Analysis of tender sum forecasting by quantity surveyors and contractors in South Africa

 

Show simple item record

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 2018-01-11T10:12:57Z
dc.date.available 2018-01-11T10:12:57Z
dc.date.issued 2003
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.uri http://hdl.handle.net/11427/26802
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.language.iso eng
dc.source Acta Structilia
dc.source.uri http://journals.ufs.ac.za/index.php/as
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
dc.date.updated 2017-11-03T12:26:04Z
dc.publisher.institution University of Cape Town
dc.publisher.faculty Faculty of Engineering and the Built Environment
dc.publisher.department Department of Construction Economics and Management en_ZA
uct.type.filetype Text
uct.type.filetype Image
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/11427/26802 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/11427/26802 en_ZA
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/11427/26802. en_ZA
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/11427/26802 ER - en_ZA


Files in this item

This item appears in the following Collection(s)

Show simple item record