Cost Overruns In Construction Projects In New Zealand: A Comprehensive Review

The Importance of the Construction Industry in New Zealand’s Economy

The issue of cost overrun in specifically construction sector is common throughout the world as well as the construction segment is not an exception. The primary objective of the current study is to identify both the causes of cost overruns in particularly construction projects. The current section presents a comprehensive review of literature from diverse sources in a bid to undertake the current study. The objective of this study is to evaluate cost overruns on construction projects in New Zealand, different categories of cost overruns, different factors affecting cost overruns particularly during implementation of costs of construction.

The construction segment can be considered to be an important contributor to the economy of New Zealand, presenting 8% of the gross domestic product, 10% of particularly national employment, a contribution that is developing; diversifying and certain sections are essentially becoming more effective as the segment develops (Chappell et al., 2018). Nevertheless, the segment put up with a number of internal as well as external constraints that limit overall productivity along with performance. The current segment throws light on value of construction segment, the important role that it plays in the economy of New Zealand. Nevertheless, it recognized that the boom-bust feature of the segment was necessarily an issue, and was a barrier to enhance productivity together with overall performance. The main focus of the government has the need to be developed for the segment, permitting it to maintain and design skills.

In essence, the construction segment plays an important role in the economy of New Zealand, thereby contributing towards higher level of employment, better businesses as well as augmented gross domestic product. Essentially, the construction industry can be considered as the fifth largest segment in terms of employment, consisting of 178.100 FTEs along with 53.600 FTEs in particularly construction associated services. In essence, this necessarily accounts for approximately 10% of total employment across the entire economy. In particular, one of the major 10 industries in terms of contribution to gross domestic product of New Zealand is the construction industry. Shehu et al., (2014) suggests that the construction industry replicates highest growth rate particularly between the year 2012 as well as 2015. In addition to this, this accounts for approximately 10% of the entire employment throughout the entire economy (Ibrahim & Shakantu, 2016). Thus, it can be hereby mentioned that core construction contributes towards generation of around 26000 jobs, or in other words, one job out of every five new jobs that are generated in particularly the nation New Zealand. Again, on the other hand it can be hereby mentioned that there are several traditional sectors namely, agriculture, fishing as well as forestry between the financial years 2012-2015 that presented approximately 330 new jobs chiefly over the same time period.

Causes of Cost Overruns in Construction Projects

As suggested by Sambasivan et al., (2017), roughly 54% of gross fixed capital of the nation New Zealand was mainly facilitated through construction industry. In essence, this replicates that the segment plays an important role in developing infrastructure stock of the nation New Zealand that is necessarily then base of productivity as well as economic rate of growth. Particularly, construction actions are focussed in three different regions namely Auckland, Wellington as well as Canterbury. Presently, just about 25% of the entire GFCF investment carried out by public sector entities (Waithera & Susan, 2017). This specific fraction is characteristically higher at lower points particularly in the construction sector cycle and it is noted to be around 31% in the year 2010.

Particularly, in normal terms, cost overruns that are also known as cost escalation increase in cost, or else overruns of budget can be considered as the excess of actual cost over the approximated budget. As rightly indicated by Shehu et al., (2014), cost overrun can plainly be indicated as when the final cost of the particular project surpasses the original approximations. Also, this can be considered as the variance between original cost approximation of a project and actual construction cost on conclusion of the entire work. 

Cost overruns in construction projects can happen owing to varied reasons. A specific study in Ghana regarded twenty six different factors that generated cost overruns in the area of construction industry of specifically ground water projects. The overall results of ranking from the viewpoint of three different parties engaged. This reflected that the most significant cost overrun factors comprise of management of poor contractors, monthly difficulties in disbursement, material procurement, and poor technical performance along with escalation of prices of material (Ahiaga-Dagbui & Smith, 2014).

Cost overrun in particularly construction projects in Saudi Arabia (perspective of contractors): Performance of cost of a specific project is normally an important consideration for various construction parties. Over and over again, cost overrun can be considered to be one of the most recurring issues particularly in the construction sector and this can have an adverse influence on success of the project from the perspective of quality, level of safety, overall quality, time as well as cost (Sovacool et al., 2014). Essentially, this study is undertaken to examine overall cost overrun in diverse construction projects in the nation Saudi Arabia in a bid to recognize diverse reasons behind overrun of cost and their significance as per contractors by means of a questionnaire survey.

