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dc.contributor.authorAdafin, Johnson
dc.contributor.authorRotimi, J.O.B.
dc.contributor.authorWilkinson, Suzanne
dc.contributor.authorMbachu, J.
dc.contributor.editorGorse, C & Nelson, C.J.
dc.date.accessioned2019-12-03T23:46:14Z
dc.date.available2019-12-03T23:46:14Z
dc.date.issued2019-09
dc.identifier.urihttps://hdl.handle.net/10652/4780
dc.description.abstractA review of several authors shows that various risk factors abound which potentially impact on the outturn tender sums (OTS) of construction projects from the design stage elemental cost plans (ECPs)/budget estimates. Proper risk analysis could at least partially solve this problem, by lowering the variation between the design-stage ECPs and their OTS. The concern of the current study is the variability between design-stage ECP and OTS, whereas the conjecture is that risk could be responsible for the observed variability. Empirical data was obtained from 208 practising New Zealand (NZ) construction consultants through an online survey. A quantitative analysis was performed to determine the most critical risk factors that impact ECPs. Findings revealed variation between ECPs and OTS (inflated risks) within the region of +1% and 23.86%. These verify discrepancies in the budgeted costs of commercial projects at preconstruction phase, and the risk factors responsible should be the initial focus of construction project consultants. The research provides invaluable insights from practice that could propose and strengthen the development of an effective mitigation strategy by using risk management approach which promotes risk/cost management integration in project delivery for the construction industry. This study therefore attempts to influence government policy to develop support mechanisms to encourage effective risk management practice in the construction industry in NZ.en_NZ
dc.language.isoenen_NZ
dc.rights"All authors of papers published in the ARCOM Conferences retain the right to re-publish their work in any format without the need for further permission from ARCOM. This includes depositing the final published pdf version of papers on Universities' Institutional Repositories. However, we ask that authors acknowledge that the original paper was first published by ARCOM as part of the Conference Proceedings and, if possible, to provide a direct link to the full paper as archived on the ARCOM CM Abstracts database"--http://www.arcom.ac.uk/copyright.phpen_NZ
dc.subjectNew Zealanden_NZ
dc.subjectconstruction industryen_NZ
dc.subjectbudget overrunen_NZ
dc.subjectelemental cost planningen_NZ
dc.subjectout-turn tender sumen_NZ
dc.titleAn assessment of risk factors impacting budget variability in New Zealand commercial construction projectsen_NZ
dc.typeConference Contribution - Paper in Published Proceedingsen_NZ
dc.date.updated2019-11-13T13:30:13Z
dc.rights.holderAuthorsen_NZ
dc.subject.marsden120201 Building Construction Management and Project Planningen_NZ
dc.identifier.bibliographicCitationAdafin, J., Rotimi, J.O.B., Wilkinson, S., & Mbachu, J. (2019). An assessment of risk factors impacting budget variability in New Zealand commercial construction projects. In Gorse, C & Nelson, C.J. (Ed.), Proceedings of the 35th Annual ARCOM Conference (pp. 44-53).en_NZ
unitec.publication.spage44en_NZ
unitec.publication.lpage53en_NZ
unitec.publication.titleProceedings of the 35th Annual ARCOM Conferenceen_NZ
unitec.conference.title35th Annual ARCOM Conference (Leeds, UK 2019)en_NZ
unitec.conference.orgAssociation Of Researchers In Construction Management (ARCOM)en_NZ
unitec.conference.locationLeeds, United Kingdomen_NZ
unitec.conference.sdate2019-09-03
unitec.conference.edate2019-09-04
unitec.peerreviewedyesen_NZ
dc.contributor.affiliationUnitec Institute of Technologyen_NZ
unitec.identifier.roms64562en_NZ
unitec.institution.studyareaConstruction + Engineering


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