eprintid: 12511
rev_number: 2
eprint_status: archive
userid: 1
dir: disk0/00/01/25/11
datestamp: 2023-11-10 03:27:04
lastmod: 2023-11-10 03:27:04
status_changed: 2023-11-10 01:48:54
type: conference_item
metadata_visibility: show
creators_name: Musarat, M.A.
creators_name: Alaloul, W.S.
creators_name: Qureshi, A.H.
creators_name: Altaf, M.
title: Inflation Rate and Construction Materials Prices: Relationship Investigation
ispublished: pub
keywords: Construction industry; Decision making; Decision support systems, Construction projects; Cost estimations; Cost overruns; Decision makers; Inflation rates; Percentage deviation; Primary factors; Spearman correlation coefficients, Cost estimating
note: cited By 4; Conference of 2020 International Conference on Decision Aid Sciences and Application, DASA 2020 ; Conference Date: 7 November 2020 Through 9 November 2020; Conference Code:166557
abstract: Cost is one of the essential parameters of the construction project and any variation in it can bring the project to the failure. The Inflation rate is considered as a primary factor which causes cost overrun. To examine this scenario in the construction industry of Pakistan, this study has been performed. The materials prices were examined statistically with the inflation rate to evaluate their correlation. First, the percentage deviation was calculated to examine the variations in the prices. Afterwards, the Spearman correlation coefficient was calculated to investigate their interrelation. Based on the results it was revealed that inflation rate is the foremost factor in diverging the prices, as it was found to be strongly correlated. The strong relationship indicates that the shift in the inflation rate raises the prices of the materials, resulting in project cost overrun. Here, in this case, the relationship appeared to be inversely proportional. Therefore, the construction industry's decision-makers need to come up with a solution to incorporate the inflation rate in cost estimation at the bidding stage. © 2020 IEEE.
date: 2020
publisher: Institute of Electrical and Electronics Engineers Inc.
official_url: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85100558924&doi=10.1109%2fDASA51403.2020.9317162&partnerID=40&md5=63f9072fb8a7ece87657b8a0dba91481
id_number: 10.1109/DASA51403.2020.9317162
full_text_status: none
publication: 2020 International Conference on Decision Aid Sciences and Application, DASA 2020
pagerange: 387-390
refereed: TRUE
isbn: 9781728196770
citation:   Musarat, M.A. and Alaloul, W.S. and Qureshi, A.H. and Altaf, M.  (2020) Inflation Rate and Construction Materials Prices: Relationship Investigation.  In: UNSPECIFIED.