An information model of the construction cost estimating process
Abstract
It is argued that a fundamental criterion which has received
little consideration in the investigation of cost prediction is
the impact of information upon accuracy. An information model
is developed by drawing on the work of communication engineers,
information scientists and psychologists. It is then
demonstrated that information cannot be divorced from the
knowledge of the receiver and as such it then becomes necessary
to determine how knowledge is accumulated and how this then
impacts upon the need and demand for information, the choice of
relevant information, as well as how that information is
utilised. The concept of relevance is considered from a logical
and psychological perspective. On completion of this analysis
the information model which links cost estimating with entropy,
information and knowledge is completed. It is argued that the
developed model is comprehensive and facilitates the
progression of research in this field. The model is then used
as a basis for the investigation of the relationship between
information and expertise in estimating, choice of information
for estimating, impact of information on estimating,
perceptions of information quality and the perceptions of the
importance of information facets and attributes to the
estimating process.