Practical tools of an integrated construction cost management system

Abstract

Introduction. The problem of effective construction cost management can arise at any stage of a construction project, and it becomes particularly relevant amid economic instability. Solving problems of accurate assessment and control of construction costs is vital for all participants in the investment and construction process. The construction cost management process encompasses the following interrelated sub-processes: identification of reliable construction costs at stages of preliminary and working design; construction cost control at further stages, including the drafting of working design documentation and facility construction. The subject of research is a set of practical tools that solve construction cost management problems throughout the lifecycle of a construction facility. Materials and methods. Data on cost analysis processes, methods and tools were collected, systematized and analyzed in the course of the study. A systematic approach, analysis and synthesis methods, expert and comparative assessment methods were applied. Results. The main principles, underlying the author’s approach, as well as a set of practical tools designed to manage the cost of construction of a capital construction facility were proposed in reliance on the analysis, conducted by the author. Conclusions. The author proposes construction cost management methods and practical tools that can be applied in the course of implementation of investment and construction projects that have different degrees of complexity. KEYWORDS: planning, management, pricing in construction, construction cost, design documentation, working design, construction