Construc țiiThe importance and necessity of cost management of cons- [622830]

Construc țiiThe importance and necessity of cost management of cons-
truction projects  A.-M. Barbu, M. Sandu
215THE IMPORTANCE AND NECESSITY OF COST
MANAGEMENT OF CONSTRUCTION PROJECTS
Alexandra-Marina BARBU
Economist, NIRD URBAN-INCERC Bucharest, e-mail:
[anonimizat]
Mihaela SANDU
Economist, NIRD URBAN-INCERC Bucharest, e-mail:
[anonimizat]
Abstract . Constructions are the primary vector in the process of economic
and social development and modernization. Estimating the costs of
construction projects with high accuracy in the conceptual phase of project
development is crucial for feasibility studies. However, a number of
difficulties arise when performing the cost estimation in the conceptual
phase. The major problems faced are the lack of preliminary information,
the lack of the database on the costs of construction projects, the lack of
data, the lack of adequate cost estimation methods and the involvement of
uncertainties. The main objective of this research is to use state-of-the-art
techniques to estimate the construction costs of the construction projects, to
emphasize the importance of proper monitoring of the construction and to
examine the processes of controlling the existing costs. This will help all
staff realize the importance of construction monitoring and cost control.
Key words : construction costs, project cost management, cost estimation
1. Introduction
T h e c o n s t r u c t i o n s e c t o r i s o n e o f t h e m o s t
important sectors for one country's
e c o n o m y , m a i n l y d u e t o i t s a b i l i t y t o
generate jobs, but also for its relationship
with the productive infrastructure. It has
been shown that the country's economic
development is closely linked to the
construction sector and vice versa, as this
sector is characterized by its strong ties. In
addition, construction is a cross-cutting
activity for all other productive sectors,
s u c h a s a g r i c u l t u r e , i n d u s t r y , t r a d e ,
services etc., because in all these civil
works are needed to develop their
activities. Therefore, the increase or
decrease of construction activities strongly
affects the related sectors (Allen, 1985),amplifying their effect on the entire
economy of the country.
The construction industry is very complex
in it s n at u r e a s it c on t a in s a la r g e nu m be r
of members as customers, contractors,
consultants, stakeholders, suppliers and
others, also the construction industry is
considered to be a very dynamic and
complex industrial environment (Al-
Zwainy, 2018).
In recent years, considerable progress has
been made in improving management
techniques, based on mathematical and
scientific concepts, but the construction
industry relies heavily on short-term
empirical methods to solve the day-to-

Urbanism. Arhitectur ă. Construc ții  Vol. 11  Nr. 2  2020
216day problems it faces (Kouskoulas and
Koehn, 1974). This is the case for
determining the overheads of
construction contracts. Not only does
management not use mathematical
t e c h n i q u e s , b u t t h e r e i s n o k n o w n
quantitative approach to address these
cost aspects in the industry.
T h i s a r t i c l e i s n o t i n t e n d e d a s a
comprehensive review of the literature,
but as an investigation of the scheme to
be followed to obtain information on the
costs of one or more construction projects
as soon as possible, minimizing errors in
information management and processing
and facilitating a number of
complementary works related to the
elaboration of the information, by storing
orders for all data.
2. Construction projects and their
management
Lots of projects begin with a great
concept, enormous expense and huge
struggle. A major contribution to the
f a i l u r e o f p r o j e c t s i s t h e l a c k o f
understanding of the field, time, cost and
quality (Davis et al ., 1989; Carr, 1992;
Bostenaru Dan, 2001, 2018; Stan, 2007;
Hamma and Petri șor, 2017; Vasista, 2017;
Ali et al ., 2018; Tache et al ., 2018;
Moskolaï Ngossaha et al., 2020; Suditu et
al., 2020).
In order to understand cost control in the
management of construction projects, it is
necessary to define project management.
Therefore, this research takes into
account the definitions of Munns and
Bjeirmi (1996), which states: “Project
management consists of defining work
requirements, establishing the way of
working, allocating the necessary
resources, planning the execution of the
work, monitoring the progress on
deviations from the plan”.Gido and Clements (2012) say that
“Project management involves planning,
organization, coordination, direction and
control of resources to achieve the project
objective. The project management
process consists of planning the work and
then implementing the plan”.
However, Kerzner (2013) says that project
management consists of planning,
organizing, directing and controlling the
company's resources, which aim to
achieve specific methods and objectives
in a relatively short time. The graphical
representation that accompanies this
definition is presented in Fig. 1 and states
that project management aims to manage
and control project resources in a well-
defined period, costs and performance,
taking into account good customer relations.
One of the key resources in the above
defin ition is cost according to the project
management overview in the diagram in
Fig. 1.
Fig. 1 . Project management overview.
It is said that a project will be successful
if its completion falls within the
parameters in Fig. 1 (Atikinson, 1999).
Construction project management aims
to identify, define, plan, organize,

