Scaffolding Success: A Comprehensive Analysis of Cost Management Drivers in Construction Projects

Sanchaniya Rashmi Jaymin (), Machala Jayakumar and Kundziņa Antra
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Sanchaniya Rashmi Jaymin: Riga Technical University, Riga, Latvia
Machala Jayakumar: Riga Technical University, Riga, Latvia
Kundziņa Antra: Riga Technical University, Riga, Latvia

Baltic Journal of Real Estate Economics and Construction Management, 2024, vol. 12, issue 1, 138-149

Abstract: This research examines the multifaceted factors that influence cost management practices in the Indian construction sector, with the objective of improving efficiency, competitiveness, and sustainability. The study addresses two central questions: (1) What are the prevailing cost management practices in the Indian construction industry, and (2) Which factors significantly impact these practices? Using a comprehensive literature review and empirical data collected through an online survey, the study uses factor analysis via SPSS 28 to discern the key determinants affecting cost management. The analysis identifies economic conditions, material costs, supply chain disruptions, project delays, poor site management, and lack of skilled labour as critical factors. The findings underscore the need for robust cost management strategies to mitigate financial challenges, reduce project delays, and improve overall project success. This research contributes to a more profound understanding of cost management dynamics in the Indian construction sector and provides practical recommendations to practitioners and policymakers to foster more effective cost control measures, thus ensuring the timely and cost-effective completion of construction projects.

Keywords: Cost management; construction sector; factor analysis; economic conditions; material costs; project delays; skilled labour shortage (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:bjrecm:v:12:y:2024:i:1:p:138-149:n:1009

DOI: 10.2478/bjreecm-2024-0009

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