scholarly journals Identification of risk factors leading to cost and time overrun in B-O-T projects

2021 ◽  
Vol 10 (1) ◽  
pp. 10
Author(s):  
Anue Marry Mathew ◽  
Neena S Lal
Keyword(s):  
Economic Growth ◽  
Construction Projects ◽  
Capital Expenditure ◽  
Growth Time ◽  
Cost Overrun ◽  
Managerial Skills ◽  
Term Operation ◽  
Construction Companies ◽  
Huge Impact ◽  
The Government

As infrastructural investments are vital in developing countries, it’ll not solely facilitate to foster the economic growth of a nation, however it’ll additionally act as a platform within which new kinds of partnership and collaboration may be developed. The developments of BOT have attracted participation of native and foreign non-public sector capitalist to secure funding and to deliver projects on time, within the budget and to the desired specifications. There are many complexities in projects because of the variety of factors in project’s trend and also the dependence of project primarily on national factors. Because of these complexities and their long-term operation, the projects meet with uncertainty and numerous risks. Effective risk management methods and good managerial skills are required in guaranteeing the success of the project. In recent years, due to substantial increase in the amount of construction companies along with the changes in the government administrations, the construction projects are exposed to cost and time overrun and has huge impact on the progress of works within the industry. Although, the sector is considered to be a key driver of economic growth, time and cost overruns threaten to limit the sector’s potential to help achieve the desired growth and ensure efficient capital expenditure. Keywords—BOT, cost overrun, delays, risk

scholarly journals Government Expenditure and Economic Growth Nexus: Evidence from Nigeria

2016 ◽  
Vol 5 (4) ◽  
pp. 56
Author(s):  
Oyediran, Leye Sherifdeen ◽  
Sanni, Ibrahim ◽  
Adedoyin, Lukman ◽  
Oyewole Olabode Michael
Keyword(s):  
Economic Growth ◽  
Capital Expenditure ◽  
Government Expenditure ◽  
Least Square ◽  
National Bureau ◽  
Fiscal Discipline ◽  
Secondary Sources ◽  
Economic Development And Growth ◽  
The Government ◽  
The Impact

The need to better the lots of citizens through government expenditure has raised questions on the impact of government expenditure on the economic development and growth of nations. It is against this background that this paper examined the antecedent effect of government spending on the Nigerian economic growth. The general objective of the study is to ascertain the relationship between government expenditure and economic growth in Nigeria; specifically, the study examined: (i) the significance influence of government capital expenditure on economic growth in Nigeria and (ii) the significance influence of government recurrent expenditure on economic growth in Nigeria. The study employed ordinary least square (OLS) multiple regression analysis in estimating the specified model, with the Gross Domestic Product (GDP) as the dependent variable, while Capital Expenditure (CAPEXP) and Recurrent Expenditure (REXP) are the independent variables. Data between 1980 – 2013 were collected from secondary sources through the National Bureau of Statistics (NBS) and Central Bank of Nigeria (CBN). Results showed that in Nigeria, there exist a significant relationship between the government expenditure and economic growth. The study therefore recommends instilling fiscal discipline in government expenditures, and putting in place structural mechanisms to act as surveillance on capital spending so as to boost the nation’s human and social capital.

scholarly journals PENGARUH BELANJA MODAL, BELANJA SOSIAL, DAN PERTUMBUHAN EKONOMI TERHADAP TINGKAT KEMISKINAN DI KOTA MANADO

2019 ◽  
Vol 19 (2) ◽  
Author(s):  
Agustien Sendouw ◽  
Vekie Adolf Rumate ◽  
Debby Ch. Rotinsulu
Keyword(s):  
Economic Growth ◽  
Capital Expenditure ◽  
Government Expenditure ◽  
City Government ◽  
Social Spending ◽  
Social Expenditure ◽  
Poverty Level ◽  
The Government ◽  
The City ◽  
Poverty Levels

