Ethical Considerations in Cost Estimation: Addressing Transparency and Integrity in the Estimating Process

Author(s)	Abhiram Reddy Anireddy
Country	USA
Abstract	As a construction project management critical component, cost estimation influences budgeting, resource allocation and contractual agreements. But despite these problems, challenges of ethics like underestimation, overestimation, conflicts of interest and lack of transparency negatively affect the accuracy and the fairness of cost estimates. Sometimes, though, you can face project delays, cost overruns, disputes, and damaged professional reputations as a result of these issues. In this paper, cost estimation is considered in light of ethical issues that include transparency, accountability and adherence to industry standards as set by organizations such as ASPE, RICS and PMI. It also investigates the potential for technologies such as BIM and advanced cost-estimation software to increase ethical compliance and improve accuracy. Finally, recommendations for the improvement of ethical practice of cost estimation are made to enhance the degree of trust and integrity in the construction industry.
Keywords	Cost Estimation, Ethics, Transparency, Integrity, Construction, Conflicts of Interest, Accountability, Building Information Modeling (BIM), Professional Standards, Cost Management.
Published In	Volume 4, Issue 6, November-December 2022
Published On	2022-11-23
DOI	https://doi.org/10.36948/ijfmr.2022.v04i06.10886
Short DOI	https://doi.org/g8tv9z

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International Journal For Multidisciplinary Research