Published Paper Details:

The construction sector is currently characterized by intense rivalry and a mostly transparent market, and the conventional enterprise cost management approach has been unable to keep pace with this change. The contractor must figure out how to get the greatest profit possible from the project without compromising the timeline or the highest level of quality in order to thrive in this competitive market and expand at a steady rate. This study aims to identify those factors that can affect the cost management decision-making and importance of those factors. This research uses both qualitative and quantitative approaches. The results of before-and-after analysis of process using various literature related to the topic are reported. With the help of a survey questionnaire, identified viability factors were scaled, and important rankings were noted. Rankings of significance were discovered using the Relative Importance Index Method and Factor Analysis. Factor analysis is the relative approach that focuses on a set of components concurrently, as opposed to RII, which is an absolute method that concentrated on one variable at a time. Preparation of Proper Rate Analysis and Documents, Clarity in Respective Purchase Order / Work Order, Timely Completion of Work & Tracking the Progress, Type of Material, bidding as per Market Rate & Future Analysis are the most important factors that affects cost management for any construction project, according to the analysis done by both the methods.