Analysis of Cost Overruns in Construction Projects: A Case Study of Residential Developments in Urban Areas

Thesis Overview

The research project titled "Analysis of Cost Overruns in Construction Projects: A Case Study of Residential Developments in Urban Areas" aims to investigate the factors contributing to cost overruns in construction projects, with a specific focus on residential developments in urban areas. Cost overruns are a common issue in the construction industry and can have significant impacts on project timelines, budgets, and overall success. By conducting a detailed analysis of cost overruns in the context of residential developments in urban areas, this study seeks to provide valuable insights that can help improve future project management practices and mitigate the occurrence of cost overruns. The research will involve a comprehensive literature review to establish a theoretical framework and identify existing research on cost overruns in construction projects. This review will cover topics such as the causes of cost overruns, the impact of cost overruns on project outcomes, and strategies for cost control and mitigation. The literature review will serve as the foundation for the empirical investigation of cost overruns in residential developments in urban areas. The primary research methodology for this study will involve a case study approach, focusing on a selection of residential construction projects in urban areas. Data will be collected through interviews with project stakeholders, document analysis, and on-site observations to identify the specific factors contributing to cost overruns in these projects. The research will also consider the role of project management practices, stakeholder collaboration, and external factors such as market conditions and regulatory requirements in influencing cost overruns. The findings of this research will be presented in a detailed analysis of the identified factors contributing to cost overruns in residential developments in urban areas. The discussion will highlight common trends and patterns in cost overruns, as well as the unique challenges faced by projects in urban settings. Recommendations for improving project management practices and reducing the likelihood of cost overruns will be provided based on the research findings. Overall, this research project on the analysis of cost overruns in construction projects, specifically focusing on residential developments in urban areas, aims to contribute to the body of knowledge in construction management and provide practical insights for industry professionals, project managers, and policymakers. By understanding the underlying causes of cost overruns and implementing effective strategies for cost control, construction projects can be better managed, leading to improved project outcomes and overall success in the built environment.