PENGARUH BELANJA MODAL, BELANJA SOSIAL, DAN PERTUMBUHAN EKONOMI TERHADAP TINGKAT KEMISKINAN DI KOTA MANADO Agustien Sendouw, Vekie A.Rumate, Debby Ch. Rotinsulu Ekonomi Pembangunan – Fakultas Ekonomi dan BisnisUniversitas Sam ratulangi  ABSTRAKKemiskinan merupakan masalah klasik disetiap negara. Usaha pengentasan kemiskinan telah lama dilakukan oleh pemerintah. Variabel yang mempengaruhi tingkat kemiskinan antara lain adalah pengeluaran pemerintah dan pertumbuhan ekonomi. Pengeluaran pemerintah Kota Manado melalui pos belanja modal, belanja sosial, dan pertumbuhan ekonomi diharapkan juga memberi pengaruh terhadap tingkat kemiskinan. Penelitian ini bertujuan untuk mengetahui pengaruh belanja modal, belanjasosial, dan pertumbuhan ekonomi terhadap tingkat kemiskinan di Kota Manado secara parsial maupun secara bersama-sama. Metodeanalisis yang digunakan adalah analisis regresi berganda. Hasil penelitian menunjukan bahwa belanja modal memiliki pengaruh yang negative dan signifikan secara parsial terhadap tingkat kemiskinan sedangkan belanja social dan pertumbuhan ekonomi tidak memiliki pengaruh secara parsial terhadap tingkat kemiskinan di Kota Manado. Secara bersama-sama belanja modal, belanja sosial, dan pertumbuhan ekonomi  tidak  memiliki  pengaruh  terhadap  tingkat  kemiskinan di Kota Manado. Kata Kunci  :   Belanja Modal,  Belanja  Sosial,  Pertumbuhan  Ekonomi, Tingkat  Kemiskinan.  ABSTRACTPoverty is a classic problem in every country. Poverty eradication efforts have been carried out by the government. Variables that affect the level of poverty among other government are government expenditure and economic growth. Manado City Government expenditure through capital expenditure, social expenditure, and economic growth is expected to also make an impact on poverty levels. This research aimed to determine the effect of capital expenditure, social expenditure, and economic growth on poverty levels in Manado partially or jointly. The analytical method used is multiple regression analysis. The results showed that capital expenditure has a negative and significant effect partially to the poverty level while social spending and economic growth do not have a partial effect on poverty levels in the city of Manado. Taken all research variables found that capital expenditures, social expenditure, and economic growth have no effect on the level of poverty in the city of Manado. Key Words : Regional Expenditure, Social Expenditure, Economic Growth, Poverty Level.

scholarly journals Integration of digital technologies in the field of construction in the Russian Federation

2019 ◽  
Vol 11 (3) ◽  
pp. 38-47 ◽  
Author(s):  
Elena Aleksandrova ◽  
Victoria Vinogradova ◽  
Galina Tokunova
Keyword(s):  
Russian Federation ◽  
Construction Projects ◽  
High Performance ◽  
Digital Technologies ◽  
Unmanned Vehicles ◽  
Business Relationships ◽  
Construction Companies ◽  
Digital Ecosystem ◽  
The Russian Federation ◽  
The Government

Abstract The article presents the study that mainly focused on the changes made as a result of collaborative innovations in business relationships developed during the period of digitalisation in the construction field of the Russian Federation. It is a conceptual piece of work based on the systematic approach to the analysis, literature review and comparative analysis. The digitalisation of investment and construction projects is technologically based on the integration of solutions, such as the building information model (BIM), high-performance IT-systems, cloud platforms and the Internet-of-Things, resulting in unified and constant connectivity, specialised mobile applications, robotic equipment, unmanned vehicles, additive technologies, AR/VR services for the analysis of Big-Data, and blockchain technologies. The integration of digital technologies is a radical innovation, which highlights collaborative innovations in business relationships and makes it possible to form a united digital ecosystem that allows firms to manage, control and regulate the full lifecycle of a construction project, and then, the property in real-time. The contribution of this work to the construction field is the offered model for the creation of a digital ecosystem and the described role of the government in the model. Also, this work can be used for the integration of BIM technologies in construction companies.

