Cost Management in Construction Projects: Rework and Its Effects

Study on Construction Cost of Construction Projects

China is a country which has the largest investment amount in engineering construction in the world and which has the most construction projects. It is a significant subject for the extensive engineering managers to have effective engineering cost management in construction project management and to reasonably determine and control construction cost on the condition of ensuring construction qua...

Measuring the Impact of Rework on Construction Cost Performance

Rework continues to affect both cost and schedule performance throughout the construction industry. The direct costs alone often tally to 5% of the total construction costs. Using the data obtained from 359 construction projects in the Construction Industry Institute database, this paper assesses the impacts of rework on construction cost performance for projects in various categories. In addit...

Change Management in Construction Projects

Decisions are made everyday in construction processes based on incomplete information, assumptions and the personal experience of the construction professionals. Project changes and/or adjustments are inevitable as they are a fact-of-life at all stages of a project’s life cycle. Managing changes effectively is crucial to the success of a construction project. Change management in construction r...

Risk Management in Construction Projects

The financial and economic crisis has had an adverse impact on the Lithuania’s economy and construction industry. The GDP of Lithuania grew slightly in 2010, in contrast to a decrease of 14.7% in 2009. Lithuania’s GDP increased from 1.3% in 2010 to 4.6% in 2011. Annual GDP growth decreased from its highest point of 6.7%, reached in the third quarter, to 4.4% in the last quarter of 2011 [1,2]. S...

Target Cost Management And Its Application In Iran's Industry