Construc țiiThe importance and necessity of cost management of cons-
truction projects  A.-M. Barbu, M. Sandu
217coordinate and control the development
o f t h e p r o j e c t , f r o m s t a r t t o f i n i s h , i n
order to achieve (and exceed) customer
requirements and expectations for the
production of a functionally viable
objective and financially, in compliance
with the agreed quality standards, costs
and deadlines (Post ăvaru and Nemon,
2007; Sarb et al., 2016) (Fig. 2).
Fig. 2 . The life cycle of a construction.
A construction project is a long-term
productive process in which materials
o r o t h e r f in is h e d p r o du c t s a r e p la c e d ,
a s s e m b l e d o r t r a n s f o r m e d u n t i l a
product – a construction or a civil
work – is obtained, previously defined
in plans, with well-defined
specifications.
3. Cost control
Cost control is an action in which the
construction cost of the project is handle
b y t h e p r o p e r a p p r o a c h e s a n d
procedures, so that the constructor does
not experience failure when implement
the project activities.
C o s t e s t i m a t i o n i s a f u n d a m e n t a l
component of construction projects (Al-
Zwainy, 2018; Souvik, 2016). In
construction, most of the clients are
involved in achieving totally practical
facilities concluded in time, budget,
quality and objective. A constructor who
is capable to build in a predicted period
o f t i m e a n d c o s t , a t t h e r i g h t
requirements and objective is ane x c e p t i o n a l c o n s t r u c t o r . O n e o f t h e
objectives of cost control is to build at the
cheapest possible costs, in line with the
objectives of the project.
Accurate estimation will help project
managers choose appropriate alternatives
and avoid misjudging technical and
economic solutions.
The veracity of cost evaluation increases
by the deadline of the project because of
the specific and exact data. The
theoretical stage is the first stage of a
project in which the demand is inspected,
options are weight, project targets are
settled and a backer is established
(Wideman, 1995).
The expenses for this process come from
deposits made for:
·Manufacture of every item described
in plans and specifications.
·Management and strategy of the
process.
·I m p l e m e n t a t i o n o f t h e p r o j e c t i n t h e
proper and qualified situation.
·Marketing the result, as convenient.
A construction cost control system must
focus on all elements of construction
project costs. For a construction company,
the cost elements to consider are:
·Material costs, which depend on the
quantities required, the
corresponding market prices and
possible losses.
·Expenditure on staff (or labour)
depends on the activity carried out,
the salary rates, the costs associated
with salaries, the organizational
structure and the performance or
productivity of the staff mentioned.
·The costs of construction equipment,
w h i c h d e p e n d o n t h e w o r k t o b e
performed, the fixed or ownership
costs, the variable or operating costs

