Availability and Quality of Cost Data for Detailed Cost Estimate

In Ghana as in other countries, construction Cost Estimation and Price Analysis (CEPA) are key activities in the design and planning of construction projects. Cost estimates are used as the basis for taken decisions at various faces of construction projects. In view of the above, the accuracy of the cost estimate is very important. Studies have shown that, quality and the adequacy of cost estimation data have significant influence on the accuracy of cost estimates. it was observed in the study that a number of factors influence the quality of cost data which include the following: the source of the data; the experience of the person handling the data; the frequency with which the data is updated; the processing/analysis of the data and the method of collecting the data. Furthermore it was reveal that firms in Ghana obtain their cost data from sources such as company database, suppliers, and GhIS publications. Some of the data are determined based on past experience. Estimating techniques such as estimating from first principle, benchmarking rates from other organizations and the use of expert advice are used in determining the detailed cost of a project.