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PIREM: a new model for conceptual cost estimation

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  • Wen-Der Yu

Abstract

A new conceptual construction cost estimating method, namely, Principal Item Ratios Estimating Method (PIREM), is presented. The proposed PIREM integrates several existing conceptual estimating methods (including parametric estimating, ratios estimating, and cost significant model) with advanced nonlinear mapping techniques, and adopts a scheme that separates unit prices with the quantities of a cost item. It allows estimators to estimate based on the prevailing unit prices in the marketplace, thus the fluctuation of prices can be reflected on a real-time basis. Two comprehensive case studies were conducted for verification of PIREM. The demonstration case studies show that PIREM is able to provide accurate and the most updated estimates when advanced mapping technologies are incorporated.

Suggested Citation

  • Wen-Der Yu, 2006. "PIREM: a new model for conceptual cost estimation," Construction Management and Economics, Taylor & Francis Journals, vol. 24(3), pages 259-270.
  • Handle: RePEc:taf:conmgt:v:24:y:2006:i:3:p:259-270
    DOI: 10.1080/01446190500183735
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    References listed on IDEAS

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    1. Ching-Hwang Wang & Yong-Ho Mei, 1998. "Model for forecasting construction cost indices in Taiwan," Construction Management and Economics, Taylor & Francis Journals, vol. 16(2), pages 147-157.
    2. A. K. Munns & K. M. Al-Haimus, 2000. "Estimating using cost significant global cost models," Construction Management and Economics, Taylor & Francis Journals, vol. 18(5), pages 575-585.
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