Development of a Prediction Model for Construction Project Cost in India: an Analytical Approach A Review

Abstract

The fundamental problem in the construction industry is that building projects are completed attaken a tolls significantly higher than estimated venture taken a tolls consequently, it is fundamental todevelop a taken a toll forecast show that detain all components influencing the extend taken a toll bymeans of relapse examination. Development costs are continuously inclined to vacillations, with a longtermdesign of expanding, making the estimating prepare a difficult errand. Vacillations within the fetchedof building materials have a noteworthy affect on foreseeing the esteem of a venture and, as a result, onthe project's great conclusion It is well known that civil engineering projects are prone to cost overrunsand schedule delays. Lack of project scope and frequent changes leads to a negotiation process interms of cost and time between the first partyowner and the second partycontractors. In the project lifecycle, cost forecast is a precursor to budget prices and resource allocation, thus it is critical for anyorganization. The following objectives are framed based on the literature study identify the constructioncost predictability of various tools, identify the various influencing factors to predict the material price ofcement and steel, model the Construction Cost Index (CCI), predict the construction duration (Especiallyfor highway projects, as compared to other kind of projects. They are having more obstacles to completethe task), predict the land value, Regarding this issue this paper find the best methodology for thePrediction Model for Construction Project Cost by analysising the different researchers papersresearch.