Cost Escalation in Construction Projects
Journal Title: International Journal for Research in Applied Science and Engineering Technology (IJRASET) - Year 2017, Vol 5, Issue 1
Abstract
The Construction industry is an integral part of a country’s economy, its growth and plays a pivotal role in developing the country’s infrastructure. The current status report published by the Indian Ministry of Statistics and Programme Implementation (MOSPI) highlighted that out of the 951 projects being monitored 309 projects have cost overruns and 474 projects are behind schedule. The scope of this study is to investigate the importance levels of factors causes cost overrun in construction projects undertaken by construction companies. Eight factors named Design and Documentation Related Factors (DDF), Financial Management Related Factors (FIN), Communication Related Factors (ICT), Material and Machinery Related Factors (MMF), Human Resource Related Factors (LAB), Project Management Related Factors (PMCA), Contractors Site Management Related Factors (CSM), External Factors (EF) and their respective sub- factors are found to be responsible for cost escalation. Based on these above factors questionnaire was prepared and distributed 38 respondents. The data received from questionnaire survey was analyzed using Statistical Package of Social Science (SPSS) to carry out reliability test, hypothesis, correlation and ranking. The survey results indicated that Contractors Site Management Related Factors (RII=0.928), which is being most significant among the others that leads to delay in completion of the project and causes overrun.
Authors and Affiliations
S. Vaishnavi Devi, , Assistant Professor R Jegan
Keywords
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