Significance of Construction Cost Estimating Risks in Nigeria

摘要

Risk and uncertainties are inevitable at every stage of construction process but can be managed; consultants determine the size and cost implication while contractors cope with it. Construction cost estimating, being the bedrock of the whole process of cost forecasting, determination and management cannot be left out. The need to assess inherent risk in estimating sage of construction project stems from this rationale. The paper examined risks in the construction cost estimating and its significant impact on project cost in Nigeria. The study data were collected through questionnaire survey administered on registered quantity surveyors in both the contracting and consulting organizations in Lagos Metropolis. Out of the list of the registered quantity surveyors in the study area, eighty-five (85) were randomly selected. Data collected were subjected to both the descriptive and inferential statistical tools. Risks associated with construction cost estimating were identified and categorized into bidding procedure, project characteristics, estimating process, project design, fiancé and personal risks. The selected quantity surveyors assessed the significance risks impacting construction cost estimating in the Nigerian construction industry.