Assessment of Cost Overruns in Construction Projects: A Case Study of Residential Developments

Thesis Abstract

Abstract
Construction projects often face challenges related to cost overruns, which can have significant implications on the overall success of the project. This research project focuses on the assessment of cost overruns in construction projects, with a specific emphasis on residential developments. The aim of this study is to identify the factors contributing to cost overruns in residential construction projects and to propose strategies for mitigating these challenges. The research methodology employed in this study includes a comprehensive literature review, data collection through surveys and interviews with industry experts, and a detailed analysis of cost overrun data from selected residential developments. The findings of the study will provide valuable insights into the causes of cost overruns in construction projects, particularly in the residential sector. Chapter One provides an introduction to the research topic, including the background of the study, problem statement, objectives, limitations, scope, significance, structure of the thesis, and definition of terms. Chapter Two presents a detailed literature review covering ten key aspects related to cost overruns in construction projects. Chapter Three outlines the research methodology, including the research design, data collection methods, sampling techniques, data analysis procedures, ethical considerations, and limitations of the research methodology. This chapter also describes the selection criteria for the case study residential developments. Chapter Four presents a comprehensive discussion of the findings derived from the analysis of cost overrun data and the insights gained from the surveys and interviews conducted with industry experts. The chapter explores the factors contributing to cost overruns in residential construction projects and discusses potential strategies for addressing these challenges. Finally, Chapter Five provides a summary of the research findings, conclusions drawn from the study, implications for practice, recommendations for future research, and a reflection on the overall significance of the study. The conclusions drawn from this research will contribute to the body of knowledge on cost overruns in construction projects and provide practical recommendations for stakeholders in the residential construction industry. In conclusion, this research project aims to enhance understanding of cost overruns in construction projects, particularly in the context of residential developments. By identifying the key factors contributing to cost overruns and proposing effective strategies for addressing these challenges, this study seeks to improve project management practices and contribute to the successful delivery of residential construction projects.