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Proceedings of the 2nd International Conference on Big Data Economy and Digital Management, BDEDM 2023, January 6-8, 2023, Changsha, China

Research Article

A Critical Analysis on the Cost Planning in Building Project Success: A Theoretical Review

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  • @INPROCEEDINGS{10.4108/eai.6-1-2023.2330239,
        author={Zhenquan  Zhou and Deprizon  Syamsunur and Xinyi  Wang},
        title={A Critical Analysis on the Cost Planning in Building Project Success: A Theoretical Review},
        proceedings={Proceedings of the 2nd International Conference on Big Data Economy and Digital Management, BDEDM 2023, January 6-8, 2023, Changsha, China},
        publisher={EAI},
        proceedings_a={BDEDM},
        year={2023},
        month={6},
        keywords={cost planning cost manager construction project financial success corrective and preventative action},
        doi={10.4108/eai.6-1-2023.2330239}
    }
    
  • Zhenquan Zhou
    Deprizon Syamsunur
    Xinyi Wang
    Year: 2023
    A Critical Analysis on the Cost Planning in Building Project Success: A Theoretical Review
    BDEDM
    EAI
    DOI: 10.4108/eai.6-1-2023.2330239
Zhenquan Zhou1, Deprizon Syamsunur2,*, Xinyi Wang1
  • 1: Tianfu College of SWUFE
  • 2: UCSI University
*Contact email: deprizon@ucsiuniversity.edu.my

Abstract

The purpose of this article is to discuss how the relationship between project success and cost planning with management techniques. There are three practical ways in cost planning for financial control in this situation: the positive efforts made by cost managers, the cost planning and control process, and practical preventative and corrective actions. The relevant data and information are collated from professional journal publications, lecture notes, reputable web resources, and the reliable experience of construction industry specialists executing cost planning and associated activities. The critical point of this paper is that cost planning can significantly improve the project's financial performance. For instance, cost planning is likely to reduce project variations and corresponding financial savings. It may also contribute to developing investor confidence by effectively managing total project expenditures. In general, this report analyses the topic comprehensively to understand the importance of cost planning and how this approach positively influences project performance, especially for cost management effectiveness. Furthermore, the positive impact of preventative and corrective activities on the project success is analysed.

Keywords
cost planning cost manager construction project financial success corrective and preventative action
Published
2023-06-13
Publisher
EAI
http://dx.doi.org/10.4108/eai.6-1-2023.2330239
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