Overview

Cost overruns are a critical problem for construction projects. The common practice for dealing with cost overruns is the assignment of an arbitrary flat percentage of the construction budget as a contingency fund. This research seeks to identify significant factors that may influence, or serve as indicators of, potential cost overruns. The study uses data on 243 construction projects over a full range of project types and scopes gathered from an existing United States Air Force construction database. The author uses multiple linear regression to analyze the data and compares the proposed model to the common practice of assigning contingency funds. The multiple linear regression model provides better predictions of actual cost overruns experienced. Based on the performance metric used, the model sufficiently captures 44% of actual cost overruns versus current practices capturing only 20% The proposed model developed in this study only uses data that would be available prior to the award of a construction contract. This allows the model to serve as a planning tool throughout the concept and design phases. The model includes project characteristics, design performance metrics, and contract award process influences. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

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