Hwang, B G; Shan, M; Zhu, L and Lim, W C (2020) Cost control in megaprojects: Efficacy, tools and techniques, key knowledge areas and project comparisons. International Journal of Construction Management, 20(5), pp. 437-449. ISSN 1562-3599
Abstract
The aims of this study are (1) to check the prevalence of cost overrun in megaprojects, (2) to investigate the efficacy of cost control in megaprojects, (3) to identify the popular tools and techniques used for cost control, (4) to find out the key knowledge areas highly relevant to cost control in megaprojects and (5) to make a comparison of these results between mega and general projects. To achieve these goals, a comprehensive literature review was conducted first, followed by a questionnaire administered to 32 Singapore-based construction companies having experiences in megaprojects. The results showed that: on average 44.22% of megaprojects in Singapore experienced cost overrun, which is about 6% higher than that for general projects; megaprojects are facing a lower efficacy in cost control than general projects; 'S-curve', 'forecasting techniques', 'cost control software products' and 'Work Breakdown Structure' are the popular tools and techniques used for cost control in megaprojects, and they are used more frequently in megaprojects than in general projects. Finally, six knowledge areas were found highly relevant to cost control in megaprojects, demonstrating higher relevance to cost control in megaprojects than in general projects.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | cost control; efficacy; knowledge areas; megaprojects; tools and techniques |
| Index terms: | construction company, literature review, megaproject, questionnaire, cost control, cost overrun, forecasting, Singapore, s-curve |
| Subjects: | organization, data collection methods, financial and cost management, strategic project management, prediction and forecasting, data analysis and analytics, Geography, economics |
| Topics: | Geographical Context, Project Management, Research Practice, Cost Management, Business Strategy |
| Descriptive scope: | 3 PCA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here