Factors Affecting Cost Overruns during Implementation of Construction Costs

Review of case of Jordan for analysing factors influencing

As mentioned by Senouci et al., (2016), majority of the construction projects in developing nations are featured by overruns particularly in time. Particularly, this specific research was undertaken in an attempt to recognize different facets for such overruns in characteristic developing environment of Jordan. Again, a descriptive study was undertaken and two different types of data were acquired. There are different overrun variables that were extracted from prior academic literature and from a thorough assessment of perception of around 30 engineers and thereafter ranked as per Severity Index. This study identified top 10 factors directing towards time overruns in particularly construction projects and treated by employing Principal Component and Factor Analysis (PCFA) (Mulla & Waghmare, 2015) 

“Study of association between time and cost overrun as well as productivity on constructions”

As rightly indicated by Larsen et al., (2015), majority of construction sites, the most excellent performance are unattainable with poor level of productivity leading to overrun of time and in consequences escalation of cost of different projects. Analysis of article as per the views of Olaniran et al., (2015), construction productivity has constantly declined. In essence, the issue of lower level productivity is not restricted to the nation of Nigeria. Subramani et al., (2014) witnessed that construction efficiency in particularly the United Kingdom was lesser than in loads of other European nations regardless of the encouraging ciphers witnessed during the boom of 1980s. As such, it can be hereby said that there is not anything as perilous to a nation as a shrink in productivities as it generates inflationary stress, social disagreement and mutual distrust (Saidu & Shakantu, 2016).

“Time overrun and cost effectiveness in the construction area”

In essence, project management is considered as the art of directing as well as coordinating both human in addition to material resources all the way through the life of a venture by utilizing up to date management techniques to attain programmed objectives of capacity, cost, time with quality along with satisfaction of participants. Especially, the construction industry is more often than not huge, intricate and dissimilar from other sectors. In essence, this sectors calls for much investment and engages different categories of participants. However, one of the most widespread actions in the system of administration is planning. Developing the project plan can be regarded as the first thing that needs to be considered at the time of carrying out any type of project (Senouci et al., 2016). Nevertheless, there are numerous people who fail to understand the overall value of a scheme in saving particularly time, money, along with many other issues.

As indicated by Senouci et al., (2016), there are several research papers that are published and numerous studies are undertaken on the theme of cost overruns in developing projects on civil engineering. A study undertaken reflected that just 16% of all projects executed could meet the three different criteria of performance. The three different criteria of performance include completion of different projects on specified time, well within the predetermined budged cost along with quality standard. Again, another study assessed the records of over and above 4000 projects on construction and observed that projects are hardly ever completed within the assigned budgets. In addition to this, it was also witnessed that cost overruns were regular phenomenon in global construction industry. In essence, in an international study carried out on cost overrun concerns in transport communications projects containing 258 projects in approximately 20 nations, it was observed that roughly 90% of the adopted projects encounter the issue of cost overrun and essentially performance of projects from perspective of cost has not enhanced with passage of time, since it is the identical order of scale as it was previously. Chappell et al., (2018) mention that cost overrun in particularly construction projects can take place due to different reasons. Also, there are a number of scholars who have examined different reasons of cost overrun in diverse nations. Particularly, a specific study undertaken in Ghana regarded 26 different factors that generate cost overrun in particularly creation of framework of ground water development projects (Shehu et al., 2014). In essence, the overall outcomes of ranking based on the viewpoints of three involved parties namely (Clients, contractors as well as consultants) pointed out that most significant cost overrun facets are poor management of contractors, difficulties in payments on monthly basis, procurement of material, meagre technical performances as well as hike of prices of material.

