- TIME AND COST OVERRUN AND THEIR EFFECTS ON PROJECTS DELIVE...
TIME AND COST OVERRUN AND THEIR EFFECTS ON PROJECTS DELIVERY IN CHINA CONSTRUCTION PROJECTS. ILLUSTRATE YOUR ESSAY WITH SPECIFIC EXAMPLES.
The construction industry in China is of paramount importance for
employment and economic growth. Therefore efforts geared towards
improving construction efficiency by means of cost effectiveness
and timeliness would be worthwhile and it will certainly contribute
to cost savings for the country as a whole. There is worldwide
accepted criterion for measuring project success. According to
Dissanayaka and Kumaraswamy, (1999), time, cost, quality target and
participation satisfaction have been identified as the main
criteria for measuring the overall success of construction projects
Ogunsemi and Jagboro (2006) assert that cost and time tend to be
the most important and visible, always considered as very critical
because of their direct economic implications if they are
unnecessarily exceeded. However, Ifte et al (2002) opines that the
estimation of time has continued to be a problem of great concern
and interest to both the researchers and contractors.
Timely completion of a construction project is one goal of the
client and contractor because each party tends to incur additional
costs and lose potential revenues when completion is delayed
(Thomas et al, 1995). In other words, project cost can be said to
be a function of the completion time. The more the extension of
time then there is likelihood of increased cost. Chan and
Kumaraswamy (1996) opine that a project is usually regarded as
successful if it is completed on time, within budget and to the
level of quality standard specified by the Client at the beginning
of the project. However, severe criticisms of the industry are
generated when projects take far longer than planned.
EXPECTED CONTRIBUTION TO KNOWLEDGE
The study will contribute to the body of knowledge in the