COST MANAGEMENT IN CONSTRUCTION PROJECTS UNDER CRITICAL ECONOMIC CONDITION

Abstract

The primary goal of project cost management is to maintain the project under budget. It entails the procedures of planning, estimating, budgeting, financing, funding, managing, and controlling expenses so that the project can be finished within the agreed budget. Planning and design, estimation, on-site specialty contractors, change orders, and, of course, the finished product are all affected by cost management. It can also help ensure that a team's reputation for being proactive, efficient, and accurate when estimating and executing on a project budget is maintained. This study looks at the economic factors that surround a project and their impact on changing the cost in a construction project in Sudan, as well as some aspects of project management, planning, and cost estimating, as well as cost control and knowing the causes of cost deviation and determining them accurately throughout the project's life cycle. There are numerous issues that arise as a result of unmanaged costing, which leads to cost deviation in construction projects. One of these issues confronting companies in the construction sector is the current economic climate, as well as a lack of developing cost management concepts and methods that apply modern ones and select the best ones to improve the company's competitive advantage. For the objective of arriving at a conclusion, the researcher used case and descriptive analytical methods in this study. A questionnaire was created to gather the essential data for the study, and it was then given electronically to select samples of the application, such as project managers and side engineers who specialize in the building area. The researcher analyzed the study sample (80) copies using the statistical package for the social science (SPSS), which is one of the most prominent data analysis packages. In order to identify the primary roadblocks that affects the building cost management process. Also, to recommend a cost-cutting strategy based on project management methods or criteria in order to meet project objectives. The most important finding of the research is, interest in applying the concept of cost management and spread this concept , increasing the knowledge in this sector ,The need to pay attention to feasibility studies for projects ,the untapped economy is based on inflation, so governments must keep pace with economic conditions and effective laws