QUESTION 1

The process of developing a comprehensive project cost estimate is critical for a project. The complex nature of projects and the uncertainties of the financial performance of construction projects, development funding and monitoring and controlling of costs and schedules make exact budget needs impossible to forecast accurately.

By using project construction case studies, review the following tasks:

A) Identify issues and factors affecting the accuracy of cost estimation in project constructions.

B) Evaluate types of cost estimation methods applicable in project constructions.

[Total / 10 Marks )