Particularly, in Nigeria, approximately 42 different factors of cost overrun were examined.  Based on the study, it was observed that lack of familiarity, skills as well as experience of contractors, movement in the materials prices, regular changes in design, non monetary stability along with rates of high interest charged by different banks on their loans were overriding factors generating cost overrun. Particularly, in the nation Kuwait, an extensive study was undertaken on the residential projects carried out by private sectors (Ibrahim & Shakantu, 2016). Essentially, the study reflected that contractor associated concerns; material linked issues along with financial restraints were the most important reasons of overrun of cost. Particularly, in Malaysia, a research work assessed huge projects and observed that flow of cash and financial concerns encountered by contractors, poor management of site by contractors as well as supervision, insufficient contractor experience, dearth of site workers, erroneous planning and arrangement by service provider were most rigorous factors whilst alterations in project scope and repeated design alterations are least upsetting facets on cost of construction (Sambasivan et al., 2017).

As indicated by Waithera & Susan (2017), a detailed study undertaken on construction industry of UK detected 21 important factors leading to overrun of cost. However, the most important factors among them are: design alterations, risk as well as uncertainty related to the projects, erroneous estimate of time as well as cost, meagre performance of various subcontractors and intricacy of works. Again, in yet another developed nation (specifically, Canada), an extensive study was undertaken which intended to discover the causes for cost along with scheduled overruns in particularly oil and gas mega construction projects. 87 senior project managers across global were surveyed for arriving at conclusion as regards the primary causes for cost overruns (Shehu et al., 2014). However, the main concerns discovered are: the deficiency of knowledge regarding the project and its intricacy, mistaken costs estimation, nonexistence of a plan that deal with the alterations in design and necessities of execution and the dearth of managerial stratagems.

Ahiaga-Dagbui & Smith (2014) mentioned that another research work was carried out to examine the specific factors affecting the cost overrun on mainly high rise buildings in the nation Indonesia. Results of the study indicated that the prime factors exerting influence on cost overrun are necessarily cost enhancement of prices owing to inflation, imprecise material approximation and extent of project intricacy. In the same way, in Vietnam, an extensive research discovered that the major five facets generating cost overrun in huge construction projects include improper management of site and administration, dearth of support in project management, financial difficulties of owners and transformation in design (Sovacool et al., 2014).  

Cost overruns due to inaccurate approximations

Different categories of cost overruns depend on different causes leading to the same. In order to maintain overruns at a minimum level, it is important to undertake certain effective strategies and processes of implementation to keep the construction projects within constraints of budget. Whilst majority of stakeholders of a project are willing to get started with the project, there are faulty schedules as well as budgets to commence with; the construction project is necessarily headed for particularly overrun from day one. Owing to competitive nature of particularly bidding procedure, approximations might suffer from various wrongful anticipations of the scope of work counted in the specific project. However, in several cases, certain projects will also be approximated on a one size fits all, with opportunities of exceeding that initial estimate high (Senouci et al., 2016). Thus, it is important to the success of the project to diligently carry out the process of pre-construction planning and be accurate and at the same time realistic regarding deadlines of projects along with costs from particularly architects as well as contractors. Approximating the project in an accurate manner can be started in the RFP procedures. In essence, this is the chance where architects, contractors as well as owners can express their issues over specific budget along with timelines of the entire project. In case if any one of the parties seems to be unrealistic regarding timing or else budget, then this can be considered as an immediate red flag or a warning signal that this specific project can head towards an overrun. Although pre-construction along with design services might perhaps contribute towards around 15% of the budget in case if this procedure can successfully recognize potential concern before construction actually starts (Mulla & Waghmare, 2015). In essence, this 15% shall necessarily be nothing compared to the total amount of wealth saved for the overall procedure down the line. Due to this opportunity for savings of cost, pre-construction is regarded to be an important as the building stage as it truly lays the foundation for an intricate project. In essence, a solid phase of planning mainly before groundbreaking makes certain that that there is a superior procedure of documentation, less confusion between managers and a solid schedule of project. 

