Download or read book Elements of Cost Overruns Delays and Risk Involve in the Construction Industry written by and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The construction industry faces a lot of challenges and risks regarding time, delays, and cost overruns. Poor project and cost management have a great impact and is a very serious issue when it comes cost overruns and delays. These problems often lead to litigation. Cost overruns and delays have a huge impact on a successful delivery of a project. Exceeding the initial estimated budget often leads to project failure, as has been demonstrated in previous studies relating to cost overruns. The research objective is to investigate the causes elements of cost overruns, delays and risks involved in the construction projects both commercial development and residential projects, and apply the appropriate remedies by determining, (i) the main causes of construction cost overruns, delays and risks involved in the construction industry, (ii) the impact these have in the completion of project on time, and (iii) to formulate measures and remedies to avoid these phenomena. The nature of this research is qualitative, and data will be collected from the literature of previous studies in this field (for comparative purposes) and from the semi-structured interview questionnaires. A qualitative research methodology assisted the study in revealing the elements overruns, delays and risks involved in the construction industry. Qualitative research methodology required a specific sampling strategy; therefore, the research had adopted non-probability sampling and the samples were 8 research respondents who were employees at construction companies dealing with project management mostly. This research will be exploring the main causes that mostly affect the budget and listing those causes to check how they can be avoided in the construction projects. This research will assist with the remedies that can be used to minimise the risks of having to exceed the actual estimated budget and not completing the construction projects on time. Finding the gaps that cause the cost overruns delays, risks involved and giving solutions will be beneficial to the clients, contractors and stakeholders that are involved with the construction building projects.
Download or read book A study investigating the factors that cause delays and cost overruns in construction projects in India written by Kushal Agrawal and published by diplom.de. This book was released on 2014-02-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Anyone who has got a rework or renovation work done in their house can tell you what a troublesome activity it is. Not only that, it seems to take forever to be completed and is heavy on the wallet. Even an international icon like the Sydney Opera house, which has always been Australia’s pride, was delayed by 10 years with its budget shooting up by 14.5 times its estimated budget of $7 million. There are plenty of such examples available. It is very common for construction projects to get delayed and outrun their budget. This is a tough scenario faced by almost all projects around the world, with India not being an exception. Thus, the researcher has undertaken this research to investigate the factors responsible for delays and cost overruns. Both secondary research and primary research have been carried out and the barriers have been identified. Such barriers create problems that hinder the efficiency and progress of a project, making it lag behind its schedule. The factors identified in the secondary research are compared to the findings of the primary research to see if they hold true in the Indian context.
Download or read book Construction Delays written by Ted J Trauner and published by Butterworth-Heinemann. This book was released on 2009-04-25 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Delays in construction projects are frequently expensive, since there is usually a construction loan involved which charges interest, management staff dedicated to the project whose costs are time dependent, and ongoing inflation in wage and material prices. Many techniques are used to analyze delays. Some of these methods have inherent weaknesses and should be avoided. This book points out the shortcomings of these faulty methods and explains how a delay analysis should be performed. It then describes specifically how the analysis is done with CPM schedules. A explanation of delays and delay damages, presented in a straightforward, accessible manner, should be useful to public and private owners, construction managers, general contractors, subcontractors, designers, suppliers, and attorneys whose work involves them in the construction industry. The discussion will include subtleties of the process, such as shifts in the critical path, and non-critical delays. The subject of damages is covered in detail, including the major categories of extended field overhead and unabsorbed home office overhead. Likewise, the damages suffered by the owner, either actual or liquidated, are also explained. Finally, a chapter is devoted to managing the risk of delays and time extensions from the viewpoints of the various parties to a construction project. A discussion of early completion schedules and constructive acceleration is also included. In this new ediion, all chapters are updated to reflect the changes in the construction field since the first edition published over l6 years ago. The Second Edition includes over 40% more information such as new methods for analyzing delays with examples of the proper approach. The author also includes a new chapter on risk managment which focuses on the delay-related risks of the various parties in a construction project. Explains the different categories of delays Addresses the concept of concurrency and also non-critical delays Discusses the more common approaches used for measuring and analyzing delays and the strengths and weaknesses associated with them Prevention of Time-Related Delay Problems
