The Identification of Key Factors Affecting Cost Estimation in the Phase of Construction Investment

Abstract

The purpose of this paper is to identify the key factors affecting the cost estimation of construction projects and explore the path to improve the quality of construction project evaluation in the stage of investment estimation. First, 19 influencing indexes of construction project cost estimation were preliminarily identified by using literature research method. Secondly, a questionnaire of 5 levels of importance of design factors was used to collect 118 samples. The principal component analysis method was used to analyze the data, and four principal components of the influencing factors are extracted, they are, the intervention of the contractor, the decision of the project owner, the basic characteristics of the project and the design of the project scheme. Then the load matrix of the factor was calculated, and according to the factor value, at the same time, this paper constructed the regression model, and determined the main factors affecting the cost estimation of the construction project again. In a conclusion, it is found that the uncertainty of organizational behavior factors has the greatest impact on the estimation, which should be included in the cost estimation to improve the traditional investment estimation method.