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Jackson, S (2002) Project cost overruns and risk management. In: Greenwood, D (Ed.), Proceedings 18th Annual ARCOM Conference, 2-4 September 2002, Northumbria, UK. Association of Researchers in Construction Management, Vol. 1, 99–108.
- Type: Conference Proceedings
- Keywords: design change; design information; cost overrun; risk management
- ISBN/ISSN: 0 9534161 7 8
- URL: http://www.arcom.ac.uk/-docs/proceedings/ar2002-099-108_Jackson.pdf
- Abstract:
The construction industry has a reputation for delivering projects over budget. This research identifies actual project examples illustrating the problem of cost overruns. Results of a questionnaire survey present perceptions of the main reasons why building construction projects sometimes exceed the initial budget estimate. The paper reviews how the construction industry is responding to the challenge of accurate budgeting. In the domain of facility capital cost budgets and risk management, two key conclusions are made. Firstly, that complete design information leads to more accurate budget estimates. Secondly, that client driven design change is the greatest risk. Clients are the key drivers of change and they must therefore take a look at themselves before blaming the industry for being inefficient.