Application of Management Techniques in Controlling Cost Overruns in Residential Construction Projects
Shrirang T Kulkarni1, Kranti Kumar M2

1Shrirang T Kulkarni, Department of Masters of Building and Engineering Management, School of Planning and Architecture, Vijayawada, (A.P), India.

2Dr. Kranti Kumar M, Department of Masters of Building and Engineering Management, School of Planning and Architecture, Vijayawada, (A.P), India.  

Manuscript received on 20 May 2024 | Revised Manuscript received on 31 May 2024 | Manuscript Accepted on 15 June 2024 | Manuscript published on 30 June 2024 | PP: 7-14 | Volume-10 Issue-10, June 2024 | Retrieval Number: 100.1/ijmh.J171810100624 | DOI: 10.35940/ijmh.J1718.10100624

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Abstract: Construction projects in developing countries are frequently plagued by cost overruns. These overruns, which refer to the additional costs incurred beyond the initially estimated budget, are a common occurrence in the construction industry. The extent of these cost overruns varies significantly from one project to another, thereby necessitating a comprehensive investigation into the factors contributing to such discrepancies. The cost of construction plays a pivotal role in determining the success of a project throughout its lifespan. Thus, it becomes imperative to scrutinize the disparity between the actual cost of building projects and the initially projected cost, which typically ranges between 20% and 50%. Given the prominence and impact of cost overruns in residential buildings, it is crucial to address this issue promptly and effectively. Consequently, the primary objective of the present research is to thoroughly examine the role of Management techniques in mitigating cost overruns and identify the most efficient technique that can be employed in controlling such overruns, with a specific focus on Residential Projects in India. Through this investigation, valuable insights can be gained, which can contribute to the development of strategies and approaches that effectively manage cost overruns in the residential construction sector. The current study delves into the exploration of the application of various Management techniques in effectively controlling cost overruns specifically in the realm of residential construction projects.

Keywords: Cost Overruns, Cost Management, Construction Industry, Cost Control
Scope of the Article: Management