International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056 Volume: 11 Issue: 07 | July 2024
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p-ISSN: 2395-0072
A Review - Assessment of Causes and Effects of Time and Cost Overruns on Housing Construction Project Dhanashri Prakash Yadav1, Prof. A.B. Patil2 1P.G scholar, Department of civil engineering, Tatyasaheb Kore Institute of Engineering & Technology,
Warnanagar. India
2Prof. Department of civil engineering, Tatyasaheb Kore Institute of Engineering & Technology,
Warnanagar. India ---------------------------------------------------------------------***--------------------------------------------------------------------Abstract - One of the most significant industrial sectors in India and the primary driver of the nation's economy is the building industry. Overruns are a common occurrence in the construction industry worldwide. Time and expense overruns cause many projects to surpass their initial budget and schedule. In India, the development of residential buildings is growing more and more popular. However, it becomes difficult to complete the tasks within the allocated funds and time. The project's success will be determined by three primary factors: quality, money, and time. Completing the project within the budget and timeline allocated has become the most significant and challenging task for the managers, architects, engineers, and contractors. In the construction industry, project management is essential. When managing projects, management faces the most important problems with staff, equipment, scheduling, funds, and execution techniques. Finding the most effective mitigation techniques to get around the schedule and budget overrun constraints requires careful examination, analysis, and assessment of the common sources of these limitations. The construction projects for residential buildings covered in the literature study take up most of this article. Key Words: overrun,
minimise the risks brought on by the uncertainties to a manageable level in conceptual cost estimates because they have to deal with a lot of variables in the project. As a result, clients of building projects have inquired about the validity of these estimates in addition to the conceptual cost estimates. If the conceptual cost estimates are of a high quality, then the results in this context can be considered reliable. Evaluating the quality of conceptual cost estimates is thought to be one technique to gauge the dependability of the estimates for a project. Quality is defined as the predicted cost having the expected accuracy range. The amount and quality of construction work is currently expanding quickly in developing nations. A construction project's success characteristics include not going over budget and not overrunning its timeframe. Prior research has concurred that meeting the project's budget and timeline are essential components of a construction project's success. Regretfully, the primary issue encountered by the majority of building projects in developing nations has been the incidence of project cost overruns. The majority of infrastructure projects in Jordan experienced delays and overspending. Similar issues with cost overruns were encountered during the development of projects in Iran and India. The impact of financial risk is typically the cause of cost overrun. Non-financial issues as well as more complicated causes can contribute to cost overruns.
construction project, cost overrun, time
1. INTRODUCTION
The causes of cost overruns in construction projects have been examined in a number of prior studies. Research on cost overruns in Indonesian building projects is, nevertheless, lacking. This is the context for the goal of this research. In order to identify cost overrun factors and determine which factor, according to owners and contractors, is most influential in causing delays in construction projects, this research will analyse factors that lead to cost overruns in construction projects in Indonesia. The research yielded two key findings: (1) a list of elements that contribute to building project cost overruns, and (2) a perception of the most important component by both sides.
One of the riskiest and most dynamic industrial sectors is the construction business. Due to inherent risks and uncertainties, many building projects fall short of their full potential. Making sure the project doesn't go beyond budget and schedule in spite of assertions is one of the primary responsibilities of the construction project management. The actual cost of the project is unknown to the managers in advance due to a variety of uncertainties, including those pertaining to the client, the consultant, the design parameters, the contractor, the project characteristics, the contract procedures and procurement methods, external factors, the state of the market, etc. As a result, these risks may cause the project's overall cost to differ dramatically.
2. LITERATURE REVIEW
One of the most important jobs in the early phases of a building project's life cycle is conceptual cost estimating. Cost estimators must have the experience and knowledge to
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1. Ahmed Osama Daoud, Mohammed El Hefnawy,
Hossam Wefki, [2023] Construction projects are vulnerable to delays and cost overruns, which can have a
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