Analysis of construction cost prediction studies – global perspective

Abstract

It is well known that the civil engineering constructions are subjected to cost risk and time overruns. The uncertainties of the cost of construction many times result in disputes among stakeholders. The recent cost fluctuation in sand price in Tamil Nadu is a good example of time and cost overruns. There are too many models developed to predict the cost of construction by using different parameters and tools. The objectives of this research are to analyse the importance of research in this field, the countries focusing on this issue, level of implementation by the practicing engineers, the tools often or successfully used, the difficulties in predicting the cost and the accuracy of prediction and bringing out a useful conclusion to provide the direction for future research. In this research, a sample of 324 research papers out of more than 2000 papers listed in Scopus database between the years 1990 and 2015 were considered and analyzed on five factors. The five factors are 1) authors affiliation – academics, industry or both; 2) country; 3) tools used – ANN, regression, time-series models, etc.; 4) complexity involved or ease of use; 5) accuracy of results. The results show interesting information.

Systematic Review of Cost Overrun Research in the Developed and Developing Countries

“…The first stage of synthesizing the 152 literatures is dividing them according to 2 classifications, literatures from the developed countries and literatures from developing countries as presented in Table 2 & 3. (Afzal et al, 2019;Anish et al, 2019;Bhangale, 2016;Chandramohan et al, 2012;Cindrela Devi & Ananthanarayanan, 2017;Ghumare et al, 2019;Kant, 2018;Muthu Venkata Sekar & Mahalakshmi, 2018;Pai et al, 2018;Raju et al, 2017;Shaktawat & Vadhera, 2017;Shanmuganathan & Baskar, 2015;Sharma et al, 2020;Sharma & Goyal, 2019;Shrivastava et al, 2019;Subramani & Sivakumar, 2018;Velumani & Nampoothiri, 2019;Venkateswaran & Murugasan, 2017;Wanjari & Dobariya, 2016) Malaysia 20 (Abdullah et al, 2018;Afzal et al, 2019;Akram et al, 2017;Asmi et al, 2013;Azis et al, 2013;Hameed Memon et al, 2014;Haslinda et al, 2018;Ismail et al, 2013;Karunakaran et al, 2018;Liew et al, 2019;Memon et al, 2011Memon et al, , 2012Rahman et al, 2013;C. Ramanathan et al, 2012;C.…”

A Feasibility Analysis of The Refurbishment Investments in The Italian Residential Market

“…With regard to the costs relating to new construction interventions, numerous studies have been carried out with the aim of estimating the monetary amounts necessary for the realization of the project, both in terms of realization ex-novo [6][7][8][9][10] that of reconstruction following seismic events [11][12][13][14][15][16]. The process of defining a project involves further categories of costs whose analysis and estimate allows one to provide a more comprehensive economic framework.…”