Cost overruns due to errors in design of projects

In case if the plans of project designs are flawed, then it can direct the way towards overruns of cost even though there is proper allocation of time as well as resources for appropriate budget as well as schedule approximations particularly in the pre-construction planning phase. As rightly suggested by Larsen et al., (2015), deficiency in design refers to poor design, inaccurate or else incomplete plan. Olaniran et al., (2015) suggests that deficiencies are extremely common and can be regarded as a pain point for different owners as well as designers. Essentially,  a study from Engineers Daily approximated that errors in designed stood for approximately 38% of disputes of all construction projects. Concurrently, incomplete otherwise inaccurate plans or schemes almost always lead to substandard work from different contractors completing the work that can show the way to legal encounters down the line. In the design phase itself, software for the construction projects can help in decreasing risk of errors else wise incomplete designs. As rightly indicated by Ahiaga-Dagbui & Smith (2014), management of project can be said to be better served with particular software that can incorporate real time alterations into account. In case if the project experiences unexpected alterations in the scope else wise one of the processes, then it becomes comparatively easier to initiate these kinds of alterations into a dynamic digital model of he entire landscape than to redraw explicit models on document. On the other hand, to enable different contractors as well as sub contractors to develop as per specifications of design, owners along with contractors need to convene on specific scope of the work as well as performance responsibilities in particularly the contract phase (Mulla & Waghmare, 2015). In particular, this documentation have the need to include clear different references to different specifications of project on design documents, warranties of the precise work that is to be completed by contractors. Ahiaga-Dagbui & Smith (2014) say that this can be regarded as a risk allocation chart and a procedure for different unforeseen concerns. Primarily, this agreement needs to define different dispute resolution along with process of mediation, in case if the disagreements take place during construction. In this regard, it can be hereby mentioned that addition of added level of security can make certain that designs are appropriate and expectations are clear and project. This in turn can also ensure that projects do not undergo overruns owing to corrective actions in the phase of construction (Mulla & Waghmare, 2015).

Improper planning for changing orders

In conjunction with errors in designs, change orders are yet another common reason for overruns of cost in projects of construction. In essence, a change order stems when a specific owner otherwise a contractor realises that designs are not working properly or might perhaps attempt to introduce novel spaces, fixes or requirements after initial models as well as budgets have been completed. Supplementary necessities will normally lead to superior costs and that can obviously negate original project budget. In essence, supplementary time, materials as well as man power necessary for completing novel initiative might also to be categorised as an overrun of costs in case if the augmentation affect different  other aspects of entire project. As a consequence, alterations might perhaps be handled properly in the phase of contract, at the time when a change order provision can be added to specify processes and budget required (Mulla & Waghmare, 2015). In case if it is not addressed ahead of time, different contractors might possible think about enhancing overall cost of contract particularly in anticipation of alterations or disputes that could stem in case if they  did not properly plan for the overrun. In case if specific construction software is utilized, then new level of functionality whilst decreasing the total number of resources utilized. Even though scope changes are necessary, then they need to be handled proactively and considered in advance to lessen the probability of cost overruns in diverse construction projects.

Administration Errors leading to Cost Overruns

With solid designs as well as no changes in project, projects can still experience overruns in case if project administrators are not up to accelerate with progress of success. In essence, at the time when small errors take place between teams of administrator, the  outcomes can be disastrous. In addition to this, in case if communication lines between particularly administrators are restricted, issues that take place on one aspect of a certain project might perhaps become known to other project managers until it becomes too late. There are several contractors as well as owners who are of the opinion that the best solution for mainly bad administration is mainly to enhance overall size of the team of administration. The rationale behind this is that administrators can concentrate particularly on the particular project area when there are individuals on the job (Mulla & Waghmare, 2015). Nevertheless, this might possibly be the best solution particularly in the long run since enhancing total number of individuals in the administration can direct the way towards failures in collaboration that might certainly engage overrun of cost. As opposed to adding more to the team of administration, there is need to equip the entire team with appropriate tools. In essence, project management software can aid in playing the role of numerous administrators. However, unlike conventional administration, software provides the capability to view the entire project from varied angles, keeping up with varied scenarios. Notions can be altered digitally and compared alongside to prior iterations of the project However, when it is about manual faults in invoicing, process of accounting and delivery monitoring that can lead to overruns, soft3ware can also aid in the process of lessening overall risk. As correctly mentioned by Olaniran et al., (2015), administrator errors are rather simple to avert with software system that guarantees the accuracy of different project documents and provides alarms for deliveries. With the additional support digitally, administrators will have entire visibility along with flexibility into project to preserve operations as well as logistics working effortlessly.

