The importance and necessity of cost management of construction projects
The importance and necessity of cost management of construction projects

Summary/Abstract: Constructions are the primary vector in the process of economic and social development and modernization. Estimating the costs of construction projects with high accuracy in the conceptual phase of project development is crucial for feasibility studies. However, a number of difficulties arise when performing the cost estimation in the conceptual phase. The major problems faced are the lack of preliminary information, the lack of the database on the costs of construction projects, the lack of data, the lack of adequate cost estimation methods and the involvement of uncertainties. The main objective of this research is to use state-of-the-art techniques to estimate the construction costs of the construction projects, to emphasize the importance of proper monitoring of the construction and to examine the processes of controlling the existing costs. This will help all staff realize the importance of construction monitoring and cost control.

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