Methods and tools of a construction cost management system at the pre-project lifecycle stage of a construction facility

Abstract

Introduction. The cost of construction is the most important indicator of any investment and construction project which is subject to change at every stage of its lifecycle due to the influence of many internal and external factors. Creation of an effective integrated construction cost management system, which allows controlling changes in construction costs in the process of developing a construction facility, is relevant for all participants of investment and construction processes. Certain methods and tools are applied at every lifecycle stage of a construction facility; they solve construction cost management problems. At the stage of capital investment planning and preliminary design, the main task is to determine trustworthy construction costs and possible limits of their change, taking into account any risks and uncertainties. This task turns more complex due to the lack of initial data about the facility and tight deadlines. This article is focused on the system of methods and practical tools used to determine construction costs at the stages of capex planning and preliminary design of a construction facility. Materials and methods. In the course of the study, current construction cost calculation methods were analyzed. Methods of analysis, synthesis, expert and comparative evaluation were applied. Results. As a result of the analysis the main principles of this methodological approach and a set of practical tools were developed to find reliable construction costs. Conclusions. The proposed methods and practical construction cost management tools can be applied in the process of implementation of investment and construction projects of any complexity.