Minimizing cost-overruns in construction projects

• Main Authors: Daud, Siti Aminah, Bahaudin, Ahmad Yusni
• Format: Conference or Workshop Item
• Language: English
• Published: 2015
• Subjects: HD28 Management. Industrial Management
• Online Access: http://repo.uum.edu.my/19356/1/STMLgoGreen%202015%20710_718.pdf; http://repo.uum.edu.my/19356/; https://issuu.com/fadhilahmatyamin/docs/stmlgogreenabstractbook

Cost Overruns is an event that will occur in a construction process leading to a negative impact and can give fail to the some construction project.Most contractors are facing problems related to the cost overruns because there are among which is the management of cost control by the managers involved, scheduling is not systematic in running a project, the problem of high labor costs and rising prices of building materials.The objectives of this study are to identify the main causes of cost overruns in construction projects, to identify the cost control techniques utilized by contractors and to examine the techniques overcome or minimize cost overruns in construction projects.The scope of this research only focuses on one phase of the four phases in the development process a project namely the construction phase.The respondents will specifically be contractors only because of their experiences on the construction site.This research utilizes the qualitative approach of analysis and data collection.The interview have been carried out and data have been collected from the contractors and the results from the interview are being compared to the literature.The findings show that the contractors were 70 percent aware of the existence of cost overruns.There are two type of new cost overruns obtained from the respondent namely is the time taken for an activity in the construction project and the method may work incorrectly.