Thesis Abstract

Abstract
The construction industry plays a vital role in economic development worldwide, but it is plagued by cost overruns that significantly impact project outcomes. This thesis aims to analyze cost overruns in construction projects, focusing on residential developments in urban areas as a case study. The research investigates the factors contributing to cost overruns, the implications for project performance, and potential strategies to mitigate these challenges. The study begins with an introduction that outlines the background and significance of the research topic. It identifies the problem of cost overruns in construction projects and sets out the objectives of the study. The limitations and scope of the research are also defined to provide a clear framework for the investigation. A comprehensive review of relevant literature is conducted to understand the existing knowledge on cost overruns in construction projects. The literature review explores various factors that contribute to cost overruns, such as inaccurate cost estimation, design changes, poor project management, and external influences. The review also examines the impacts of cost overruns on project success and the strategies employed to address these challenges. The research methodology chapter outlines the approach taken to investigate cost overruns in residential developments in urban areas. The methodology includes data collection methods, sampling techniques, data analysis procedures, and ethical considerations. The study employs a mixed-methods approach, combining quantitative data analysis with qualitative interviews and surveys to obtain a comprehensive understanding of the research topic. The findings chapter presents the results of the research, highlighting the factors contributing to cost overruns in residential construction projects. The analysis identifies common causes of cost overruns, such as inadequate project planning, poor communication among project stakeholders, and unforeseen site conditions. The implications of cost overruns on project performance are discussed, emphasizing the financial, schedule, and quality impacts on construction projects. In conclusion, the thesis summarizes the key findings of the research and discusses the implications for practice and future research. The study underscores the importance of effective cost management in construction projects and proposes recommendations to mitigate cost overruns in residential developments in urban areas. The research contributes to the body of knowledge on cost overruns in construction projects and provides valuable insights for industry practitioners, policymakers, and researchers seeking to improve project performance and sustainability.

Thesis Overview

The project titled "Analysis of cost overruns in construction projects: A case study of residential developments in urban areas" aims to investigate and analyze the factors contributing to cost overruns in construction projects, particularly focusing on residential developments within urban areas. Cost overruns are a significant challenge in the construction industry, leading to financial implications, project delays, and disputes among stakeholders. By conducting a detailed case study, this research seeks to identify the root causes of cost overruns and propose effective strategies to mitigate these issues. The research will begin with a comprehensive literature review to understand the existing knowledge and theories related to cost overruns in construction projects. This review will cover various aspects such as the impact of poor project management, inaccurate cost estimates, scope changes, and external factors like economic conditions and market trends. By synthesizing relevant literature, the study aims to build a solid theoretical framework for the research. The methodology chapter will outline the research design, data collection methods, and analytical techniques to be employed. The case study approach will involve selecting multiple residential developments in urban areas that have experienced cost overruns. Data will be collected through interviews with project stakeholders, document analysis, and site visits to gather qualitative and quantitative information. The analysis will involve identifying patterns, trends, and causal relationships to understand the factors contributing to cost overruns in these projects. Through a detailed discussion of findings, the research will present a comprehensive analysis of the identified factors leading to cost overruns in residential developments within urban areas. This analysis will include a breakdown of cost components, comparison of estimated versus actual costs, and insights into the decision-making processes that influence project budgets. Additionally, the study will highlight common challenges faced by project teams and stakeholders and propose practical recommendations to enhance cost management practices and minimize the occurrence of cost overruns in construction projects. In conclusion, this research aims to contribute valuable insights to the field of quantity surveying by shedding light on the complexities of cost management in construction projects, particularly in the context of residential developments in urban areas. By uncovering the underlying causes of cost overruns and offering recommendations for improvement, this study seeks to promote better project outcomes, cost efficiency, and stakeholder satisfaction in the construction industry.