Investigation into the current practice of cost estimating and the introduction of a standard price book in the Malaysia construction industry

Cost estimating is one of the most important areas in construction project management. Three are various ways to do cost estimating with different efficiencies and possibly with different accuracies. In addition it is a complicated process including various activities. Standardized price books will help improve the process and accuracy of cost estimating. However there is no published price book in the Malaysia construction industry. This research has investigated and identified the current practice of estimating in the Malaysia construction industry together with the possibilities of introducing a price book to the industry. Primary methods of estimating, efficiency of the current methods, significance of activities related to estimating, factors affecting the accuracy of estimating are investigated through a survey. Further the obstacles in introducing a price book have been identified. The survey participants agree that the government should initiate the introduction of a price book in the Malaysia construction industry. The outcomes of this research can be also used to improve the competitive advantages of quantity surveyors, consulting engineers/architects and contractors in respect to cost estimating for construction projects in Malaysia.