2016
DOI: 10.1016/j.proeng.2016.04.152
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Cost Development Over-time at Construction Planning Phase: Empirical Evidence from Norwegian Construction Projects

Abstract: Every capital-intensive constructions project goes through various challenges throughout their project life cycle. However, one crucial challenge is to understand and trace cost development over-time at planning phase. The research aim is threefold: firstly, to identify the critical factors of cost development in the planning phase. Secondly, to investigate empirically a dyadic relationship of cost deviation over time and quantitatively chart their developments. Thirdly, to analyze the construction cost data, … Show more

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Cited by 24 publications
(22 citation statements)
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“…Thus, construction audit is an indispensable prerequisite for lending to construction project in any case. 1 • carrying out works without proper executive and permissive documentation 2 • absence of project and estimate 3 • inapropriate use of funds 4 • deliberate overstatement of construction expenses 5 • overstatement of actual work done 6 • set imprecise pricing, overprice for materials, used incorrect coefficient in calculation of the estimated cost Information necessary to carry out the construction monitoring (audit): 1. full package of licensing, title and project documentation 2. approved construction estimates 3. executive technical materials (work logs, certificates for concealed works and tests of engineering networks and communications, geodesic schemes) 4. accounting documents, confirming the cost and volumes of performed works and materials: information on the costs and works, acceptance certificate for the work performed, work logs 5. Contract for work and labor, supply of equipment and materials The Bank shall not provide any funds to the client until construction permit is received, a document confirming the compliance of the project documentation.…”
Section: Resultsmentioning
confidence: 99%
See 1 more Smart Citation
“…Thus, construction audit is an indispensable prerequisite for lending to construction project in any case. 1 • carrying out works without proper executive and permissive documentation 2 • absence of project and estimate 3 • inapropriate use of funds 4 • deliberate overstatement of construction expenses 5 • overstatement of actual work done 6 • set imprecise pricing, overprice for materials, used incorrect coefficient in calculation of the estimated cost Information necessary to carry out the construction monitoring (audit): 1. full package of licensing, title and project documentation 2. approved construction estimates 3. executive technical materials (work logs, certificates for concealed works and tests of engineering networks and communications, geodesic schemes) 4. accounting documents, confirming the cost and volumes of performed works and materials: information on the costs and works, acceptance certificate for the work performed, work logs 5. Contract for work and labor, supply of equipment and materials The Bank shall not provide any funds to the client until construction permit is received, a document confirming the compliance of the project documentation.…”
Section: Resultsmentioning
confidence: 99%
“…The monitoring of the loan starts immediately after the loan is given to the client. The main objective of the bank in progress monitoring of credit operations is to establish an effective structuring of the credit process and to search for perfect crediting mechanisms [2]. Banking control and management of the credit process is an indispensable prerequisite for the optimization of the organization of lending in commercial banks.…”
Section: Introductionmentioning
confidence: 99%
“…Knowledge based risk management practice was required for best performance (Serpella et al, 2014). Cost deviations in a construction projects may develop in both directions (either positive or negative) depend on the prioritization of activities and management of the construction firm (Torp et al, 2016). Recently, more emphasis is given for research on cost deviation in Indian construction sectors.…”
Section: Literature Reviewmentioning
confidence: 99%
“…It is worth mentioning that other predictor variables were building area, number of floors and floor height (Alshamrani, 2017). Torp et al (2016) analyses empirical evidence from Norwegian construction projects with focus on the planning phase. Research identifies the cost development over time.…”
Section: Project Performance Prediction Modelsmentioning
confidence: 99%