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Assessing risk impacts on the variability between tender sum and final account.

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Odeyinka, Henry, Larkin, Keren, Cunningham, Gervase, Weatherup, Robert and McKane, Mark (2010) Assessing risk impacts on the variability between tender sum and final account. In: COBRA 2010, Dauphine University, Paris. Royal Institution of Chartered Surveyors (RICS). 16 pp. [Conference contribution]

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Abstract

In a previous study, the budgetary reliability of the Bills of Quantities (BOQ) in procuring building projects was investigated using secondary data from completed building projects in UK. The study concluded that in procurement methods where bills of quantities were used, deviations between the tender sum in the BOQ and final account figures were observable. In the case of housing projects, the percentage deviation was found to be within an acceptable margin. However in the case of educational buildings, commercial projects and refurbishment projects, the percentage deviation was found to be significantly high in each case. This suggests that the more complex the nature of a construction project, the more likely is the tendency of deviation between the tender sum and final account. This present study therefore seeks to use the risk theory to uncover the explanatory risk variables thought to impact the construction phase with attendant impact on the out turn cost of construction projects. In addition, the study seeks to assess the impacts of the identified risk factors on the observed variability between tender sum and final account. It is a first step in an ongoing programme of research which seeks to model risk impacts on the variability between tender sum and final account.

Item Type:Conference contribution (Paper)
Keywords:construction project, risk variables, risk impacts, tender sum, final account.
Faculties and Schools:Faculty of Art, Design and the Built Environment
Faculty of Art, Design and the Built Environment > School of the Built Environment
Research Institutes and Groups:Built Environment Research Institute
Built Environment Research Institute > Centre for Sustainable Technologies (CST)
ID Code:19712
Deposited By:Dr Henry Odeyinka
Deposited On:22 Aug 2011 16:28
Last Modified:22 Aug 2011 16:28

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