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Afetornu, C, Edum-Fotwe, F T and McCaffer, R (2006) Estimating budget variability for road projects. In: Boyd, D (Ed.), Proceedings 22nd Annual ARCOM Conference, 4-6 September 2006 Birmingham, UK. Association of Researchers in Construction Management, Vol. 2, 563–71.
- Type: Conference Proceedings
- Keywords: budgets; construction; contingency; projects; roads
- ISBN/ISSN: 0 9552390 0 1
- URL: http://www.arcom.ac.uk/-docs/proceedings/ar2006-0563-0571_Fetornu_Edum-Fotwe_and_McCaffer.pdf
The use of contingency in construction provides a tacit acknowledgement of the perennial problem of cost overruns in the delivery of projects. The effects of these cost overruns are adverse consequences such as projects becoming non-viable or in extreme cases being abandoned. The immediate as well as other stakeholders associated with the project suffer the socio-economic impact of this adverse consequence. To some extent the cost overruns can be deemed as being symptomatic of inadequate planning and budgeting of projects that in turn is a consequence of accuracy of costing data employed for estimating project budgets. The analysis involved in the investigation would help to characterise the scale of escalation on construction projects. The projects would be drawn from the road sub-sector of construction. Understanding the nature and factors that account for the overruns should assist in establishing more accurate project costs. The aim of the study is to explore the nature and scale of project cost overrun in construction to provide information for planning future projects. The study will utilise project data from road schemes to establish the magnitude of the cost overrun.