Assessing the risk perception of cost overrun through importance rating
Cost overrun in construction projects is a common issue affecting project performance. After a review of the literature, a list of 39 cost overrun attributes were gathered and presented in a survey. The survey was distributed online to construction professionals. 101 complete responses were received...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Vilnius Gediminas Technical University
2018-10-01
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| Series: | Technological and Economic Development of Economy |
| Subjects: | |
| Online Access: | https://journals.vgtu.lt/index.php/TEDE/article/view/5464 |
| _version_ | 1798024109850886144 |
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| author | Murat Gunduz Omar Liqaa Maki |
| author_facet | Murat Gunduz Omar Liqaa Maki |
| author_sort | Murat Gunduz |
| collection | DOAJ |
| description | Cost overrun in construction projects is a common issue affecting project performance. After a review of the literature, a list of 39 cost overrun attributes were gathered and presented in a survey. The survey was distributed online to construction professionals. 101 complete responses were received and analyzed by importance index, frequency index, cost index, frequency adjusted cost index, Spearman’s rank correlation, student’s t-test, risk assessment and factor analysis. The results of the survey revealed that the main causes of cost overrun in construction industry include inaccurate cost estimation, improper planning and scheduling, unrealistic contract duration and requirements, frequent changes to the scope of work, frequent design changes, inadequate labor/skill availability, inflation on costs of machinery, labor, material and transportation. |
| first_indexed | 2024-04-11T17:57:08Z |
| format | Article |
| id | doaj.art-fbcbdcc947494c4ca875e59f2a23a0de |
| institution | Directory Open Access Journal |
| issn | 2029-4913 2029-4921 |
| language | English |
| last_indexed | 2024-04-11T17:57:08Z |
| publishDate | 2018-10-01 |
| publisher | Vilnius Gediminas Technical University |
| record_format | Article |
| series | Technological and Economic Development of Economy |
| spelling | doaj.art-fbcbdcc947494c4ca875e59f2a23a0de2022-12-22T04:10:43ZengVilnius Gediminas Technical UniversityTechnological and Economic Development of Economy2029-49132029-49212018-10-0124510.3846/20294913.2017.1321053Assessing the risk perception of cost overrun through importance ratingMurat Gunduz0Omar Liqaa Maki1Department of Civil Engineering, Qatar University, P.O. Box: 2713 Doha, QatarDepartment of Civil Engineering, Qatar University, P.O. Box: 2713 Doha, QatarCost overrun in construction projects is a common issue affecting project performance. After a review of the literature, a list of 39 cost overrun attributes were gathered and presented in a survey. The survey was distributed online to construction professionals. 101 complete responses were received and analyzed by importance index, frequency index, cost index, frequency adjusted cost index, Spearman’s rank correlation, student’s t-test, risk assessment and factor analysis. The results of the survey revealed that the main causes of cost overrun in construction industry include inaccurate cost estimation, improper planning and scheduling, unrealistic contract duration and requirements, frequent changes to the scope of work, frequent design changes, inadequate labor/skill availability, inflation on costs of machinery, labor, material and transportation.https://journals.vgtu.lt/index.php/TEDE/article/view/5464risk assessmentcost overrunimportance indexfrequency adjusted cost index |
| spellingShingle | Murat Gunduz Omar Liqaa Maki Assessing the risk perception of cost overrun through importance rating Technological and Economic Development of Economy risk assessment cost overrun importance index frequency adjusted cost index |
| title | Assessing the risk perception of cost overrun through importance rating |
| title_full | Assessing the risk perception of cost overrun through importance rating |
| title_fullStr | Assessing the risk perception of cost overrun through importance rating |
| title_full_unstemmed | Assessing the risk perception of cost overrun through importance rating |
| title_short | Assessing the risk perception of cost overrun through importance rating |
| title_sort | assessing the risk perception of cost overrun through importance rating |
| topic | risk assessment cost overrun importance index frequency adjusted cost index |
| url | https://journals.vgtu.lt/index.php/TEDE/article/view/5464 |
| work_keys_str_mv | AT muratgunduz assessingtheriskperceptionofcostoverrunthroughimportancerating AT omarliqaamaki assessingtheriskperceptionofcostoverrunthroughimportancerating |