1.0 Introduction
1.1 Background of the Study
Estimating is one of the key fundamental functions of the Quantity Surveyor and accurate estimates are very vital to clients when making decisions therefore, clients expect useful and objective information from estimators. Cost estimates provide a useful basis for budgetary planning and cost control for construction projects. Garret (2006) reported that the sustainability and success of the construction industry depends greatly on the level of accuracy in project cost estimates.
Estimating the costs of construction works involves the multiplication of unit rates and the measured quantities in the Bill of Quantities. The calculation of the unit rates for the individual measured items in the Bill of Quantities requires the collation of current cost information for materials, labour, plants, profit and overhead (Ashworth, 2002).
The estimation of the cost of materials, plant, overhead and profit has never been a point of contention because they involve the quantitative estimation of the cost values for plants, profit and overheads while market survey are carryout for materials prices and are the basis for the material cost estimation (Ashworth, 2002). Labour pricing is usually done on the basis of output constants collected on each trade (Ayeni, 1999). It is important that cost estimates have clear indications of the level of information reliability.
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