An information model of the construction cost estimating process
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.