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Cost Management Evolution in Building Projects: A Review of Innovations and Challenges

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  • Tajudeen Olawale AJAYI

    (Department of Architectural Technology, The Federal Polytechnic, Ado-Ekiti, Nigeria)

  • Opeyemi Titi DARAMOLA

    (Department of Architectural Technology, The Federal Polytechnic, Ado-Ekiti, Nigeria)

  • Olasunmbo Omobolanle Adhuze

    (Department of Architectural Technology, The Federal Polytechnic, Ado-Ekiti, Nigeria)

Abstract

Cost management in building construction is critical for project success and sustainability. This review synthesises findings from fifty-seven journal articles published between 2013 and 2023, offering vital insights for the industry. It identifies prevalent practices and challenges, such as budget forecasting, cost control methods, risk management, and integrating advanced technologies like Building Information Modelling (BIM). The study emphasizes the importance of stakeholder collaboration and effective communication in mitigating cost overruns. More importantly, it equips practitioners with actionable strategies to achieve this, providing a roadmap for successful cost management. The narrative review method provides a comprehensive overview of the evolution and current trends in cost management, empowering practitioners and researchers to improve cost efficiency in building projects. The findings highlight the need for continuous improvement in cost management strategies and motivate practitioners to commit to this, ensuring successful project delivery within budget constraints.

Suggested Citation

  • Tajudeen Olawale AJAYI & Opeyemi Titi DARAMOLA & Olasunmbo Omobolanle Adhuze, 2024. "Cost Management Evolution in Building Projects: A Review of Innovations and Challenges," International Journal of Research and Innovation in Applied Science, International Journal of Research and Innovation in Applied Science (IJRIAS), vol. 9(9), pages 80-95, September.
    • Handle: RePEc:bjf:journl:v:9:y:2024:i:9:p:80-95
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