Assessment of cost overrun causes in construction projects: A case study of residential buildings

Project Abstract

**** Cost overruns in construction projects are a prevalent issue that can significantly impact project outcomes, budgets, and timelines. This research aims to assess the causes of cost overruns in construction projects, focusing on residential buildings as a case study. The study will investigate various factors contributing to cost overruns, such as inaccurate cost estimates, scope changes, design errors, material price fluctuations, and labor costs. By analyzing these causes, the research seeks to provide insights and recommendations to mitigate the risk of cost overruns in construction projects. The research methodology will involve a comprehensive literature review to explore existing studies, theories, and best practices related to cost overruns in construction projects. This will provide a theoretical framework for understanding the factors that influence project costs and contribute to overruns. Additionally, a case study approach will be utilized to examine specific instances of cost overruns in residential building projects, allowing for a detailed analysis of real-world scenarios and challenges. Data collection methods will include interviews with industry professionals, surveys, and analysis of project documentation to identify common causes of cost overruns and their impact on project success. The research will employ both qualitative and quantitative analysis techniques to evaluate the data collected and draw meaningful conclusions. The findings of this research are expected to shed light on the root causes of cost overruns in construction projects, particularly in the context of residential buildings. By identifying these causes and understanding their implications, stakeholders in the construction industry can implement strategies to prevent or mitigate cost overruns, ultimately improving project outcomes and efficiency. In conclusion, this research contributes to the body of knowledge on cost overruns in construction projects, with a specific focus on residential buildings. The study provides valuable insights into the factors that lead to cost overruns and offers practical recommendations for addressing these challenges. By addressing the root causes of cost overruns, stakeholders can enhance project management practices and achieve better cost control in construction projects.

Project Overview

The project titled "Assessment of cost overrun causes in construction projects: A case study of residential buildings" aims to investigate and analyze the factors contributing to cost overruns in construction projects, particularly focusing on residential buildings. Cost overruns are a prevalent issue in the construction industry and can have significant implications on project outcomes, including delays, disputes, and financial losses. By conducting a detailed analysis of cost overrun causes in the context of residential construction projects, this research seeks to provide valuable insights and recommendations for mitigating these challenges. The study will involve a thorough review of existing literature on the topic to establish a theoretical framework and identify key factors that have been linked to cost overruns in construction projects. Additionally, a case study approach will be employed to examine specific instances of cost overruns in residential building projects, allowing for a deep dive into real-world scenarios and the identification of project-specific factors contributing to cost escalation. The research will explore various factors that can lead to cost overruns, including inaccurate cost estimation, design changes, material price fluctuations, labor shortages, and unforeseen site conditions. By analyzing these factors within the context of residential construction projects, the study aims to provide a comprehensive understanding of the root causes of cost overruns and their impact on project performance. Furthermore, the research will assess the effectiveness of current cost management practices in the construction industry and explore potential strategies for improving cost estimation, monitoring, and control to minimize the occurrence of cost overruns. The findings of this study are expected to have practical implications for construction professionals, project managers, and stakeholders involved in residential building projects, offering valuable insights into best practices for cost management and risk mitigation in the construction sector. Overall, the project on the assessment of cost overrun causes in construction projects, with a specific focus on residential buildings, represents a significant contribution to the body of knowledge in construction management and aims to address a critical issue that impacts project success and sustainability. By identifying and understanding the factors contributing to cost overruns, this research seeks to inform decision-making processes and facilitate more efficient and cost-effective project delivery in the construction industry.