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Post-contract cost control for building construction projects

Cost control is implemented to manage the cost of construction projects. Cost control is important in both pre-contract and post-contract stages, but it is more vital in the latter stage. It is a continuous process and must be conducted throughout the project to ensure the final construction cost d...

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Main Authors:	Tan, Chin Keng, Suleiman, Nur Fariza
Format:	Article
Language:	English
Published:	Penerbit UTHM 2024
Subjects:	HD28 Management. Industrial Management TH4021 Buildings. Construction with reference to use.
Online Access:	http://irep.iium.edu.my/116762/6/116762_Post-contract%20cost%20control.pdf http://irep.iium.edu.my/116762/ https://publisher.uthm.edu.my/ojs/index.php/jtmb/article/view/14388/6924
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spelling	my.iium.irep.1167622024-12-17T07:38:51Z http://irep.iium.edu.my/116762/ Post-contract cost control for building construction projects Tan, Chin Keng Suleiman, Nur Fariza HD28 Management. Industrial Management TH4021 Buildings. Construction with reference to use. Cost control is implemented to manage the cost of construction projects. Cost control is important in both pre-contract and post-contract stages, but it is more vital in the latter stage. It is a continuous process and must be conducted throughout the project to ensure the final construction cost does not exceed the estimated cost, thus preventing cost overrun. Various factors may lead to cost overrun, especially in building construction projects. Inadequate cost management is not a matter to be taken lightly because it results in a large number of cost overruns. This alarming problem is negatively affecting the parties involved in the project and the nation. Hence, this study is carried out to mitigate cost overrun by practicing effective cost control. This research is conducted to identify the post-contract cost control practices implemented by contractors for building construction projects, the challenges encountered, and the strategies to overcome the challenges. The method utilized is the quantitative method, which involves conducting a questionnaire survey. 28 respondents from G6 and G7 contractors have provided feedback, and the results obtained were analyzed using Statistical Social Package Science (SPSS). For the first objective, the post-contract cost control practices for building construction projects include monitoring material costs, using bills of quantities to manage construction costs, and monitoring overheads. For the second objective, the challenges encountered include poor project planning, poor communication between project parties, and improper contract documentation. For the last objective, the strategies to overcome the challenges include good construction planning, effective site supervision, and appointment of qualified management staff. This research serves as an exploration of the improvements in the practices of post-contract cost control in construction projects. Penerbit UTHM 2024-12-11 Article PeerReviewed application/pdf en http://irep.iium.edu.my/116762/6/116762_Post-contract%20cost%20control.pdf Tan, Chin Keng and Suleiman, Nur Fariza (2024) Post-contract cost control for building construction projects. Journal of Technology Management and Business (JTMB), 11 (2). pp. 1-19. ISSN 2289-7224 E-ISSN 2600-7967 https://publisher.uthm.edu.my/ojs/index.php/jtmb/article/view/14388/6924 10.30880/jtmb.2024.11.02.001
institution	Universiti Islam Antarabangsa Malaysia
building	IIUM Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	International Islamic University Malaysia
content_source	IIUM Repository (IREP)
url_provider	http://irep.iium.edu.my/
language	English
topic	HD28 Management. Industrial Management TH4021 Buildings. Construction with reference to use.
spellingShingle	HD28 Management. Industrial Management TH4021 Buildings. Construction with reference to use. Tan, Chin Keng Suleiman, Nur Fariza Post-contract cost control for building construction projects
description	Cost control is implemented to manage the cost of construction projects. Cost control is important in both pre-contract and post-contract stages, but it is more vital in the latter stage. It is a continuous process and must be conducted throughout the project to ensure the final construction cost does not exceed the estimated cost, thus preventing cost overrun. Various factors may lead to cost overrun, especially in building construction projects. Inadequate cost management is not a matter to be taken lightly because it results in a large number of cost overruns. This alarming problem is negatively affecting the parties involved in the project and the nation. Hence, this study is carried out to mitigate cost overrun by practicing effective cost control. This research is conducted to identify the post-contract cost control practices implemented by contractors for building construction projects, the challenges encountered, and the strategies to overcome the challenges. The method utilized is the quantitative method, which involves conducting a questionnaire survey. 28 respondents from G6 and G7 contractors have provided feedback, and the results obtained were analyzed using Statistical Social Package Science (SPSS). For the first objective, the post-contract cost control practices for building construction projects include monitoring material costs, using bills of quantities to manage construction costs, and monitoring overheads. For the second objective, the challenges encountered include poor project planning, poor communication between project parties, and improper contract documentation. For the last objective, the strategies to overcome the challenges include good construction planning, effective site supervision, and appointment of qualified management staff. This research serves as an exploration of the improvements in the practices of post-contract cost control in construction projects.
format	Article
author	Tan, Chin Keng Suleiman, Nur Fariza
author_facet	Tan, Chin Keng Suleiman, Nur Fariza
author_sort	Tan, Chin Keng
title	Post-contract cost control for building construction projects
title_short	Post-contract cost control for building construction projects
title_full	Post-contract cost control for building construction projects
title_fullStr	Post-contract cost control for building construction projects
title_full_unstemmed	Post-contract cost control for building construction projects
title_sort	post-contract cost control for building construction projects
publisher	Penerbit UTHM
publishDate	2024
url	http://irep.iium.edu.my/116762/6/116762_Post-contract%20cost%20control.pdf http://irep.iium.edu.my/116762/ https://publisher.uthm.edu.my/ojs/index.php/jtmb/article/view/14388/6924
_version_	1818833735664009216
score	13.223943

Post-contract cost control for building construction projects

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