Analysis of tender sum forecasting by quantity surveyors and contractors in South Africa
| dc.contributor.author | Pearl, R G | |
| dc.contributor.author | Akintoye, A | |
| dc.contributor.author | Bowen, P A | |
| dc.contributor.author | Hardcastle, C | |
| dc.date.accessioned | 2017-11-23T09:38:14Z | |
| dc.date.available | 2017-11-23T09:38:14Z | |
| dc.date.issued | 2003 | |
| dc.date.updated | 2017-11-03T10:14:32Z | |
| dc.description.abstract | Although extensive research has been undertaken on the accuracy of quantity surveyors' tender price forecasts, very little of this research contains information relating to the factors affecting tender sum forecasting by quantity surveyors and contractors. The primary objective of this empirical study was to gain insight into the factors influencing both quantity surveyors' and contractors' tender price forecasts. This was achieved through an analysis of tender information relating to 278 projects for a fifteen-year period and collected from 30 quantity-surveying practices and MBATA tender records. The analysis of South African tender information reported in this article indicates an average forecast performance by quantity surveyors of 8.33% (std dev (standard deviation) = 11,183, CV (coefficient of variation) = 134,2%). The variability of contractors' tenders ranged from 0,37% to 46,53%, with a mean of 5,65% (std dev = 5,22, SE (standard error) = 0,313). Furthermore, there is no evidence to suggest that forecast performance is dependent on type of project, client, function of project, size of project, location of project and number of bidders. The contractor's results suggest that local authority projects are associated with high variability of their tender sum forecasts. The only factor, which shows significance for quantity surveyors, is the date of tender which may tend to point to the importance of market conditions and economic cycle in the tender sum forecast performance of South African quantity surveyors. | |
| dc.identifier.apacitation | Pearl, R. G., Akintoye, A., Bowen, P. A., & Hardcastle, C. (2003). Analysis of tender sum forecasting by quantity surveyors and contractors in South Africa. <i>Acta Structilia</i>, http://hdl.handle.net/11427/26416 | en_ZA |
| dc.identifier.chicagocitation | Pearl, R G, A Akintoye, P A Bowen, and C Hardcastle "Analysis of tender sum forecasting by quantity surveyors and contractors in South Africa." <i>Acta Structilia</i> (2003) http://hdl.handle.net/11427/26416 | en_ZA |
| dc.identifier.citation | Pearl, R., Akintoye, A., Bowen, P., & Hardcastle, C. (2003). Analysis of tender sum forecasting by quantity surveyors and contractors in South Africa. Acta Structilia, 10(1&2), 5-34. Retrieved from http://journals.ufs.ac.za/index.php/as/article/view/1991 | |
| dc.identifier.ris | TY - Journal Article AU - Pearl, R G AU - Akintoye, A AU - Bowen, P A AU - Hardcastle, C AB - Although extensive research has been undertaken on the accuracy of quantity surveyors' tender price forecasts, very little of this research contains information relating to the factors affecting tender sum forecasting by quantity surveyors and contractors. The primary objective of this empirical study was to gain insight into the factors influencing both quantity surveyors' and contractors' tender price forecasts. This was achieved through an analysis of tender information relating to 278 projects for a fifteen-year period and collected from 30 quantity-surveying practices and MBATA tender records. The analysis of South African tender information reported in this article indicates an average forecast performance by quantity surveyors of 8.33% (std dev (standard deviation) = 11,183, CV (coefficient of variation) = 134,2%). The variability of contractors' tenders ranged from 0,37% to 46,53%, with a mean of 5,65% (std dev = 5,22, SE (standard error) = 0,313). Furthermore, there is no evidence to suggest that forecast performance is dependent on type of project, client, function of project, size of project, location of project and number of bidders. The contractor's results suggest that local authority projects are associated with high variability of their tender sum forecasts. The only factor, which shows significance for quantity surveyors, is the date of tender which may tend to point to the importance of market conditions and economic cycle in the tender sum forecast performance of South African quantity surveyors. DA - 2003 DB - OpenUCT DP - University of Cape Town J1 - Acta Structilia LK - https://open.uct.ac.za PB - University of Cape Town PY - 2003 T1 - Analysis of tender sum forecasting by quantity surveyors and contractors in South Africa TI - Analysis of tender sum forecasting by quantity surveyors and contractors in South Africa UR - http://hdl.handle.net/11427/26416 ER - | en_ZA |
| dc.identifier.uri | http://hdl.handle.net/11427/26416 | |
| dc.identifier.vancouvercitation | Pearl RG, Akintoye A, Bowen PA, Hardcastle C. Analysis of tender sum forecasting by quantity surveyors and contractors in South Africa. Acta Structilia. 2003; http://hdl.handle.net/11427/26416. | en_ZA |
| dc.language.iso | eng | |
| dc.publisher.department | Department of Construction Economics and Management | en_ZA |
| dc.publisher.faculty | Faculty of Engineering and the Built Environment | |
| dc.publisher.institution | University of Cape Town | |
| dc.source | Acta Structilia | |
| dc.source.uri | http://journals.ufs.ac.za/index.php/as/index | |
| dc.subject.other | Tender price forecasts | |
| dc.subject.other | tender information | |
| dc.subject.other | accuracy | |
| dc.subject.other | building industry | |
| dc.title | Analysis of tender sum forecasting by quantity surveyors and contractors in South Africa | |
| dc.type | Journal Article | |
| uct.type.filetype | Text | |
| uct.type.filetype | Image |