Description
Budgeting is a significant challenge in construction, with cost overruns affecting nearly 70% of large projects. This paper explores (1) Types of Cost Estimation, including Preliminary, Detailed, and Parametric Estimations; (2) Budgeting Techniques, such as Activity-Based Costing (ABC) and Earned Value Management (EVM); (3) Common Budgeting Challenges, including material price fluctuations, labor costs, and unexpected site conditions; and (4) Construction Cost Control Software, such as Procore, Buildertrend, and CostX, which help monitor expenses in real-time. The paper also includes case studies of budget success stories and failed projects, highlighting the importance of contingency funds and strategic financial forecasting. The conclusion offers recommendations for reducing budget risks through predictive analytics and automation tools.
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