Resource constraints and conceptual cost modelling in construction projects

Abstract

The construction industry plays a vital role on the improvements and enhancements of Indian economy. Presently cost overrun and cost escalation are the major problems or complications faced by the construction industry. Poor conceptual cost prediction and cost overrun are the commercial areas of cost management motivated this current research. Construction Management (CM) deals with various unpredictable uncertainties related to narrow path of Cost, Time, Quality and Safety etc. These uncertainties make the whole construction process highly unpredictable. Hence an artificial neural network (ANN) is developed to effectively interpret available data to arrive meaningful conclusions. This research mainly concentrated on identification of factors influencing cost overrun and conceptual cost prediction in Indian construction industry. Present drawback of cost overrun can overcome by addressing the issues of cost escalation by utilizing an effective tool to predict the conceptual cost in building construction. A coupled sequential interviews and open questionnaires are conducted to record the survey responses to be analyzed statically to implement on Relative Importance Index. The Relative Importance Index (RII) was used to rank the significant factors causing cost overrun and cost escalation in building construction projects. The fundamental phenomenon for the construction project planning is conceptual cost is a fundamental piece of information for construction project planning. The current practice by traditional methods relies highly on the available data and estimators historic experiences leads lacking in estimation, prediction of conceptual cost for sustainable project planning. newline