Towards Innovate Methods of Construction Cost Management and Control

Abstract

Project cost is one of the three main challenges for the construction manager, where the success of a project is judged by meeting the criteria of cost with budget, schedule on time, and quality as specified by the owner. Many projects experience extensive delays and thereby exceed initial time and cost estimate. Available information, good estimating practice and experienced personnel are some of the factors found to have considerable impact on estimation accuracy. The successful execution of construction projects and keeping them within estimated cost and prescribed schedules depend on a methodology that requires sound engineering judgment. So the research aim is to conduct research study and process of exploring the existing model related to above three types of estimate and their contribution to civil engineering cost management and control especially getting motivated with the verification and validation component of CRASP methodology. The objective of this paper or scope of this research in this paper is to conduct literature study and review towards exploring innovative techniques such as Artificial Intelligence Techniques or Expert System Techniques available and applicable to make decision making or decision support regarding construction cost management and control at three levels: (i) before the actual civil engineering project design begins (ii) after detailed design but before execution and (iii) during project execution KEYWORDS: Intelligent methods, project cost estimation and control, construction cost estimation, innovative methods in construction management