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Abd Jamil, A H and Fathi, M S (2018) Contractual challenges for BIM-based construction projects: a systematic review. Built Environment Project and Asset Management, 8(04), 372–85.

Adefila, A, Abuzeinab, A, Whitehead, T and Oyinlola, M (2020) Bottle house: utilising appreciative inquiry to develop a user acceptance model. Built Environment Project and Asset Management, 10(04), 567–83.

Al-Gahtani, K, Alsulaihi, I, Ali, M and Marzouk, M (2017) Production of green concrete using recycled waste aggregate and byproducts. Built Environment Project and Asset Management, 7(04), 413-25.

Amadi, C, Carrillo, P and Tuuli, M (2018) Stakeholder management in PPP projects: external stakeholders’ perspective. Built Environment Project and Asset Management, 8(04), 403–14.

Carrière, S, Weigend Rodríguez, R, Pey, P, Pomponi, F and Ramakrishna, S (2020) Circular cities: the case of Singapore. Built Environment Project and Asset Management, 10(04), 491–507.

Crippa, J, Araujo, A M, Bem, D, Ugaya, C M and Scheer, S (2020) A systematic review of BIM usage for life cycle impact assessment. Built Environment Project and Asset Management, 10(04), 603–18.

Farghaly, K, Abanda, F, Vidalakis, C and Wood, G (2019) BIM-linked data integration for asset management. Built Environment Project and Asset Management, 9(04), 489–502.

Hadiwattege, C, Senaratne, S, Sandanayake, Y and Fernando, N G (2018) Academic research in emerging knowledge-based economies. Built Environment Project and Asset Management, 8(04), 415–28.

Hettige, N, Perera, B A K S and Mallawaarachchi, H (2017) A framework for adopting green leasing in developing countries: The case of Sri Lanka. Built Environment Project and Asset Management, 7(04), 377-87.

Ikediashi, D I, Ogunlana, S O and Odesola, I A (2015) Service quality and user satisfaction of outsourced facilities management services in Nigeria’s public hospitals. Built Environment Project and Asset Management, 5(04), 363-79.

Jafari, A and Akhavian, R (2019) Driving forces for the US residential housing price: a predictive analysis. Built Environment Project and Asset Management, 9(04), 515–29.

Jumas, D, Mohd-Rahim, F A, Zainon, N and Utama, W P (2018) Improving accuracy of conceptual cost estimation using MRA and ANFIS in Indonesian building projects. Built Environment Project and Asset Management, 8(04), 348–57.

Khallaf, R, Naderpajouh, N and Hastak, M (2018) A systematic approach to develop risk registry frameworks for complex projects. Built Environment Project and Asset Management, 8(04), 334–47.

Kim, K P and Park, K S (2016) Primary BIM dataset for refurbishing flood risk vulnerable housing in the UK. Built Environment Project and Asset Management, 6(04), 365-78.

Kumaraswamy, M, Wong, K K W and Chung, J (2017) Focusing megaproject strategies on sustainable best value of stakeholders. Built Environment Project and Asset Management, 7(04), 441-55.

Liu, C and Li, Y (2016) Measuring eco-roof mitigation on flash floods via gis simulation. Built Environment Project and Asset Management, 6(04), 415-27.

Madanayake, U H and Egbu, C (2019) Critical analysis for big data studies in construction: significant gaps in knowledge. Built Environment Project and Asset Management, 9(04), 530–47.

Manu, P, Mahamadu, A, Booth, C, Olomolaiye, P, Ibrahim, A D and Coker, A (2018) Assessment of procurement capacity challenges inhibiting public infrastructure procurement. Built Environment Project and Asset Management, 8(04), 386–402.

Marzouk, M and Enaba, M (2019) Analyzing project data in BIM with descriptive analytics to improve project performance. Built Environment Project and Asset Management, 9(04), 476–88.

Mitra, A and Munir, K (2019) Influence of Big Data in managing cyber assets. Built Environment Project and Asset Management, 9(04), 503–14.

Nguyen, T P and Chileshe, N (2015) Revisiting the construction project failure factors in Vietnam. Built Environment Project and Asset Management, 5(04), 398-416.

Nielsen, L-H K, Akanmu, A and Anumba, C J (2015) Comparative analysis of back-to-back subcontracts in the construction and telecommunications industries. Built Environment Project and Asset Management, 5(04), 446-60.

Ofori-Boadu, A N, Shofoluwe, M A, Owusu-Manu, D-G, Holt, G D and Edwards, D (2015) Analysis of US commercial buildings’ energy efficiency programs. Built Environment Project and Asset Management, 5(04), 349-62.

Okorafor, C, Emuze, F, Das, D, Awuzie, B O and Haupt, T (2020) An artefact for improving the delivery of building energy retrofit project in South Africa. Built Environment Project and Asset Management, 10(04), 619–35.

Olatunji, O A, Orundami, A O and Ogundare, O (2018) Causal relationship between material price fluctuation and project’s outturn costs. Built Environment Project and Asset Management, 8(04), 358–71.

