Australian project time-cost analysis: statistical analysis of intertemporal trends
In investigating intertemporal movements in time-cost relationships via the Bromilow model, it is shown that, with a recently collected sample of data from the Australian State of New South Wales, the constant term in the linearised regression equation is not significantly (p<0.05) different from zero when the contract value is measured in dollars, rather than millions of dollars. This is equivalent to a K value of unity in the original, non-linear, version of the model. This is utilised to develop a new and simpler measure of the time-cost relationship in the form of the ratio which has the advantage of being obtainable for each project. A scatter plot and statistical analysis of the project ratios indicate significant yearly fluctuations but no underlying trend. Assuming similar characteristics of the data from previous studies, equivalent average ratios are estimated and plotted, providing visual evidence of a downward trend. The statistical analysis, however, is inconclusive on the issue, there being insufficient data (six points) for a full analysis.
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|Item Type:||Journal Article|
|Keywords:||Time, cost, models, trend, Bromilow, intertemporal, non, linear|
|Subjects:||Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > BUILDING (120200) > Quantity Surveying (120203)|
|Divisions:||Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering|
|Copyright Owner:||Copyright 2001 Taylor & Francis|
|Copyright Statement:||First published in Construction Management and Economics 19(5):pp. 455-458.|
|Deposited On:||16 May 2006|
|Last Modified:||09 Jun 2010 12:32|
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