Project Cost Overrun

Project Cost Overrun
Author: Esbjörn Segelod
Publisher: Cambridge University Press
Total Pages: 273
Release: 2017-11-23
Genre: Business & Economics
ISBN: 1107173043

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This book offers a new way of thinking about the causes and consequences of cost overrun to firms and society. It is ideal for academic researchers in project management, management accounting and corporate finance, as well as for managers in the private and public sectors.

Megaprojects and Risk

Megaprojects and Risk
Author: Bent Flyvbjerg
Publisher: Cambridge University Press
Total Pages: 226
Release: 2003-02-13
Genre: Business & Economics
ISBN: 9780521009461

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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.

Proceedings of the 21st International Symposium on Advancement of Construction Management and Real Estate

Proceedings of the 21st International Symposium on Advancement of Construction Management and Real Estate
Author: K. W. Chau
Publisher: Springer
Total Pages: 1500
Release: 2017-12-18
Genre: Business & Economics
ISBN: 9811061904

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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.

Project Cost Overrun

Project Cost Overrun
Author: Esbjörn Segelod
Publisher: Cambridge University Press
Total Pages: 273
Release: 2017-11-23
Genre: Business & Economics
ISBN: 1316800199

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Cost overrun is common in public and private sector projects. Costs tend to grow, plans fail and financial problems follow, but how can we approve the right projects if we cannot estimate their true cost? This book, for academics in project management, management accounting and corporate finance, as well as for managers in the public and private sectors, offers a new way of thinking about the causes and consequences of cost overrun for firms and society. It demonstrates that there is a logic behind cost growth and overrun, identifies projects and situations that are more vulnerable, and examines the effects of increased costs. It further identifies the negative and positive consequences of cost overrun, analyses how and why preconditions for cost overrun differ when the logic governing private firms dominates versus the logic of the political sector, and explains why cost can sometimes be of lesser importance to decision makers.

Procurement Systems

Procurement Systems
Author: Steve Rowlinson
Publisher: Routledge
Total Pages: 403
Release: 2005-10-09
Genre: Architecture
ISBN: 1135805997

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Procurement Systems details the whole spectrum of procurement issues in the construction industry, starting with the client /customer and running through managerial, cultural and IT-based issues. The book commences with an overveiw of previous work and a section on selection criteria is provided to enable practitioners to make their choices of procurement form. Importantly, perfromance comparisons of different procurement forms are discussed and the main emphasis of the book is to highlight best practice based on the most up-to-date research. One chapter deals specifically with developmentally orientated procurement issues in NICs (newly industrialised countries), where best practice is assessed from a different set of perspectives. The authors contributing to this book are among the most highly respected and eminent in the field.

Broken Buildings, Busted Budgets

Broken Buildings, Busted Budgets
Author: Barry B. LePatner
Publisher: University of Chicago Press
Total Pages: 240
Release: 2008-09-15
Genre: Law
ISBN: 0226472701

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Across the nation, construction projects large and small—from hospitals to schools to simple home improvements—are spiraling out of control. Delays and cost overruns have come to seem “normal,” even as they drain our wallets and send our blood pressure skyrocketing. In Broken Buildings, Busted Budgets, prominent construction attorney Barry B. LePatner builds a powerful case for change in America’s sole remaining “mom and pop” industry—an industry that consumes $1.23 trillion and wastes at least $120 billion each year. With three decades of experience representing clients that include eminent architects and engineers, as well as corporations, institutions, and developers, LePatner has firsthand knowledge of the bad management, ineffective supervision, and insufficient investment in technology that plagues the risk-averse construction industry. In an engaging and direct style, he here pinpoints the issues that underlie the industry’s woes while providing practical tips for anyone in the business of building, including advice on the precise language owners should use during contract negotiations. Armed with Broken Buildings, Busted Budgets, everyone involved in the purchase or renovation of a building or any structure—from homeowners seeking to remodel to civic developers embarking on large-scale projects—has the information they need to change this antiquated industry, one project at a time. “LePatner describes what is wrong with the current system and suggests ways that architects can help—by retaking their rightful place as master builders.”—Fred A. Bernstein, Architect Magazine “Every now and then, a major construction project is completed on time and on budget. Everyone is amazed. . . . Barry LePatner thinks this exception should become the rule. . . . A swift kick to the construction industry.”—James R. Hagerty, Wall Street Journal

Advances in Geotechnics and Structural Engineering

Advances in Geotechnics and Structural Engineering
Author: Sanjay Kumar Shukla
Publisher: Springer Nature
Total Pages: 700
Release: 2021-04-29
Genre: Science
ISBN: 9813369698

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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.

A study investigating the factors that cause delays and cost overruns in construction projects in India

A study investigating the factors that cause delays and cost overruns in construction projects in India
Author: Kushal Agrawal
Publisher: diplom.de
Total Pages: 47
Release: 2014-02-01
Genre: Technology & Engineering
ISBN: 395489713X

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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.

Root Cause Analysis of Cost Overrun in Construction Projects Under Different Market Sectors

Root Cause Analysis of Cost Overrun in Construction Projects Under Different Market Sectors
Author: Rami Sarakbi
Publisher:
Total Pages: 39
Release: 2019
Genre: Budget process
ISBN: 9781658414050

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Abstract: A project is pronounced successful if it is finished on time within the budgeted value. Cost overruns and time overrun (delays) have been a critical problem of many projects that led to poor project execution. The construction industry has a poor reputation in terms of finishing the project within budget and on time. Although contractors and designers are one of the key players in construction projects, various other factors affect the project cost overrun depending on the main cause of change. This thesis takes the previous studies one step forward by identifying the root causes of cost overrun using real data extracted from one of the largest general contractors in California and analyzing the data to find the main causes of change orders in the top three market sectors, and the key responsible parties for each change. The analysis showed that the contract value is irrelevant to the amount of change orders. In addition, it proved that depending on the market sector, the underlying root causes for the cost overrun may vary accordingly. Furthermore, it provides legitimate data to help quantify the change impacts on project performance.