Roles of Contractors in Implementing Quality Assessment System in Construction (QLASSIC) in Construction Projects

2021 ◽  
Vol 15 (S1) ◽  
pp. 53-69
Author(s):  
Mohd Shazreen Seman ◽  
Mohd Reza Esa ◽  
Mohd Reeza Yusof
Keyword(s):  
Quality Assessment ◽  
Construction Industry ◽  
Construction Projects ◽  
Poor Quality ◽  
Technical Committee ◽  
Assessment System ◽  
Construction Companies ◽  
Industry Standard ◽  
The Government ◽  
Questionnaire Surveys

In recent decades, the construction industry has been widely criticized for its lack of efficiency and productivity, and it has been shown that the Malaysian construction industry records poor quality on its projects. To overcome this issue, the Technical Committee on Quality Assessment in Construction with the support of the Construction Industry Development Board (CIDB) has introduced Quality Assessment System in Construction (QLASSIC). QLASSIC is a scoring system that is used to assess and evaluate the performance of construction buildings. It is based on the Construction Industry Standard (CIS 7:2006). Unfortunately, this assessment system had poor implementation since its introduction in November 2006. QLASSIC was not extensively implemented and was taken lightly by the contractors and developers in Malaysia. There are still a huge number of contractors that are not aware of QLASSIC even the big construction companies. Thus, this research is aimed at investigating the contractor’s perspective towards the implementation of QLASSIC in the construction industry in Malaysia. Three objectives are developed to achieve the aim: (1) identification of the needs to implement QLASSIC; (2) investigation of issues and challenges to implement QLASSIC and (3) recommendation of strategies to implement QLASSIC. Structured questionnaire surveys were distributed to the G7 and G6 contractors in the Klang Valley area; which may have or may not have experience in implementing QLASSIC in their projects. The result revealed that majority of the respondents were aware and understand the needs of QLASSIC implementation, but there were still few who were unfamiliar with the QLASSIC. The current level of implementation of QLASSIC in Malaysia is still not satisfactory due to several issues and challenges acting as barriers to its implementation. Therefore, the initiatives from the government are important to promote QLASSIC implementation in the construction industry. By doing this, the contractors would be aware of the implementation of QLASSIC in the construction industry. The significance of this research is that it will assist contractors and other construction players in comprehending the implications and importance of QLASSIC implementation.

Human Capital Impact on Economic Growth in Nigeria

2021 ◽  
Vol 7 (18) ◽  
pp. 15-22
Author(s):  
Chuwuemeka Ogugua AGBO ◽  
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Time Series Data ◽  
Capital Expenditure ◽  
Private Investment ◽  
Series Data ◽  
Tertiary Institutions ◽  
Explanatory Variables ◽  
The Government ◽  
The Impact

This study aims to examine the impact of human capital on economic growth in Nigeria. Despite all effort to improve education condition in Nigeria, there hasn’t been much encouraging improvement. This has caused a large number of the population to move abroad for studies. Most conducive tertiary institutions are owned by private individuals, the government owned universities have been overlooked and recklessly abandoned. In this study OLS multiple regression was adopted to analyze the time series data for the period of 1985-2018 to test if Average Year of Schooling (AVYS), Private Investment in Telecommunication (PIT), Capital Expenditure on Education (CEE), and Recurrent Expenditure on Education (REE) have an impact on growth in Nigeria or not. The data was derived from CBN statistical Bulletin (2018). Result showed that all the four explanatory variables have significant impact on Economic growth. However, it is therefore important for government to increase education budget annually.

scholarly journals Bank-Based Financial Development and Economic Growth: Time-Varying Causality Analysis for Egypt

2018 ◽  
Vol 10 (4) ◽  
pp. 123
Author(s):  
Amira Akl Ahmed
Keyword(s):  
Economic Growth ◽  
Financial Development ◽  
Structural Breaks ◽  
Growth Time ◽  
Time Varying ◽  
Causality Analysis ◽  
Causality Test ◽  
Full Sample ◽  
Rolling Window ◽  
The Government

