Building Information Modeling Impact on Cost Overrun Risk Factors and Interrelationships

Abstract

Building Information Modeling (BIM) has arisen as a promising technology that can enhance construction project outcomes through cost reduction when compared to conventional practices. More studies need to be conducted to examine the influence of BIM technology on cost overruns. Therefore, the primary aim of this paper is to investigate how BIM influences critical risk factors related to cost overruns. This investigation involves reevaluating and reranking these risk factors while exploring their interrelationships. Research involves a comprehensive literature review to identify risk factors correlated with cost overruns, the development of a survey questionnaire for BIM specialists, and an analysis of quantitative data using a partial least square structure equation model (PLS–SEM) to identify and examine significant risk factors and their interdependencies. The study’s findings revealed that BIM significantly mitigates the impact of risk factors associated with the awarding of contracts to the lowest bidder, decreasing its ranking from first to third. Furthermore, BIM effectively minimizes the influence of risk factors related to changed orders, relegating it from second position to tenth position. In addition, risk factors related to experience exerted a more significant influence on risk factors related to finances than the influence of finances on experience. Findings contribute to the knowledge base by evaluating the influence of BIM technology on risk factors and cost overruns in the Saudi construction industry, thereby offering insights for improved project management and control.