The Assessment of cost management practice; the case of some selected building construction projects in Addis Ababa
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Date
2024-10
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Addis Ababa University
Abstract
The purpose of the study was to evaluate how well building construction projects in Addis Ababa used project cost management. In order to collect data that was both quantitative and qualitative, a mixed research approach was used, which included interviews and a descriptive survey. The Oromia Police Commission building, the National Theatre, the Alert Hospital Expansion, and the Germen Square New Hope Real Estate were the four main construction projects that were investigated. The study exposed serious flaws in the resource planning, cost estimating, budgeting, and cost control procedures used in these projects' cost management techniques. It was discovered that more sophisticated cost management technologies were frequently eclipsed by conventional techniques and gut feelings. Creating thorough cost management plans, enhancing cost control mechanisms, fusing estimation techniques with budgeting, and deeply integrating cost management into project activities were among the suggestions made in order to increase efficiency and accuracy in cost management practices
Key Words: Resource planning, project cost management, cost estimation, budgeting, cost overrun, and cost control