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The main concern of a construction client is to procure a facility that is able to meet its functional requirements, of the required quality, and delivered within an acceptable budget and timeframe. The cost aspect of these key performance indicators usually ranks highest. In spite of the importance of cost estimation, it is undeniably neither simple nor straightforward because of the lack of information in the early stages of the project. Construction projects therefore have routinely overrun their estimates. Cost overrun has been attributed to a number of sources including technical error in design, managerial incompetence, risk and uncertainty, suspicions of foul play and even corruption. Furthermore, even though it is accepted that factors such as tendering method, location of project, procurement method or size of project have an effect on likely final cost of a project, it is difficult to establish their measured financial impact. Estimators thus have to rely largely on experience and intuition when preparing initial estimates, often neglecting most of these factors in the final cost build-up. The decision-to-build for most projects is therefore largely based on unrealistic estimates that would inevitably be exceeded. The main aim of this research is to re-examine the sources of cost overrun on construction projects and to develop final cost estimation models that could help in reaching more reliable final cost estimates at the tendering stage of the project. The research identified two predominant schools of thought on the sources of overruns – referred to here as the PsychoStrategists and Evolution Theorists. Another finding was that there is no unanimity on the reference point from which cost performance could be assessed, leading to a large disparity in the size of overruns reported. Another misunderstanding relates to the term “cost overrun” itself. The experimental part of the research, conducted in collaboration with two industry partners, used a combination of non-parametric bootstrapping and ensemble modelling with artificial neural networks to develop final project cost models based on about 1,600 water infrastructure projects. 92% of the validation predictions were within ±10% of the actual final cost of the project. The models will be particularly useful at the pre-contract stage as they will provide a benchmark for evaluating submitted tenders and also allow the quick generation of various alternative solutions for a construction project using what-if scenarios. The original contribution of the study is a fresh thinking of construction “cost overruns”, now proposed to be more appropriately known as “cost growth” based on a synthesises of the two schools of thought into a conceptual model. The second contribution is the development of novel models of construction cost estimation utilising artificial neural networks coupled with bootstrapping and ensemble modelling.

A more rapid and widespread use and implementation of technology in construction often fails since its benefits and limitations remain somewhat unclear. Project control is one of the most variable and time consuming task of construction project managers and superintendents, and yet continues to be mostly a manual task. Controlling tasks such as tracking and updating project schedules can be assisted through remotely operating technology such as hi-resolution cameras that can provide construction management and other users with imaging feeds of job site activities. Although construction cameras have been around for many years the costs, benefits, and barriers of their use have not been investigated nor quantified in detail. Subsequently, definitions and understanding vary widely, making it difficult for decision makers at the organizational level to decide on the investment in camera technology. This thesis reviews the status of hi-resolution cameras and their present use in construction. Results of a multi-phased survey to industry professionals were collected in order to identify benefits and barriers and develop a cost-benefit model that can be used for implementation technology in construction.

Thesis (Ph.D.)--Hong Kong Polytechnic University, 2006. / Adviser: Geoffrey Q.P. Shen. Includes bibliographical references.

Thesis (Ph. D.)--University of Hong Kong, 2009. / Includes bibliographical references (leaves 149-162). Also available in print.

Thesis (Ph. D.)--University of Hong Kong, 2009. / Includes bibliographical references (leaves 149-162). Also available online.

The construction industry has been identified with fragmentation, adversarial relationships, opportunism, and high rates of disputes. Therefore, there has been a call for the improvement of inter-firm relations in the sector through more appropriate governance strategies. This study drew upon transaction cost economics theory and new economic sociology in relation to the problem of inter-firm opportunism in economic relations. The study argues that depending on how patterns of inter-firm opportunism are viewed, different governance strategies may be formulated. Through a critical review of the prior publications concerning the problem of opportunism in the sector, the study argues that the construction management literature used theoretical works at both normative and explanatory levels. However, little is known about the construct of inter-firm opportunism itself and how it materialises within the construction industry. Therefore, this study aimed to provide insights into how practitioners in the construction industry conceptualise inter-firm opportunism and its patterns. Such insights extend the knowledge of how they approach governance strategies, and generally why they do what they do. To build a conceptual framework of inter-firm opportunism in the construction industry, this study was guided by a constructivist grounded theory. Rich qualitative data were constructed through 20 semi-structured interviews with practitioners involved in the construction industry who were working in the UK in either construction law firms, construction companies, construction development companies, or construction consultancy firms. The qualitative data were analysed following the Charmaz (2003 and 2006) guideline. In relation to the construct of inter-firm opportunism, the findings of the study indicate that there are considerable variations between the constructs of inter-firm opportunism. However, regardless of these variations, a win-lose relationship feeling is central to practitioners’ construct of inter-firm opportunism. The study argues that in response to the risk of inter-firm opportunism through setting up contractual governance, parties usually conduct a casual cost-benefit trade-off. In relation to the patterns of inter-firm opportunism from the points of view of the practitioners in the sector, the study provides a conceptual framework grounded in the data. This framework places emphasis on the dynamics of different types of power constructed between the client and its first tier suppliers in the pre- and post- contract stages. This framework is the study’s contribution to the body of knowledge concerned with the inter-firm relations in the construction industry.

This Master’s thesis deals with the analysis of the effects influencing the difference between projected and actual costs of the works. To obtain prices of supply and demand itemized budgets were compiled on the basis of the project documents of this object and firm pricing. The actual price is based on the outputs of in-house accounting. The result is an effort to define and describe all possible factors that might have a negative effect on the project's economic outcome.

by Richard Schmalensee and Paul L. Joskow. / "June 1984." / Bibliography: p. 33-34.

The diploma thesis focuses on reconstruction of the supermarket in city called Lelekovice. There are two different options of reconstruction. First option includes saving the old building and then do reconstruction and extension. For this case is made itemized budget according to project documentation. Second option is based on building totally new object including demolition the old one. Price of this option is based on itemized budget and budget indicator. In the end these two options are compared and evaluated.