The bootstrap approach to Toda-Yamamoto (1995) modified causality test is applied in a rolling window of fixed size onto Egyptian data during 1960-2016 to examine time-varying links between economic growth (EG) and bank-based financial development (BBFD). Full sample results indicated the existence of unidirectional causality running from BBFD to EG, however; instability tests revealed the presence of structural breaks. Given the misleading inferences made using the full sample, the rolling window procedure is applied. Bidirectional time-varying causality between EG and BBFD was detected. Reasons behind declining the fraction of credit provided to private business sector to GDP in recent years include, mainly, credit crunch and expansion of credit to the government and partially to economic slowdown. Adoption of fiscal reforms and promotion of innovative financial tools suitable for the needs of small and medium-sized enterprises is highly recommended to enhance the role of banking system in promoting economic growth.

scholarly journals Opportunities and Challenges for Construction Health and Safety Technologies under the COVID-19 Pandemic in Chinese Construction Projects

2021 ◽  
Vol 18 (24) ◽  
pp. 13038
Author(s):  
Yang Yang ◽  
Albert P. C. Chan ◽  
Ming Shan ◽  
Ran Gao ◽  
Fengyu Bao ◽  
...  
Keyword(s):  
Construction Projects ◽  
Influence Factor ◽  
Driving Forces ◽  
Influence Factors ◽  
Health And Safety ◽  
Information Modeling ◽  
Cost Overrun ◽  
Construction Sector ◽  
Structured Interviews ◽  
The Government

The Coronavirus disease 2019 (COVID-19) pandemic has resulted in significant delays and cost overrun in construction projects. The implementation of health and safety (H&S) technologies is one of the most important strategies to alleviate the adverse impacts of COVID-19 on the construction industry and help the industry adapt to the new normal. This study aims to evaluate the adoption of H&S technologies for pandemic management in the construction sector under the COVID-19 pandemic. Semi-structured interviews with eighteen practitioners engaged from construction companies and technology firms were conducted to collect their views on the driving forces and issues of the adoption of H&S technologies for pandemic management in Chinese construction projects. The results reveal that the major H&S technologies used included the health quick response (QR) code system, artificial intelligence (AI)-powered fever monitoring, and site access control system. These technologies were reported to be effective in preventing the spread of the pandemic in workplaces. The findings of the study amplify that the pandemic may serve as an acceleration of the adoption of H&S technologies in the construction sector. Other technologies, such as building information modeling, drones, AI-based safety monitoring, and robotics, however, were seldom used in the studied projects. The interviewees addressed several problems regarding the implementation of these technologies. High costs of technologies, a lack of client support, and disruptions to the normal work process were the main hurdles of the adoption of these technologies. The results indicated that the external influence factor—the COVID-19 pandemic—could considerably drive the use of H&S technologies, whereas the internal influence factors—cost and compatibility of technology—might be the major barriers to technology adoption. To encourage the wider use of H&S technologies in construction, the government is recommended to support the technology transformation by granting financial subsidies for costs involved in innovation adoption. Project owners may consider investing substantially in H&S technologies that can strengthen their resilient and innovative ability to adapt to the post-COVID-19 landscape. The present results will be useful to industry stakeholders and researchers interested in developing H&S technologies for combating the COVID-19 pandemic and future crises.

scholarly journals Identifying The Effective Factors for Cost Overrun and Time Delay in Water Construction Projects

2016 ◽  
Vol 6 (4) ◽  
pp. 1062-1066 ◽  
Author(s):  
D. Mirzai Matin
Keyword(s):  
Time Delay ◽  
Construction Projects ◽  
Point Of View ◽  
Relative Importance ◽  
Cost Overrun ◽  
Weighting Method ◽  
Additional Information ◽  
Financial Difficulties ◽  
Questionnaire Form ◽  
The Government

Water construction projects in Iran frequently face problems which cause cost overrun and time delay, the two most common issues in construction projects in general. The objective of this survey is to identify and quantify these problems and thus help in avoiding them. This survey represents a collection of the most significant problems found in the literature, classified into 11 groups according to their source. The questionnaire form used contains 84 questions which were answered by random engineers who work in water construction projects. The Relative Importance Weight (RIW) method is used to weight the importance of each one of the 84 problems. The focus of this survey is on overall top ten issues which are: bureaucracy in bidding method, inflation, economical condition of the government, not enough information gathered and surveys done before design, monthly payment difficulties, material cost changes, law changes by the government, financial difficulties, mode of financing and payment for completed work and changes made by the owner. A section for each of these issues provides additional information about them. In the full text of this survey the same weighting method is used to classify the main groups, and the results show that issues related to the groups of government, owner and consultant has the most significant impact. The last part of this survey describes the point of view of the engineers who took part in this survey and the recommendations they made.

