Analysis of cost overruns in construction projects: A case study of residential developments in urban areas

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.