1.

Introduction:

Cost estimate is a method of proper analysis in which the prediction of a project's financial
requirements is generated using a variety of methods. Various cost estimating methods are
implemented, clarified, and applied to the construction of a vehicle maintenance facility
under the given specifications to achieve a final cost estimate in this article. At the
discussion, analogs, parametric, and bottom-up estimating methods were presented and
addressed, and bottom-up cost estimation was used, which is considered to produce more
precise outcomes for cost estimation. In addition, four main steps or components of cost
calculation are addressed. Following that, the principle of quality control is adopted, and its
elements are addressed in general and in relation to the specific case in order to achieve the
best possible outcomes. The estimated expense of the Vehicle Maintenance Facility project
has been calculated to be $1,125,430 in this scenario. To arrive at the results, various
aspects of the building project are decomposed into key tasks and all of the values of the
activities are aggregated.

2. Cost Estimation Tools:

According to Juszczyk, cost analysis methods can be divided into qualitative and quantitative
techniques depending on the methodologies used (2017, p. 416). Qualitative techniques
provide estimations focused on heuristics and professional judgments, while quantitative
approaches include parametric, analogue, and other computational tools.

2.1 Analogous cost estimation:

Analogous cost estimating is a technique that utilizes historical data from a nearly identical
project to determine the inputs for the new project. Although it does not aid in obtaining
reliable cost estimate outcomes, the collected results may be used for higher level
estimations, which are more often beneficial at the start of the project where the decision
to continue or abandon the project is taken (Goebel, 2005). Additionally, it is said to be used
in the majority of construction projects to achieve higher level estimates, since there are
quite a few correlations between construction projects.

2.2 Parametric cost estimation:

While parametric cost estimation tools often use historical data, they are claimed to
produce more reliable results than analogous estimation since they use historical data for
the major cost drivers such as cost, length, and man-hours. Individual statistical estimates
for different units are performed and then compounded by the number of units to achieve
the necessary overall cost estimate (Goebel, 2005).
2.3 Bottom-up cost estimation:

This method of cost calculation is unquestionably the most accurate since it breaks down
the project's elements into their constituent parts and calculates the cost of each
individually before adding them all together to arrive at the overall cost estimation (Divakar
& Britto, 2018). Owing to the uncertainty involved, this method of cost estimating often
takes longer than the previously described methods and is employed during the latter stages
of project preparation and budgeting, as opposed to the equivalent estimation used at the
outset. The average cost of any particular segment has been determined in this case
depending on the sub-tasks included within each phase. For instance, when analyzing the
expense of project management, the following subordinate considerations were considered:
"Receive NTP," "Install erosion protection," "Mobilize General Conditions products," and
"Bonds and Permits." Costs for these variables have been calculated using appropriate
industry and historical cost estimation.

3. Project cost estimation:

The key fields chosen for cost assessment in this project cost control strategy are the major
activities associated with the project work. Benqatla, Chikhaoui, and Bounabat (2016) state
that the working site should also be built as part of the project. Thus, in this instance, the
approximate expenditure for the construction of the working site has been assumed in
order to arrive at correct estimated values. The expense of structuring all of the
specifications has been defined and analyzed in this section, as well as the considerations
that go into the budget for designing the new system's interior. Apart from the above listed
categories, expenses for site work completion, operation administration, and project
termination were also included, bringing the total expense of the provided vehicle
maintenance facility development to an approximate $1,125,430.

Activities Cost
$46800
Project Management

Initial Site Work $45524

Foundation $163553

Structure and Envelope $345,580

Interiors – Office Area $278,351

Service Bays $100,017

Final Site Work $158,855

Project Closeout $16,750

Total cost $1,125,430

Table 1: Estimated project cost

4. Cost management planning components

Any cost control strategy would adhere to four main cost management elements.
The image below illustrates the four stages of cost control preparation and their order.

Resource
planning

Cost Cost Cost

control management estimating
components

Cost
budgeting
Figure 1: Components of cost management

Resource planning: This process analyzes and estimates all of a project's available capital. In
this regard, after designing the project's strategy, the project's main resources were
analyzed first. This process examined the resources available for each region of the project.

Cost estimation: By analyzing the project's resources, the project's costs are calculated.
According to Henri, Boiral, and Roy (2016), a thorough market study was conducted to
determine the costs of various services. Both services have been analyzed independently in
terms of determining their prices.