Download or read book Early Contractor Involvement in Building Procurement written by David Mosey and published by John Wiley & Sons. This book was released on 2009-11-24 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can contractors and specialists add value to a project by theirearly involvement in design, pricing, risk management andprogramming? How can this be structured and what role docontracts have to play? What is the impact on procurement andproject management? Commentators from Banwell to Egan have recommended earliercontractor appointments, and this has also been linked tosuccessful project partnering. How are the two related? Early Contractor Involvement in Building Procurementconsiders the case for a two stage procurement approach based on asystem of agreed project processes during the preconstructionphase. It examines the ways in which a contract can describeand support this model throughout its procurement, partnering andproject management, and is illustrated with case studies taken fromprojects and programmes across the construction and engineeringindustry. The roles of the various parties involved, the obstacles theyencounter and the benefits they can achieve are examined indetail. There is practical guidance on how to improve speed,economy, sustainability, change control, dispute avoidance, andclient satisfaction. This book bridges the gap betweencontract law, partnering and project management and will beessential reading for middle and senior management at constructioncontractors, consultants and clients in both the public and privatesectors.
Download or read book Advances in Geotechnics and Structural Engineering written by Sanjay Kumar Shukla and published by Springer Nature. This book was released on 2021-04-29 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book comprises select proceedings of the International Conference on Trends and Recent Advances in Civil Engineering (TRACE 2020). The book focuses on the latest research developments in structural engineering, structural health monitoring, rehabilitation and retrofitting of structures, geotechnical engineering, and earthquake-resistant structures. The contents also cover the latest innovations in building repair and maintenance, and sustainable materials for rehabilitation and retrofitting. The contents of this book are useful for students, researchers, and professionals working in structural engineering and allied areas.
Download or read book Beyond Strategy written by Robin Speculand and published by John Wiley & Sons. This book was released on 2009-11-02 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last few years implementation has become an integral part of strategy discussions due to the staggering failure of organizations to deliver on the strategy promises. In Beyond Strategy, Robin shifts his focus from why strategy implementation is important, which was the focus of his last international best seller Bricks to Bridges, to what leaders must do differently. Implementation of strategy can't simply be delegated. In the book he provides the structure, framework and specific actions leaders must take to go beyond strategy and deliver on their promises. The book is divided in to the areas of the Implementation Compass, a tool for implementing strategy that identifies the eight global best practices of implementation. Each chapter ends with the actions leaders must take. The book is concise, based on the latest thinking and packed with useful tips and case studies.
Download or read book Proceedings of the 21st International Symposium on Advancement of Construction Management and Real Estate written by K. W. Chau and published by Springer. This book was released on 2017-12-18 with total page 1500 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the proceedings of CRIOCM_2016, 21st International Conference on Advancement of Construction Management and Real Estate, sharing the latest developments in real estate and construction management around the globe. The conference was organized by the Chinese Research Institute of Construction Management (CRIOCM) working in close collaboration with the University of Hong Kong. Written by international academics and professionals, the proceedings discuss the latest achievements, research findings and advances in frontier disciplines in the field of construction management and real estate. Covering a wide range of topics, including building information modelling, big data, geographic information systems, housing policies, management of infrastructure projects, occupational health and safety, real estate finance and economics, urban planning, and sustainability, the discussions provide valuable insights into the implementation of advanced construction project management and the real estate market in China and abroad. The book is an outstanding reference resource for academics and professionals alike.
