Decision Sciences
6 years ago

Construction industry plagued by cost overruns due to inaccurate planning.

Technological and Economic Development of Economy
ASSESSING THE RISK PERCEPTION OF COST OVERRUN THROUGH IMPORTANCE RATING
Murat Gündüz, Omar Maki

Paper Summary

Cost overrun is a common problem in construction projects. A survey was done with 101 construction professionals to find out why cost overruns happen. The main reasons include inaccurate cost estimates, bad planning, unrealistic deadlines, changes in project scope, design changes, lack of skilled workers, and rising costs of materials and labor.

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