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Cost Early-Warning Model System of Large-Scale Construction Project
1School of Resources and Architectural Engineering, Gannan University of Science and Technology, Ganzhou 341000, Jiangxi, China.
Computational Intelligence and Neuroscience
|May 20, 2022
Summary
This study introduces an earned value management (EVM) approach to enhance cost control in China's construction industry. It develops a cost early-warning system to mitigate risks like overruns and delays in projects.
Area of Science:
- Construction Management
- Cost Engineering
- Project Management
Background:
- China's construction sector faces challenges with high costs, efficiency issues, and management inefficiencies.
- Traditional management methods often lead to cost overruns and project delays, hindering effective cost control.
- There is a need for improved cost management strategies within construction enterprises.
Purpose of the Study:
- To analyze the applicability of Earned Value Management (EVM) in construction cost management.
- To develop a practical cost early-warning system tailored for construction projects.
- To enhance the cost management capabilities of construction companies.
Main Methods:
- Summarizing construction project characteristics and cost classifications.
- Analyzing the foundational principles of EVM for construction cost control.
- Developing a cost early-warning system, including organizational structure, operation platform, and early-warning model, using Company A as a case study.
Main Results:
- The study provides a framework for integrating EVM with cost management in construction.
- A cost early-warning system was designed and conceptualized for practical application.
- The proposed system aims to improve the identification and mitigation of cost risks.
Conclusions:
- Earned Value Management offers a robust foundation for improving cost control in construction.
- The developed cost early-warning system can significantly enhance the cost management level of construction enterprises.
- Implementing such systems is crucial for addressing the inherent cost risks in construction projects.
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