Article Details

Development of a Prediction Model for Construction Project Cost in India: an Analytical Approach A Review | Review Article

Ms. Shivani Vijay Kankate*, K. B. Gurani, in Journal of Advances in Science and Technology | Science & Technology

ABSTRACT:

The fundamental problem in the construction industry is that building projects are completed at taken a tolls significantly higher than estimated venture taken a tolls consequently, it is fundamental to develop a taken a toll forecast show that detain all components influencing the extend taken a toll by means of relapse examination. Development costs are continuously inclined to vacillations, with a longterm design of expanding, making the estimating prepare a difficult errand. Vacillations within the fetched of building materials have a noteworthy affect on foreseeing the esteem of a venture and, as a result, on the project's great conclusion It is well known that civil engineering projects are prone to cost overruns and schedule delays. Lack of project scope and frequent changes leads to a negotiation process in terms of cost and time between the first partyowner and the second partycontractors. In the project life cycle, cost forecast is a precursor to budget prices and resource allocation, thus it is critical for any organization. The following objectives are framed based on the literature study identify the construction cost predictability of various tools, identify the various influencing factors to predict the material price of cement and steel, model the Construction Cost Index (CCI), predict the construction duration (Especially for highway projects, as compared to other kind of projects. They are having more obstacles to complete the task), predict the land value, Regarding this issue this paper find the best methodology for the Prediction Model for Construction Project Cost by analysising the different researchers papers research.