Cost control in megaprojects: efficacy, tools and techniques, key knowledge areas and project comparisons

Abstract

The aims of this study are (1) to check the prevalence of cost overrun in megaprojects, (2) to investigate the efficacy of cost control in megaprojects, (3) to identify the popular tools and techniques used for cost control, (4) to find out the key knowledge areas highly relevant to cost control in megaprojects and (5) to make a comparison of these results between mega and general projects. To achieve these goals, a comprehensive literature review was conducted first, followed by a questionnaire administered to 32 Singapore-based construction companies having experiences in megaprojects. The results showed that: on average 44.22% of megaprojects in Singapore experienced cost overrun, which is about 6% higher than that for general projects; megaprojects are facing a lower efficacy in cost control than general projects; ‘S-curve’, ‘forecasting techniques’, ‘cost control software products’ and ‘Work Breakdown Structure’ are the popular tools and techniques used for cost control in megaprojects, and they are used more frequently in megaprojects than in general projects. Finally, six knowledge areas were found highly relevant to cost control in megaprojects, demonstrating higher relevance to cost control in megaprojects than in general projects.

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