Thesis Abstract

Abstract
This thesis explores the optimization of cost estimation methods in construction projects, focusing on a specific region or company. The construction industry is known for its complexity and the challenges it poses in accurately estimating project costs. Inefficient cost estimation can lead to budget overruns, delays, and disputes, ultimately affecting project success. Therefore, the aim of this research is to investigate and propose improved methods for cost estimation in construction projects. The study begins with an introduction to the importance of cost estimation in construction projects, highlighting the impact of inaccurate estimates on project outcomes. The background of the study provides context by discussing existing literature on cost estimation methods and their limitations. The problem statement identifies the gaps in current practices and the need for more effective cost estimation techniques. The objectives of the study are to analyze the existing cost estimation methods, identify areas for improvement, and develop a framework for optimizing cost estimation in construction projects. The limitations of the study are also acknowledged, including constraints such as time, resources, and data availability. The scope of the study defines the specific region or company under investigation and the parameters of the research. The significance of the study lies in its potential to enhance cost estimation practices in the construction industry, leading to improved project outcomes and client satisfaction. The structure of the thesis outlines the organization of the research, including the chapters on literature review, research methodology, discussion of findings, and conclusion. The literature review chapter critically evaluates existing cost estimation methods in construction projects, discussing their strengths, weaknesses, and applicability to the specific context of the study. Key themes include the use of historical data, parametric estimation, expert judgment, and technology in cost estimation. The research methodology chapter details the research design, data collection methods, sampling techniques, and data analysis procedures employed in the study. The chapter also outlines the ethical considerations and limitations of the research process. The discussion of findings chapter presents the results of the study, including the analysis of current cost estimation practices in the specific region or company. The chapter identifies opportunities for optimization and proposes a framework for improving cost estimation accuracy and reliability. In conclusion, this thesis contributes to the body of knowledge on cost estimation in construction projects by offering practical insights and recommendations for enhancing current practices. The study has implications for project managers, quantity surveyors, contractors, and other stakeholders involved in construction projects. By optimizing cost estimation methods, projects can be delivered more efficiently, within budget, and to the satisfaction of clients and stakeholders.

Thesis Overview

The research project titled "Optimizing Cost Estimation Methods in Construction Projects: A Case Study of [Specific Region or Company]" aims to delve into the critical realm of construction project management, with a specific focus on enhancing cost estimation methods. This study endeavors to address the challenges and opportunities associated with accurate cost estimation in construction projects, which play a pivotal role in project success, profitability, and stakeholder satisfaction. The construction industry is inherently complex, marked by dynamic variables, uncertainties, and evolving project requirements. Effective cost estimation is essential for project planning, budgeting, resource allocation, and decision-making throughout the project lifecycle. Inaccurate cost estimates can lead to budget overruns, delays, disputes, and ultimately impact the overall project performance. By conducting a case study within a specific region or company, this research aims to explore the current practices, methodologies, and tools utilized in cost estimation within the construction context. The study seeks to identify the common challenges faced by practitioners in estimating construction costs accurately and the factors contributing to estimation errors. Furthermore, the research will investigate potential strategies, techniques, and technologies that can be employed to optimize cost estimation methods in construction projects. This may involve the integration of advanced software tools, data analytics, historical project data analysis, expert judgment, and risk assessment techniques to improve the accuracy and reliability of cost estimates. Through a comprehensive analysis of the case study data, the research aims to provide valuable insights, recommendations, and best practices for enhancing cost estimation processes in construction projects. The findings of this study are expected to contribute to the body of knowledge in construction management and provide practical guidance for industry professionals, project managers, quantity surveyors, and stakeholders involved in construction projects. Ultimately, the research overview underscores the significance of optimizing cost estimation methods in construction projects to achieve project success, financial sustainability, and stakeholder satisfaction. By addressing the challenges and limitations of current practices and exploring innovative approaches, this study seeks to advance the field of construction project management and facilitate informed decision-making in cost estimation processes.