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Edwards, D J and Nicholas, J (2001) Telescopic handler machine park prediction using sales trends. Journal of Financial Management of Property and Construction, 6(02), 109–18.

Farrell, L M (2001) Financial agency issues in mortgage underwriting and real estate valuation. Journal of Financial Management of Property and Construction, 6(02), 119–37.

Fortune, C and Lees, M (2001) Systematic errors of judgement and the formulation of strategic cost advice for construction clients. Journal of Financial Management of Property and Construction, 6(02), 81–93.

  • Type: Journal Article
  • Keywords: construction economics; decision-making; strategic cost modelling; human judgement; systematic errors
  • ISBN/ISSN: 1366-4387
  • URL: http://www.emeraldinsight.com/journals.htm?issn=1366-4387
  • Abstract:
    Clients in the construction industry need reliable stratgic project cost information. A factor that affects the quality of this information is human judgement. Previous work has established that construction professionals exercise judgement when involved in the preperation of strategic cost advice for clients. The exercise of judgement is a human cognitive process that can be subject to errors, bias and heuristics. This works seeks to improve the quality of early stage strategic cost advice by developing a better understanding of the role of human judgement in its formulation. In particular, this paper reports a study that was conducted to establish whether construction professionals involved in the formulation of strategic cost advice for clients have a propensity to make systematic errors of judgement. The first section of the paper defines and discusses judgement and decision-making in the context of cost modelling and human judgement theory in order to develop a conceptual module of the stratgic cost advice process. The conceptual model illustrates the significnance of human judgement in the formulation of the strategic cost advice. The paper then reports an empirical study that has investigated the propensity of construction professionals to make systematici errors of judgement when formulating strategic cost advice for clients. The design and development of an appropriate measuring tool for the study and its application is described. The results indicate that practitioners are liable to make systematic errors of judgement when involved with the formulation of stategic cost advice for clients. The paper concludes by making the case for further work to be undertaken with constrution clients in order to develop a more complete understanding of the role of judgement in the formulation of strategic cost advice.

Liow, K H, Leong, J O T, Ebrahim, M S and Brown, G R (2001) Performance measurement in corporate real estate: issues, evidence and research agenda. Journal of Financial Management of Property and Construction, 6(02), 71–9.

Wong, F K W, Hui, E C M and Leung, B Y P (2001) A comparative study of the housing reforms in the major cities of China: Beijing, Shanghai, Guangzhou and Shenzhen. Journal of Financial Management of Property and Construction, 6(02), 95–107.