Risk management in the cost planning and control of building projects : the case of the quantity surveying profession in Kenya
Doctoral Thesis
2005
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University of Cape Town
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Abstract
This thesis examines financial risk management in the cost planning and cost control of building projects in Kenya. The quantity surveying professional in Kenya is faced with poor access to the recorded cost data needed for preparing final building cost estimates and for budget prediction. This shortcoming is exacerbated by the passive role played by the professional building cost consultant during design development. Passive professional building cost consultants are unlikely to implement risk management strategies as part of the cost planning and cost control process. The proactive identification of risks and their outcomes is essential for budget prediction and for estimating future risk impacts. The need exists for a generalised procedure that can use the limited available project information, adapting it to specific projects through identified risk indicators such as risk groups, clusters and broad subsets. The primary objectives of the research project were to identify the characteristics of risk in current practice of cost planning and cost control of building projects, and to investigate the efficacy of the techniques employed to assess risk and risk impact in cost prediction.
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Includes bibliographical references (leaves 295-305).
Reference:
Wanyona, G. 2005. Risk management in the cost planning and control of building projects : the case of the quantity surveying profession in Kenya. University of Cape Town.