Poor Management Site

As rightly indicated by Larsen et al., (2015), there are different aspects of a specific project that need to be kept on track during process of construction. Unfortunately, this does not always go as planned directing towards severe cost overruns in different construction projects. Personalities also engage in conflicts with site of the project changes all of a sudden. In essence, an inherent trust gap occurs between owners and different project contractors might already exist due to natural interest conflict between two different parties. In essence, this can have devastating influence on overall momentum of the project. Enhancing communication on site with construction software can lessen certain issues with site management. Again, with software, enumerations as well as designs can be referred to digitally for accurate reading and diverse scenarios can be examined alongside to assess the ones that can direct the way to superior outcome (Mulla & Waghmare, 2015). As digital enumerations are assured to be accurate and software designs can be trusted to appropriately depict on site descriptions, decisions can be made quickly founded on solid information.  As rightly indicated by Olaniran et al., (2015), the appropriate software also delivers more opportunity for collaboration. Online admittance to designs as well as scenarios permits for higher communication from remote locations. In particular, decisions can be essentially framed whole project leaders are particularly on site, assessing the issue directly. Ahiaga-Dagbui & Smith (2014) mentions that faster communication can direct the way towards better decisions since real time insights can help in addressing a specific situation before it turns into a bigger concern and links the budget. 

Fixing overrun of cost in varied construction projects

Larsen et al., (2015) correctly suggests that lessening cost overruns can prove to be a priority in the process of planning. Evaluation of reasons for cost overruns along with incorporation of right solutions can bolster the capability to implement difficult projects with higher control. By means proper planning and with the help of construction productivity software, it is possible to considerably reduce overruns in the project and develop higher amounts of profits.  

As rightly put forward by Olaniran et al., (2015), proper planning might perhaps help in preventing several problems that can necessarily haunt a specific project on construction particularly all the way till its completion. In essence, there is always a cost overrun scheme for majority of projects on construction, but situations occur that lead certain projects to set out off track which again make overruns of cost unavoidable. Important members of project remaining on top and combating project cost overruns encounter problems by unearthing and staying attentive to ways of avoiding the issues from deteriorating. As correctly mentioned by Ahiaga-Dagbui & Smith (2014), one significant footstep of project management is to measure up to budgeted/estimated project with particularly the concluded actual project. Again, cost overruns also have the necessity of a constructive evaluation (Mulla & Waghmare, 2015). Essentially, once the specific project is entirely finished, and costs incurred for the project are disbursed, a inquisition meeting with important individuals of the team of project management to talk about rights as well as wrongs is highly suggested.

Larsen et al., (2015) suggested the necessity for project owners as well as architects to closely operate to complete the entire design or drawings particularly before preparation of project approximations else wise awarding contracts in a bid to avert erroneous project estimates and thereafter cost overruns as a consequence. Olaniran et al., (2015) recommended that risk analysis of varied uncertainties can be carried out for arriving at an appropriate contingency cost, and necessarily this needs to be further added to the estimate of budget. Again, in areas of cost planning procedures, both economists of design along with architects ought to participate (Ahiaga-Dagbui & Smith, 2014).

As rightly put forward by Ahiaga-Dagbui & Smith (2014), management of a firm has the need to identify overrun in actual cost in specifically the field of construction at the period of commencement of the project and sketch remedial measures specifically at the start itself to lessen overall influence of cost overrun. Olaniran et al., (2015), mentioned that majority of causes of setback, stoppage of projects and subsequently cost overrun of different construction project link to human as well as management issues and consequently improve the potential of managers as well as engineers might alleviate cost overrun.

Larsen et al., (2015) suggested measures for instance ascertainment of fitting financing at the stage of planning, incessant work-schooling programs with techniques of management of project and procedures, effectual and resourceful procurement scheme and satisfactory contingency allowance for the purpose of alleviating overrun of cost and setbacks.

In order to minimize delays in time along with overruns of cost Sovacool et al., (2014) suggested the following policies

ü Make certain availability of sufficient finance,

ü Execute proper preconstruction scheme on various tasks as well as resources

ü Allocation of ample time along with money for phase of design

ü Hire an self-governing, control engineer (Sovacool et al., 2014)

ü Selection of an able consultant along with reliable contractor.

The client has the need to carry out the following in order to diminish delays in time and overruns of cost.

