Evaluation of non-cost factors affecting the life cycle cost: an exploratory study
Purpose: This paper aims to identify the main non-cost factors affecting accurate estimation of life cycle cost (LCC) in building projects. Design/methodology/approach: Ten factors affecting LCC in building project cost estimates are identified through literature and interviews. A questionnaire surv...
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| Format: | Journal Article |
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Emerald Group Publishing Limited
2016
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| Online Access: | http://hdl.handle.net/20.500.11937/52604 |
| Summary: | Purpose: This paper aims to identify the main non-cost factors affecting accurate estimation of life cycle cost (LCC) in building projects. Design/methodology/approach: Ten factors affecting LCC in building project cost estimates are identified through literature and interviews. A questionnaire survey is conducted to rank these factors in order of priority and provide the views of cost practitioners about the significance of these factors in the accurate estimation of LCC. The data from 138 construction building projects completed in UK were collected and analysed via multiple regression to discover the relationship between capital and LCCs and between non-cost factors and cost estimation at each stage of the life cycle (capital, operation, maintenance and LCC). Findings: The results of analysis of existing LCC data of completing project and survey data from cost professionals are mostly consistent with many literature views and provide a reasonable description of the non-cost factors affecting the accuracy of estimates. Originality/value: The value of this study is in the method used, which involves analysis of existing life data and survey data from cost professionals. The results provide a plausible description of the non-cost factors affecting the accuracy of estimates. |
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