Z |
| publishDate | 2008-01-01 |
| publisher | Petra Christian University |
| record_format | Article |
| series | Civil Engineering Dimension |
| spelling | doaj.art-b29320100b3a4e94a8a1dd14ec46a9092022-12-21T20:41:57ZengPetra Christian UniversityCivil Engineering Dimension1410-95301979-570X2008-01-011014044Variability Analysis of Prime Cost SumsIme Johnson IkpoThis paper investigated the variability levels of prime cost sums in building projects in order to establish the reliability of such estimates in bills of quantities. It involved a purposive sampling of forty-six executed projects in South-western Nigeria from which data on estimated and final prime cost sums as well as estimated and final contract sums were procured. Ratios interrelating the four variables were generated and their mean values determined. The mean prime cost sum overrun was found to be 41% of the estimated sums. However, a negative relationship between the prime cost sums and the final contract sums was established. Based on observed variations, models were developed to predict any of the ratios in general, and specifically, the practical prime cost range in order to effectively control overall project costs.http://puslit2.petra.ac.id/ejournal/index.php/civ/article/view/16732prime cost sumscontract sumscost ratiosvariability. |
| spellingShingle | Ime Johnson Ikpo Variability Analysis of Prime Cost Sums Civil Engineering Dimension prime cost sums contract sums cost ratios variability. |
| title | Variability Analysis of Prime Cost Sums |
| title_full | Variability Analysis of Prime Cost Sums |
| title_fullStr | Variability Analysis of Prime Cost Sums |
| title_full_unstemmed | Variability Analysis of Prime Cost Sums |
| title_short | Variability Analysis of Prime Cost Sums |
| title_sort | variability analysis of prime cost sums |
| topic | prime cost sums contract sums cost ratios variability. |
| url | http://puslit2.petra.ac.id/ejournal/index.php/civ/article/view/16732 |
| work_keys_str_mv | AT imejohnsonikpo variabilityanalysisofprimecostsums |