Urbanism. Arhitectur ă. Construc ții  Vol. 11  Nr. 2  2020
218thereof and the performance or
efficiency of using such equipment.
·Indirect costs, which depend on the
logistical costs of the production
s u p p o r t i n t h e w o r k s a n d t h e f i x e d
costs of the company, the latter are
necessary to function as a strategic
business unit.
·Other costs, which include concepts
t h a t c a n u lt i m a t e l y b e r e d u c e d t o a
treatment similar to any of the three
elements initially mentioned.
It is obvious that knowing the real costs
of a work allows optimal decisions to
be made that can correct the original
direction or orientation of a project, as
well as the execution and result of the
construction project. This knowledge
must be shared between all parties that
may be involved in the process.
From the point of view of companies,
the costs of a construction project are
fundamental to achieve the expected
utility or even to exceed it without
making changes in terms of quality,
safety and professional relations
between the builder and customers,
employees, suppliers, contractors and
subcontractors.
From the buyer's point of view, the
constant updating of project costs, as
well as an initial estimate as close as
p o s s i b l e t o t h e f i n a l r e a l c o s t s , p r o v i d e
greater security in terms of the
investment made.
4. The importance of cost control in the
management of construction projects
Project planning consists in the
complete definition of all possible
works required by developing a project
d o c u m e n t e d i n a p l a n ; s o t h a t i t i s
easier to identify by its participants
(Kerzner, 2013).The organization requires adequate
resources and sufficient staff to perform
the work and organization of tasks; as
well as an environment conducive to
work motivation that encourages
teamwork (Gido and Clements, 2012).
Management consists in implementing
the necessary plans to achieve the project
objectives, taking into account qualified
s t a f f , t h e i r t r a i n i n g a n d a s s i g n m e n t o f
responsibilities (Kerzner, 2013).
Control consists of comparing and
tracking real progress with planning;
monitoring the tasks assigned to the
team; presentation of real progress,
programs, costs and added value of the
work performed and implementation of
corrective actions. For the application of
corrective actions, it is important to
identify the problems in time before they
w o r s e n , a n d t h e s o l u t i o n m u s t b e
immediate (Gido and Clements, 2012).
C o s t c o n t r o l i s a p a r t o f p r o j e c t
management as an important function
in determining finality. In this sense,
cost control is defined as the recording
and analysis of data in order to be able
to take anticipatory corrective measures.
Cost control involves managing their
estimation; cost accounting, cash flow of
the project; the company's cash flow;
direct and indirect costs (Kerzner, 2013).
The objective of time control in
construction projects is to comply with
the planned schedule on time, because,
for some reason, there are delays, which
can lead to cost overruns (Simanjuntak,
2018). Nicholas and Steyn (2012) state
that adherence to the performance
schedule means maintaining the project
over time. Even when projects are
planned and estimated, they may be
postponed for reasons beyond the control

Construc țiiThe importance and necessity of cost management of cons-
truction projects  A.-M. Barbu, M. Sandu
219staff, for example, necessary changes in
the scope of the project, climate issues,
lack of materials and variability in
working time.
According to Olawale and Sun (2010),
there are five major causes that obstruct
cost and time management in
construction projects; these causes
correlate with plan adjustments, hazard
and unpredictabilities, imprecise
estimation of project scheduling,
ramification of works and non-
compliance by subcontractors.
The main problem that arises when
trying to obtain information that is as
accurate as possible and that is provided
in a timely manner is that the procedures
that are used to gather all the
information, to analyze the source, to
classify, process and review the
information are often slow, inaccurate
and complicated or, in many cases, there
is no well-defined procedure by which to
collect the necessary information.
In addition to the information related to
the costs of the construction project,
information can also be deduced with
the aim of obtaining competitive
advantages, which can be used as a
negotiation tool. The construction
industry, like other types of industry, is
closely linked to the external
environment, which directly influences
costs and thus competitiveness
(Peptenatu et al., 2012a, b).
The updated information on the costs of
the construction project, for the
contracting party, provides the security of
the investment to be made.
Regardless of the party involved in the
project, up-to-date cost information is a
real help.Therefore, it is necessary to find a
solution that is efficient, with a high
margin of accuracy, which can also be
easily applied by all parties directly
involved in a construction project.
5. Types of costs
The importance of cost-effective
estimation is vital for both the customer
and the entrepreneur. Reasonable
estimates are essential for the initial
decision on the continuation or not of the
project, ie the decision "goes/does not go"
(Harrison, 1990).
The costs of a construction project are
divided into four types, as follows:
·Direct costs.
·General expenses.
·Indirect costs.
·Commercial costs.
These costs define both large segments
of a project and the scope that a budget
can have, but have different ways of
calculating, as each includes
differentiated procurement (Table 1).
The construction activity can be fully
budgeted on the basis of direct costs
and overheads, but the common
practice in this environment has also
led to the calculation of costs indirect
due to the close relationship between
them and other costs and even in the
calculation of commercial costs,
although it is becoming more and more
common for the latter to use services of
expertise in financial and commercial
matters.
The classification of construction costs is
not a purely academic issue, because a
proper understanding of it allows the
correct organization of the activity and
also facilitates the deduction of the
necessary data.