• Type: Journal Article
• Keywords: Costing; Project management; Construction management; Pricing; Performance management; Contract costs;
• ISBN/ISSN: 2044-124X
• URL: https://doi.org/10.1108/BEPAM-12-2017-0119
• Abstract:
  A section of project management literature attributes overruns to estimators’ deceit and delusion. An example of this is Flyvbjerg’s theorisation of strategic misrepresentation and optimism bias. To show that such a notion is not true entirely, the study elicits evidence relating to how costs of projects often fluctuate erratically as prices of construction materials change throughout contract cycle times. The purpose of this paper is to examine the causal relationships between persistent changes in prices of construction materials and project’s outturn costs. The authors obtained and analysed price data of construction materials published in a Nigerian national daily in the 16 years between 2000 and 2015. Additional data were obtained from a quantity surveying firm to validate the archival data on material prices, and to compare the firm’s robust database of project estimates and the corresponding outturn costs of specific building elements (detailed in the study). The goal of the analysis is to explore spontaneity and causal impact in the relationship between changes in prices of construction materials and project costs. Kolmogorov-Smirnov and Anderson-Darling tests were used to obtain the probability distributions of the causal relationships. Findings show disproportionate positive correlations between changes in material prices and outturn costs in Nigeria. An important dimension to this, however, is that although fluctuations in material costs often trigger variations to project costs, outturn price only accounts for about one-third of actual cost variability. Recovery of costs, not least profit making, under these conditions is a complex process. This paper concludes that dynamism in cost attributes is neither a deceit nor a delusion; understanding and tolerating them is not a systemic weakness, rather an essential key to project success and stakeholder satisfaction. Findings from the study also bring measured certainties to the transformation of variable costs into fixed price outcomes, an important consideration that will help contract estimators and project managers to understand the likelihood of fluctuation in material costs and how these might trigger variability in project costs.

Omotayo, T, Olanipekun, A, Obi, L and Boateng, P (2020) A systems thinking approach for incremental reduction of non-physical waste. Built Environment Project and Asset Management, 10(04), 509–28.

Osunsanmi, T O, Aigbavboa, C O, Emmanuel Oke, A and Liphadzi, M (2020) Appraisal of stakeholders' willingness to adopt construction 4.0 technologies for construction projects. Built Environment Project and Asset Management, 10(04), 547–65.

Oyewobi, L O, Windapo, A O and James, R O B (2015) An empirical analysis of construction organisations’ competitive strategies and performance. Built Environment Project and Asset Management, 5(04), 417-31.

Ozcan, D G (2017) An analytic network process model to examine LEED-certified buildings’ operational performance. Built Environment Project and Asset Management, 7(04), 366-76.

Pathirage, C and Al-Khaili, K (2016) Disaster vulnerability of Emirati energy sector and barriers to enhance resilience. Built Environment Project and Asset Management, 6(04), 403-14.

Ram, J, Afridi, N K and Khan, K A (2019) Adoption of Big Data analytics in construction: development of a conceptual model. Built Environment Project and Asset Management, 9(04), 564–79.

Rose, J and Jayawickrama, J (2016) Capacity building of institutions for disaster risk reduction: Learning from communities as first responders. Built Environment Project and Asset Management, 6(04), 391-402.

Seneviratne, K, Amaratunga, D and Haigh, R (2015) Post-conflict housing reconstruction: Exploring the challenges of addressing housing needs in Sri Lanka. Built Environment Project and Asset Management, 5(04), 432-45.

Waidyasekara, K G A S, De Silva, L and Rameezdeen, R (2017) Application of “r” principles to enhance the efficiency of water usage in construction sites. Built Environment Project and Asset Management, 7(04), 400-12.

Walimuni, P C, Samaraweera, A and De Silva, L (2017) Payment mechanisms for contractors for better environmental hazard controlling in road construction projects. Built Environment Project and Asset Management, 7(04), 426-40.

Wedawatta, G and Ingirige, B (2016) A conceptual framework for understanding resilience of construction SMEs to extreme weather events. Built Environment Project and Asset Management, 6(04), 428-43.

Wedawatta, G, Kulatunga, U, Amaratunga, D and Parvez, A (2016) Disaster risk reduction infrastructure requirements for south-western Bangladesh: Perspectives of local communities. Built Environment Project and Asset Management, 6(04), 379-90.

Weigend Rodríguez, R, Pomponi, F, Webster, K and D'Amico, B (2020) The future of the circular economy and the circular economy of the future. Built Environment Project and Asset Management, 10(04), 529–46.

Windapo, A O and Moghayedi, A (2020) Adoption of smart technologies and circular economy performance of buildings. Built Environment Project and Asset Management, 10(04), 585–601.

Yap, J Y L, Ho, C C and Ting, C (2019) A systematic review of the applications of multi-criteria decision-making methods in site selection problems. Built Environment Project and Asset Management, 9(04), 548–63.

Zeb, J (2017) An eco asset ontology towards effective eco asset management. Built Environment Project and Asset Management, 7(04), 388-99.

Zeb, J, Froese, T and Vanier, D (2015) An ontology-supported asset information integrator system in infrastructure management. Built Environment Project and Asset Management, 5(04), 380-97.

Zhao, X and Pan, W (2017) Co-productive interrelations between business model and zero-carbon building: A conceptual model. Built Environment Project and Asset Management, 7(04), 353-65.