scholarly journals A critical analysis of unethical professional practices in the construction industry in Southeast Nigeria

2021 ◽  
pp. 44-48
Author(s):  
Anikwe Nnaemeka J ◽  
Agha Kalu A
Keyword(s):  
Construction Industry ◽  
Construction Projects ◽  
Due Process ◽  
Economic Transformation ◽  
Professional Practices ◽  
Project Delivery ◽  
Maintenance Cost ◽  
Cost Overrun ◽  
Unethical Practices ◽  
The Government

Economic transformation and the provision of basic infrastructure to engender growth and development in any nation is vested in the construction industry hence the massive investment of the government in this sector. However, the expected gains of the construction industry have been eroded by the failure of many construction projects due to unethical professional practices on the part of the construction professionals. This study analyzed the causes and effects of unethical practices on the industry and project delivery with measures to combat the unethical practices among the stakeholders. The study adopted the survey design and a stratified random sampling technique was used to select 140 respondents. A structured questionnaire was designed and administered to construction professionals (Architects, Quantity Surveyors, Builders and Engineers). The relative importance index tool was used to analyse the severity of the factors identified. Findings revealed the absence of punishment for unethical practices (0.94), collusion between officials, consultants and contractors (0.91), availability of loopholes in project monitoring (0.89), weak law enforcement institution (0.87) and greed for money (0.83) among others as major causes of unethical professional practices which have serious effects on the construction industry. The result also revealed poor workmanship and substandard project delivery (0.88), high cost of construction (0.86), the collapse of structures/buildings (0.82), inflated contract sums (0.81), high maintenance cost (0.79), time and cost overrun (0.76) as the extremely severe effects of unethical practices in the industry. Prosecution and punishment of offenders (0.98), the whilstle blower protection policies and rewards (0.84), strengthening of institutionand anticorruption agencies (0.78), award of contracts on merit (0.75) and civil society participation and oversight (0.68) were identified as highly effective measures to curtail unethical professional practices. The study recommends that the government being a major actor should abide by the due process of contract award and letting, using Public Procurement Act (PPA) guidelines in executing all its construction projects. The professionals, contractors and clients’ representatives should also exhibit high professional excellence through adherence to professional ethics and codes of conduct.

scholarly journals Estimation of cost overrun in construction projects using Fuzzy Logic

2021 ◽  
Vol 23 (05) ◽  
pp. 797-805
Author(s):  
Neelakash Haloi ◽  
◽  
Tapas Goyal ◽  
Faizan Zahoor ◽  
Harsh Jain ◽  
...  
Keyword(s):  
Fuzzy Logic ◽  
Construction Projects ◽  
Cost Overrun ◽  
Time Data ◽  
Construction Companies ◽  
Five Factors ◽  
Spss Software ◽  
The Cost ◽  
The Impact ◽  
Published Research

In recent years, the impact of the construction industry on the economy of India is increasing. However, there are a number of problems that are being faced by the construction companies or contractors or other relevant stakeholders, in the completion of a construction project. One of the major problems being faced is time and cost overrun. Thus, it is important to find ways of mitigating this critical problem. One of the solutions that is being used is the prediction of the amount and time that a project might overrun beforehand i.e. estimating the overrun during the design phase itself. This prediction can be done using a number of different techniques, the important one of which used in this paper is through the use of Fuzzy Logic. It also provides a brief description about the factors that are responsible for causing this cost overrun. The factors are identified by conducting a questionnaire survey and gathering responses from the relevant stakeholders which include contractors, project engineers, architects and consultants. The responses collected are further processed and analysed using SPSS software. The top 5 factors have been selected after the analysis and further used in preparation of the fuzzy logic model in the fuzzy toolbox of MATLAB. Further, the validation of this model has been done with real-time data of projects from various published research papers. Thus, the model developed provided prediction of the percentage of the cost overrun based on the percentage input of the top five factors.

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