Open AccessPREDICTING COST CONTINGENCY FOR PRIVATE PROJECTS: CASE STUDY IN VIETNAM
Author(s) -
Nguyen Tuan Kiet,
Soo-Yong Kim,
Van Truong Luu,
Le Van Hung,
Le Huu Dat
Publication year - 2020
Publication title -
khoa học và công nghệ
Language(s) - English
Resource type - Journals
ISSN - 2525-2267
DOI - 10.46242/jst-iuh.v43i01.596
Subject(s) - cost contingency , contingency , contingency plan , cost estimate , project management , contingency theory , project management triangle , business , basis of estimate , project planning , key (lock) , quality (philosophy) , estimation , contingency table , operations research , operations management , computer science , engineering , project charter , knowledge management , systems engineering , computer security , linguistics , philosophy , epistemology , machine learning
Actual cost in construction projects has tended to exceed the project budgets. Thus, cost contingency from the initial of the project is the significant budget to complete project activities. Cost contingency is an important element of cost estimation to protect project stakeholders such as owners, contractors, and architects from the risks of the project. This paper reviewed the previous studies to find the factors affecting cost contingency and proposed a regression model to predict the cost contingency for private projects in Vietnam. Through industry survey, project performance information from a total of 48 private projects in Vietnam was gathered. The research also compared with other studies to have an overview about cost contingency predicting methods. The key benefit of this research is that the project managers can use this model as another forecasting method to get a better quality cost management. The further research can be focused on developing the model for other project types in Vietnam.