Contractors’ perception of risk factors affecting cost overrun in building projects in Palestine

Abstract

This study aims at identifying the risk factors affecting cost overrun in building construction projects in the West Bank in Palestine from contractors’ viewpoint. To do so, 31 contractors working on building construction completed a structured questionnaire survey. Forty factors were identified through a literature review. These factors were grouped into five groups: cost estimating, construction items, construction parties, environmental, and financing. The results indicated that the top five affecting factors are fluctuation in currency exchange rate, project financing, contract management, level of competitors, and cost of materials. The findings can support the government in improving the regulations to meet the construction market needs, owners in planning and designing and evaluating policy, contractors and managers in planning and taking external and internal risks when costing and scheduling contracts, consultants in applying comprehensive contract information, and workers in conducting their day-to-day activities. The results will fill an important research and practice gap.

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