THE PRINCIPLES OF COST ESTIMATES IN CONSTRUCTION PROJECTS
Decisions of any matter are based on complying with general principles in order to obtain accurate and useful information for good decisions. Cost estimating is the process of calculating and analyzing all expenses which will be incurred in a project and needed to complete the project activities. Estimating is the essential aspect of construction industry, (James J. Adrian, 1982). The success of a project is a result of accurate estimates. This paper will illustrate general principles of cost estimate which guide the estimators to provide accurate and useful information for decisions in construction industry. Moreover, major factors which are affecting the accuracy of construction cost estimate will be highlighted.
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