ü Agree to adequate time to organize and arrange project briefs along with feasibility studies

ü Make certain that adequate finances are accessible before projects are initiated

ü Make certain that contractors can institute an effectual system of material management

ü Executing institutional strengthening along with development of manpower in diverse areas of management of project, utilization of information and management of data base.

Shehu et al., (2014) suggested nonstop professional development measures, methodical exploration of site, evidently defined matrix of roles as well as accountabilities, brief regarding client, techniques of management of value, bridging identified gaps in insight between the diverse groups as several measures to tone down delays in projects, that in turn, will alleviate overrun of cost. According to their views, effectual management of project site can be considered to be an important factor for enhancement of productivity.

Olaniran et al., (2015) recognized 90 different measures for mitigating overall influence of the top five important cost as well as time controls of particular project and categorised them under preventive methods, predictive dimensions, corrective measures as well as organizational dimensions. In essence, they concluded that even though external facets are normally tricky to control or ahead of control of managers, overall frequency of incidence is in general low. Conversely, internal factors are necessarily persistent and call for constant control.

Senouci et al., (2016) indicated that research on plant of petrochemical and their incentive or else disincentive contracting backs the usage of incentive or else disincentive stipulation to enhance overall productivity of labour and lessen overrun of cost. Olaniran et al., (2015) suggested the following for the purpose of development of capable and effectual best exercises to enhance construction efficiency: 

ü programs of incentive as well as recognition

ü Proper transport system for people to reach remote sites.

ü enhancing management of labour along with relationship

ü Overtime and management of schedule of work

ü Appropriate management of different tools, scaffolding along with diverse equipment

As rightly suggested by Senouci et al., (2016), there are different ways of eliminating delays and overruns of cost founded on interviews conducted with project managers

ü To keep away from price hikes, it is important to carry out long term agreements with suppliers of construction material, various sub-contractors along with labor suppliers.

ü Avert substructure operations during particularly the rainy season.

ü Preserving as well as updating cost data base of chiefly equipments and specific materials at a particular unit price.

ü Institute the logistics appropriately in order to maximize overall productivity.

ü Deliver accommodation and at the same time arrange different welfare facilities for different workmen to curtail absenteeism and make best use of productivity

Founded on review of literature presented above, there are 83 different variables that generate cost overrun together with 69 best exercises that can alleviate cost overrun that were recognized in review of literature.

Index analysis can be used for measurement of cost overruns in construction projects based on primary data that are available from survey questionnaires. Quantitative analysis can be carried for different types of indices

As correctly mentioned by Senouci et al., (2016), severity index can be used for the purpose of expressing severity of different facets that generate overruns and can be calculated using the below mentioned formula:

In addition to this, frequency index can be used to analyse the frequent occurrence of different factors that show the way to overruns of costs (Saidu & Shakantu, 2016). The frequency index can be enumerated utilizing the below mentioned formula:

Yet another important index of measurement of overrun of cost is the Importance Index The Important Index indicates overall significance founded on severity as well as frequency and it is enumerated using the below mentioned formula:

Further, the effectiveness analysis can be used for measurement of cost overruns (Saidu & Shakantu, 2016). This index can express overall efficacy of a particular mitigation measure for controlling the cost overrun and it is enumerated using the mentioned formula:

As rightly indicated by Subramani et al., (2014), rank correlation method is also utilized for the purpose of analysing nature and degree of agreement or else disagreement between different parties (that is to say, owners and contractors, among different consultants as well as contractors and many others). This method can be considered to be extremely vital for measurement and comparison of association between rankings provided to two different parties. Therefore, correlation can be checked between frequencies of particularly overrun of cost among different stakeholders of particularly the construction industry. In addition correlation of different index is also to be carried out for thorough assessment.

Conclusion 

In conclusion it can be said that mitigation strategies are formulated for handling different common challenges of overruns of cost in construction projects. In general, it can be said that findings in prior literature suggest that external factors are hardly ever influential in cost overruns and only internal factors and particularly human resource related factors are extremely important for exerting influence on cost overruns. Since the principal causes are majorly internal, it is quite possible to minimise the overrun of costs by way of adoption of proper methodology and system of management of projects and different measures of control that are adopted are discussed in detail in the study at hand. 

References

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