Download or read book Process of Risk Management written by K. Srinivas and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cost saving and timely performance are of utmost importance to all stakeholders who are involved in a construction project that is owner, contractor, consultant and subcontractor. The prime causes of risks in construction projects involve delay and failure to complete the work at specified cost and within the agreed time frame. Unexpected delays in construction projects are caused by internal and external environments embedding several risk factors which may occur concurrently. The cost overrun and schedule overrun not only influence the construction industry,Äôs completion of a project but can also have profound effect on the economy of a country. Even though the failure of the construction projects to get completed within the budgeted cost and time has received attention by researchers, lot more need to be researched as to what can be done to have tight leash on construction projects so that they can be brought on track. In order to meet the stiff deadlines involving complexity of construction projects, the scheduling of projects should be flexible enough to accommodate changes without negatively affecting the overall project cost and duration. This chapter deals with Perspectives on Risk Assessment and Management Paradigms as applicable to any project in general and construction industry in particular.
Download or read book Understanding Human Errors in Construction Industry written by Raphael Moura and published by Springer Nature. This book was released on with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Ontology Framework for Addressing Cost Overrun Through Risk Modeling written by Tamima Sherif Elbashbishy and published by . This book was released on 2019 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Whether forced by economic conditions or internal motivations, contractors may choose to minimize their mark-up margins in order to maximize their chances of winning a bid. Such bidding conditions render contractors sensitive towards all types of risks associated with executing a project. This research aims at providing contractors with a framework through which they can reduce their bid prices to be able to compete in low biding conditions. This aim is realized through identifying risk elements that have the greatest impact on projects’ costs in the Egyptian construction industry. Work on this research follows a risk path approach consisting of risk sources, risk events, and risk consequences, and vulnerability factors consisting of robustness factors, resistance factors and sensitivity factors, whose relationships and risk paths are mapped through an ontology model. The weights characterizing that relationship between each of these elements is estimated through a three-phase model that utilizes both optimization and Artificial Neural Networks (ANN), through 52 risks cenarios collected from 35 experts in the Egyptian Construction industry. Outputs generated by the model comprise of five sets of weights. Each set represents the effect of one risk path element on a subsequent element, collectively demonstrating the relations connecting the risk path elements to cost overruns. The model’s outputs showed that that 35 percent of the top 20 Robustness factors are related to project design. Lack of contractor’s technical resources rank higher than that of contractor’s financial resources in terms of their effect on Risk events. Project type has the most impact on project cost overrun, followed by Project delivery method. Further, delays due to bureaucracy whether from the owner or the government’s side rank at the bottom of the list.
Download or read book Megaprojects and Risk written by Bent Flyvbjerg and published by Cambridge University Press. This book was released on 2003-02-13 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Megaprojects and Risk provides the first detailed examination of the phenomenon of megaprojects. It is a fascinating account of how the promoters of multi-billion dollar megaprojects systematically and self-servingly misinform parliaments, the public and the media in order to get projects approved and built. It shows, in unusual depth, how the formula for approval is an unhealthy cocktail of underestimated costs, overestimated revenues, undervalued environmental impacts and overvalued economic development effects. This results in projects that are extremely risky, but where the risk is concealed from MPs, taxpayers and investors. The authors not only explore the problems but also suggest practical solutions drawing on theory, experience and hard, scientific evidence from the several hundred projects in twenty nations and five continents that illustrate the book. Accessibly written, it will be the standard reference for students, scholars, planners, economists, auditors, politicians and interested citizens for many years to come.
