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Strategies to minimize the risk of cost overrun in construction building project during pre-contract stage / Ling Kah Gah

Construction projects are prone to cost overruns, which can significantly impact project success and profitability. This study aims to establish a reference of workable strategies for stakeholders such as client, project sponsor, contractor, quantity surveyors, etc., during pre-contract stage to min...

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Main Author: Ling , Kah Gah
Format: Thesis
Published: 2024
Subjects:
HD28 Management. Industrial Management
Online Access:http://studentsrepo.um.edu.my/15552/1/Ling_Kah_Gah.pdf
http://studentsrepo.um.edu.my/15552/2/Ling_Kah_Gah.pdf
http://studentsrepo.um.edu.my/15552/
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spelling my.um.stud.155522025-02-17T20:04:30Z Strategies to minimize the risk of cost overrun in construction building project during pre-contract stage / Ling Kah Gah Ling , Kah Gah HD28 Management. Industrial Management Construction projects are prone to cost overruns, which can significantly impact project success and profitability. This study aims to establish a reference of workable strategies for stakeholders such as client, project sponsor, contractor, quantity surveyors, etc., during pre-contract stage to minimize the risk of cost overrun in construction building projects in Selangor, Malaysia. Although cost overruns can occur at any stage of a construction project, the pre-contract stage is critical as it sets the foundation for the entire project. As the saying goes, prevention is better than cure. It is crucial to identify the potential cost overrun before it becomes an uncontrolled situation. This paper aims to identify the factors during pre-contract stage that impacted cost overrun in construction building projects and evaluate their impacts. This paper also evaluates the impact of the strategies during the pre-contract stage to reduce the likelihood of cost overrun in construction building projects. The study involves a literature review of academic and draws on data from experienced practitioners, including developers, contractors and quantity surveyors, on previous construction building projects and utilizes quantitative research method. The top five factors related to pre-contract stage are Inflation, Inaccurate Estimation, Wrong Planning and Scheduling, Insufficient Contractor Experience and Inappropriate Managerial Skills. While the top three strategies to be used during pre-contract stage are Selection of contractors takes account of expertise, Pre-contract cost control, and Proper project activities planning. Ultimately, the findings of this research paper could benefit the construction industry by helping to improve project success and profitability through the prevention of cost overruns during the pre-contract stage. 2024-01 Thesis NonPeerReviewed application/pdf http://studentsrepo.um.edu.my/15552/1/Ling_Kah_Gah.pdf application/pdf http://studentsrepo.um.edu.my/15552/2/Ling_Kah_Gah.pdf Ling , Kah Gah (2024) Strategies to minimize the risk of cost overrun in construction building project during pre-contract stage / Ling Kah Gah. Masters thesis, Universiti Malaya. http://studentsrepo.um.edu.my/15552/
institution Universiti Malaya
building UM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaya
content_source UM Student Repository
url_provider http://studentsrepo.um.edu.my/
topic HD28 Management. Industrial Management
spellingShingle HD28 Management. Industrial Management
Ling , Kah Gah
Strategies to minimize the risk of cost overrun in construction building project during pre-contract stage / Ling Kah Gah
description Construction projects are prone to cost overruns, which can significantly impact project success and profitability. This study aims to establish a reference of workable strategies for stakeholders such as client, project sponsor, contractor, quantity surveyors, etc., during pre-contract stage to minimize the risk of cost overrun in construction building projects in Selangor, Malaysia. Although cost overruns can occur at any stage of a construction project, the pre-contract stage is critical as it sets the foundation for the entire project. As the saying goes, prevention is better than cure. It is crucial to identify the potential cost overrun before it becomes an uncontrolled situation. This paper aims to identify the factors during pre-contract stage that impacted cost overrun in construction building projects and evaluate their impacts. This paper also evaluates the impact of the strategies during the pre-contract stage to reduce the likelihood of cost overrun in construction building projects. The study involves a literature review of academic and draws on data from experienced practitioners, including developers, contractors and quantity surveyors, on previous construction building projects and utilizes quantitative research method. The top five factors related to pre-contract stage are Inflation, Inaccurate Estimation, Wrong Planning and Scheduling, Insufficient Contractor Experience and Inappropriate Managerial Skills. While the top three strategies to be used during pre-contract stage are Selection of contractors takes account of expertise, Pre-contract cost control, and Proper project activities planning. Ultimately, the findings of this research paper could benefit the construction industry by helping to improve project success and profitability through the prevention of cost overruns during the pre-contract stage.
format Thesis
author Ling , Kah Gah
author_facet Ling , Kah Gah
author_sort Ling , Kah Gah
title Strategies to minimize the risk of cost overrun in construction building project during pre-contract stage / Ling Kah Gah
title_short Strategies to minimize the risk of cost overrun in construction building project during pre-contract stage / Ling Kah Gah
title_full Strategies to minimize the risk of cost overrun in construction building project during pre-contract stage / Ling Kah Gah
title_fullStr Strategies to minimize the risk of cost overrun in construction building project during pre-contract stage / Ling Kah Gah
title_full_unstemmed Strategies to minimize the risk of cost overrun in construction building project during pre-contract stage / Ling Kah Gah
title_sort strategies to minimize the risk of cost overrun in construction building project during pre-contract stage / ling kah gah
publishDate 2024
url http://studentsrepo.um.edu.my/15552/1/Ling_Kah_Gah.pdf
http://studentsrepo.um.edu.my/15552/2/Ling_Kah_Gah.pdf
http://studentsrepo.um.edu.my/15552/
_version_ 1825160882646155264
score 13.244413

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