Cost budgeting: After calculating expenses, it is important to create a project budget.

However, the budget is established in accordance with the project's capability. In other
terms, expense budgeting may be considered a sub-process of cost estimating. This process
allocates projected costs to capital in accordance with the schedule and creates the final
budget based on Mansor et al. (2016). Along with the expense, the time of resource use
should be included in this aspect.

Cost management: After calculating the project's spending, it's important to monitor and
control the project's costs. In certain instances, the project schedule surpassed the target
due to errors or expense fluctuations (Mansor et al. 2016) caused by unanticipated risk
occurrences. As a result, appropriate expense management strategies can be implemented
to prevent cost excision.

5. Quality Management Planning

A project's quality control is focused on balancing all of the project's main variables in an
orderly and succinct manner that is cost effective and results in a better outcome. Planning
quality control is critical and begins by defining requirements and measures that can be
utilized to assess the product's/quality result's during the project's implementation. Quality
management consists of many phases, beginning with preparation and ending with quality
monitoring, quality assurance, and strategies for quality enhancement (Knutson, 2003).

Quality preparation: Quality planning is the process of analyzing the appropriate and
important level that will assist in appeasing stakeholders. The project management team
emphasizes some critical aspects in this area to ensure the job is of high standard. This part
analyzes and documents the process of analyzing and satisfying the needs of stakeholders.
The primary players in this regard are the project's developers and clients (Honarpour, Jusoh
& Md Nor, 2018). Additionally, the project's performance metrics and relevant requirements
are analyzed. To handle the work process efficiently, team members' roles and duties can be
split.
Quality assurance: This framework examines the critical methods and procedures utilized in
the quality control process. As mentioned by Honarpour, Jusoh, and nor (2018), careful
monitoring of the project is essential in this instance. It should be assured that the project is
carried out according to schedule. Apart from that, the plan's feasibility should be
evaluated. This process may also provide an examination of potential areas for project
improvement.

Reviews: A thorough review of the project's feasibility should be conducted with input from
the project's main stakeholders. This is an area where feedback from investors and
consumers can be solicited. They will be willing to shed light on places for change, as Henri,
Boiral, and Roy (2016) assert. Additionally, this approach may be used to analyze the needs
of stakeholders. Additional proposals can be updated in light of the study. In terms of doing
reviews, it's worth noting that they can be conducted in both formal and informal settings.
Additionally, appropriate modifications can be made in response to the project team's
feedback.

This method is integrated with many other sequential stages. That is, monitoring, checking,
and quality control. The project plan is evaluated for quality control at this point, and a
thorough inspection is performed to determine its importance to the market research
focused on the topic of Benqatla, Chikhaoui, and Bounabat (2016). Apart from that, careful
testing of the project plan is essential to ensure the working method is successful. Another
critical component in this situation is the quality assessment of the project schedule.

The quality control strategy was created along with the creation of this project plan. The
project management committee adhered to all phases of the quality management method
in this regard. The method of resource expense distribution has been accompanied by an
appropriate quality control process.

6. Conclusion:

Cost control and quality management preparation were quickly outlined during the project
planning stages, and their elements were also identified in depth, assisting in a deeper
understanding of the processes. Numerous cost analysis methods have been identified, and
the most effective approach for estimating the cost of a given Vehicle Maintenance Facility
construction project has been selected. Quality control is often important, since any
variation in cost will have an effect on quality and vice versa. For a project manager, one of
the critical elements of quality preparation is having a thorough understanding of the
project's intent in order to properly interpret the deliverables and evaluate them
appropriately through different methods and techniques (Rever, 2007).
 7. References:

Benqatla, M. S., Chikhaoui, D., & Bounabat, B. (2016). IT governance in actor-network mode of
collaboration: Cost management process based on game theory. Retrieved from
https://arxiv.org/ftp/arxiv/papers/1606/1606.03701.pdf

Divakar, K., & Britto, J. (2018). Factors affecting effective implementation of cost management
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Henri, J. F., Boiral, O., & Roy, M. J. (2016). Strategic cost management and performance: The
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%20costs.pdf

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Knutson, J. (2003). Project quality: the sequel. PM Network, 17(1), 50–52. Retrieved from
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Mansor, Z., Arshad, N. H., Yahya, S., Razali, R., & Yahaya, J. (2016). Ruler for effective cost
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