Analysis of Cost Overrun Factors in Construction Projects: A Case Study of Residential Buildings.

Thesis Abstract

Title Analysis of Cost Overrun Factors in Construction Projects A Case Study of Residential Buildings Abstract
Cost overruns in construction projects are a common challenge faced by the industry, leading to significant financial losses and delays. This study focuses on analyzing the factors contributing to cost overruns in residential building projects to provide valuable insights for project stakeholders. Through a comprehensive literature review and a detailed case study approach, this research aims to identify, analyze, and prioritize the key factors that lead to cost overruns in residential construction projects. The literature review delves into existing theories, models, and studies related to cost overruns in construction projects, providing a theoretical framework for understanding the phenomenon. By synthesizing the findings from various sources, the review highlights the multifaceted nature of cost overruns and the diverse factors that can influence project costs. The research methodology section outlines the approach taken to investigate cost overrun factors in residential building projects. Through a mixed-methods approach combining quantitative data analysis and qualitative case study research, the study collects data from multiple sources, including project documentation, interviews with industry professionals, and site observations. This methodological approach ensures a comprehensive and nuanced understanding of the factors contributing to cost overruns. The findings of the study reveal a range of factors that contribute to cost overruns in residential building projects, including design changes, material price fluctuations, poor project management, inadequate risk assessment, and unforeseen site conditions. By analyzing the data collected from the case study, the research identifies the most significant factors and their impact on project cost overruns. The discussion of findings section critically analyzes the identified factors, exploring their interrelationships and implications for project management practices. Through a comparative analysis of the case study data and the existing literature, this section offers insights into potential strategies to mitigate cost overruns and improve project outcomes in residential construction projects. In conclusion, this thesis contributes to the body of knowledge on cost overruns in construction projects by providing a detailed analysis of the factors influencing project costs in the context of residential buildings. The study underscores the importance of proactive risk management, effective project planning, and stakeholder collaboration in addressing cost overruns and enhancing project performance. The findings of this research have practical implications for industry professionals, project managers, and policymakers seeking to improve cost control measures and optimize project delivery in the construction sector.