Optimized Approach toward Identification of Influential Cost Overrun Causes in Construction Industry
Publication: ASCE-ASME Journal of Risk and Uncertainty in Engineering Systems, Part A: Civil Engineering
Volume 9, Issue 2
Abstract
Prioritization is considered a core concept in cost overrun analysis. This study first aimed at proposing a new approach for the calculation of total risk magnitude (TRM) and, second, introduced the application of Pareto analysis in the prioritization of cost overrun causes. A case study is delineated to explain the applicability of the aforementioned approaches. Thirty-eight unique causes of cost overrun in urban-related construction projects were identified and a survey was conducted among construction professionals in Iran. The TRM for each cost overrun cause is calculated using single-attribute (SA), double-attribute (DA), and multiple-attribute (MA) approaches. Henceforth, based on calculated TRM, the causes are prioritized using the relative importance index (RII) and Pareto analysis. A comparative analysis revealed that not only could Pareto-based prioritization be effectively employed for prioritization, but also, the proposed MA approach for TRM calculation optimizes the efficiency of the most influential cause identification.
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Data Availability Statement
All the data and models that support the findings of this study are available from the corresponding author upon reasonable request.
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ASCE-ASME Journal of Risk and Uncertainty in Engineering Systems, Part A: Civil Engineering
Volume 9 • Issue 2 • June 2023
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© 2023 American Society of Civil Engineers.
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Received: Aug 23, 2022
Accepted: Oct 19, 2022
Published online: Jan 14, 2023
Published in print: Jun 1, 2023
Discussion open until: Jun 14, 2023
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