The Design of Cost Estimating Model of Construction Project: Application and Simulation

Abstract

Construction projects are encountered with serious risks in the completion of the project. One of these risks is the inac-curacy of cost estimate; the project is carried out under conditions of uncertainty, it is whether the over-or underesti-mate of construction works. This is due to inadequate knowledge of current existing costs, so it leads to a set of difficul-ties hindering, the smooth progress of the project. Hence, it arises the need to set out a cost estimating model in line with major studies made locally and internationally in terms of estimating methods and a common relationships be-tween various expenses so that the cost estimate would be more realistic