Evaluation of Project Cost Management and Cost Trend Analysis

Abstract

Construction projects are the most complex, with no certainty of the exact cost or time to completion. According to the records, it is uncommon for construction projects completed without contract variation, due to the nature of construction projects; it involves many stakeholders, making them more complex and distinct from other sectors. Project variations have had an impact on construction projects all over the world. Both contracting parties acknowledge the situation and work hard to keep it to a minimum. The main objective of this study is the evaluation of project cost management and cost trend analysis. The methodologies of this study are qualitative and quantitative methods, survey will be distributed with engineers and interview with industry experts. The expected results for this study are to evaluate and analyse the factors that affect project costs, and how to maintain the budget. Also, to understand the importance of cost trend analysis.