APPRAISAL OF COST FORECASTING METHOD USED BY QUANTITY SURVEYOR ON CONSTRUCTION PROJECTS

The aim of the research is the appraisal of cost forecasting method by the quantity surveyor in construction industry. The objectives of this study are listed as follows: To identify the factors that affect cost forecasting method by a quantity Surveyor in the construction industries, To investigate the best procedures used to keep the cost of the project within the predetermine cost by quantity surveyor, To appraise or enquire the cash flow method which can be applied by the Quantity Surveyor. Quantitative data were obtained through the administration of questionnaires 35 on developers. The variables were identified through Mean Item Score. The study reveals factors that affect cost forecasting method by the quantity Surveyor in construction industries. Which includes Competency of the quantity surveyor, Experience or qualification of quantity surveyor estimator, Cost forecasting method used, incomplete drawing and detail design, inadequate information, Complexity of the work, Fluctuation in Money Exchange. The procedures used to keep the cost of the project within the predetermine cost by quantity surveyor. Neural networks, Support vector machine, Regression Analysis, Reference Class Forecasting, Case Based Reasoning. It was further discovered that the methods of cost forecasting which is to be applied by the quantity surveyor are Unit method, superficial method, Elemental method, approximate quantities. Finally, the study recommend that since financial soundness, management is the key important reason behind cost forecasting, it here by recommended that quantity surveyors are commissioned from the start of every construction project to enhance cost performance of the projects. According to this research it is highly recommended that the Quantity Surveyor should always be involved in the cost forecasting process to ensure that the project progresses without hindrance. According to the research cost forecasting methods and techniques should be adequate adopted by the Quantity Surveyors to enhance accurate cost forecasting. It is highly recommended that quantity surveyors apply the latest cost forecasting measures in doing forecasting of new projects from beginning to the end of the project.