Download or read book Project Management for Construction written by Chris Hendrickson and published by Chris Hendrickson. This book was released on 1989 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Analysis of Cost Overruns and Time Delays of INDOT Projects written by Claire Bordat and published by . This book was released on 2004-12-15 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Managing the Unknown written by Christoph H. Loch and published by John Wiley & Sons. This book was released on 2011-11-30 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managing the Unknown offers a new way of looking at the problem of managing projects in novel and unknown environments. From Europe's leading business school, this book shows how to manage two fundamental approaches that, in combination, offer the possibility of coping with unforeseen influences that inevitably arise in novel projects: * Trial-and-Error Learning allows for redefining the plan and the project as the project unfolds * Selectionism pursues multiple, independent trials in order to pick the best one at the end Managing the Unknown offers expert guidelines to the specific project mindsets, infrastructures, and management methods required to use these project management approaches and achieve success in spite of unforeseen obstacles. This book equips readers with: * Causal explanations of why unforeseeable factors in novel projects make traditional project planning and project risk management insufficient * Directly applicable management tools that help managers to guide novel and high-uncertainty projects * Real-world case studies of both successful and unsuccessful approaches to managing high uncertainty in novel projects
Download or read book Risk Management in Construction written by and published by BoD – Books on Demand. This book was released on 2024-01-10 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents recent research on risk management in the construction industry. It consists of eight chapters, each of which contains valuable information on specified areas of risk management engineering. Topics addressed include identifying, analyzing, assessing, controlling, and monitoring risk for planning and construction stages; risk management methods used in the construction industry and case studies; risk management for buildings, dams, highways, railways, nuclear power plants, underground structures, energy facilities, and their appurtenant structures. This book provides a comprehensive overview of the latest information in risk management in the construction industry.
Download or read book Integrated Cost Schedule Risk Analysis written by Dr David Hulett and published by Gower Publishing, Ltd.. This book was released on 2012-09-28 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Project managers tend to believe their cost estimates - whether they have exceeded budgets in the past or not. It is dangerous to accept the engineering cost estimates, which are often optimistic or unrealistic. Though cost estimates incorporate contingency reserves below-the-line, these estimates of reserves often do not benefit from a rigorous assessment of risk to project costs. Risks to cost come from multiple sources including uncertain project duration, which is often ignored in cost risk analyses. In short, experience shows that cost estimating on projects is rarely successful - cost overruns routinely occur. There are effective ways to estimate the impact on the cost of complex projects from project risks of all types, including traditional cost-type risks and the indirect but often substantial impact from risks usually thought of as affecting project schedules. Integrated cost-schedule risk anlaysis helps us determine how likely the project will go over budget with the current plan, how much contingency reserve is required to achieve a desired level of certainty, and which risks are most important so the project manager can mitigate them and achieve a better result. Integrated Cost-Schedule Risk Analysis provides solutions for these and other challenges. This book follows on from David Hulett's highly-praised Practical Schedule Risk Analysis. It focuses on the way that schedule risk can generate cost risk, and how to handle this relationship. It also applies the Risk Driver Method to the analysis so that you can clearly and transparently identify the key risks, rather than just the most risky cost line items. With detailed worked examples and over 70 illustrations, Integrated Cost-Schedule Risk Analysis offers the definitive guide to this critically important aspect of project management from surely the world's leading commentator.
Download or read book Managing Risk in Construction Projects written by Nigel J. Smith and published by John Wiley & Sons. This book was released on 2014-02-03 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment in any new project invariably carries risk but the construction industry is subject to more risk and uncertainty than perhaps any other industry. This guide for construction managers, project managers and quantity surveyors as well as for students shows how the risk management process improves decision-making. Managing Risk in Construction Projects offers practical guidance on identifying, assessing and managing risk and provides a sound basis for effective decision-making in conditions of uncertainty. The book focuses on theoretical aspects of risk management but also clarifies procedures for undertaking and utilising decisions. This blend of theory and practice is the real message of the book and, with a strong authorship team of practitioners and leading academics, the book provides an authoritative guide for practitioners having to manage real projects. It discusses a number of general concepts, including projects, project phases, and risk attitude before introducing various risk management techniques. This third edition has been extended to recognize the reality of multi-project or programme management and the risks in this context; to highlight the particular problems of risk in international joint ventures; and to provide more coverage of PFI and PPP. With case studies and examples of good practice, the book offers the distilled knowledge of over 100 man-years of experience in working on all aspects of project risk, giving sound practical guidance on identifying, assessing and managing risk.