Urbanism. Arhitectur ă. Construc ții  Vol. 11  Nr. 2  2020
220Table 1 . Types of construction costs.
Direct costs Purchase of materials and
manufactured products. Use
of labour and equipment for
performance, placement,
transport, processing.
General
expensesSalaries or fees related to
those who coordinate and
direct the construction
process, facilities,
equipment and auxiliary
staff that allow the project to
be carried out properly.
Indirect
costsDevelopment of projects or
technical studies.
Connection rights to public
service networks, taxes
associated with the
activity.
Commercial
costsCapital interest or associated
costs. Sales commissions and
costs. Administration and
management of the entire
project.
Fig. 3 shows the structural classification
of costs, detailing the main cost groups,
the composition of each group and also
the origin of the data calculation.
There is another way of classifying
costs, namely the commercial theory of
classification, which often causes
confusion in the construction
environment, because it is not
f o c u s e d o n t h e o r i g i n a n d f o r m o f
calculation, but on the influence that
each type of cost produces in the final
result, classified into direct costs, those
that are proportional to the size of the
work (materials, labour, taxes and
public services) and indirect costs,
those that decrease in importance on as
the project increases, such as
overheads, commissions and business
costs. Fig. 4 illustrates this
classification.
Fig. 3 . Structural classification of costs.
Fig. 4 . Commercial classification of costs.
Within the costs of a construction
project, several categories of costs are
detected which are classified into:
materials, labour, social taxes,
contracts, subcontractors, equipment
rental, transportation costs, payment
for various services, administration
and management costs (Danciu et al .,
2015).

Construc țiiThe importance and necessity of cost management of cons-
truction projects  A.-M. Barbu, M. Sandu
2216. Objectives
Given the problem and its importance, it
is proposed as a general objective to
develop an information management
method that facilitates, as soon as
possible, access to the costs related to the
construction of a project.
This objective will be achieved by
researching and assessing the current
state of construction from estimating
the costs of construction companies,
taking into account the following
questions:
1.What are the cost estimation methods
used in these companies?
2.What are the factors or variables that
affect the estimation of construction
project costs?
3.What is the degree of documentation
and retention of the information
necessary for the development of
construction projects for cost
estimation?
4.What are the implementation
approaches and types of contracts
adopted for construction projects?
T h e m a i n o b j e c t i v e o f p r o j e c t
management is to ensure the completion
o f p r o j e c t s o n t i m e , i n b u d g e t a n d w i t h
the planned level of performance,
maintaining a good relationship with
customers (Kerzner, 2013).
In this sense, this research aims to find a
method that allows efficient control of
costs and time in construction projects,
which is articulated with the
organizational structure and project
management, so as to achieve cost
optimization and a proper development
of the construction project.
Although traditional methods such as the
G A NTT c h a r t , P ER T, C P M a n d s o ft wa r e
such as Ms Project, Primavera, amongothers have been implemented in recent
decades, among others for project
management, for cost and time control
globally, nationally and locally, new
methods are needed to control them
(Ceptureanu, 2015), because there are
many projects that experience excess
costs and time in the construction
process.
There have been numerous studies on
cost control and time control in
construction projects, which shows the
scale of the problem and the need for
control cost overruns and delays in
execution time.
7. Conclusions
Over the years, and taking into account
the rapid development of technology,
but also the construction process, there
i s a n e e d t o h a v e t o o l s t o e x e r c i s e t h e
strictest control of the construction
project.
I t i s d i f f i c u l t t o v i s u a l i z e t h a t t h e r e i s a
construction project that is carried out
without cost deviation or execution
failures that may occur due to poor cost
management, poor monitoring or poor
supervision.
Th e p r im a r y a im o f c o n t r o llin g t h e c o st s
of a project is to achieve the greatest
amount of profit within the allocate
period of time and the adequate quality
of the work.
Of particular importance in the
construction process is the highlighting of
the importance of monitoring
construction projects and examining the
existing cost control processes within the
project, studying the cost control process
within the construction project,
identifying the cost control method
frequently used by contractor at the

Urbanism. Arhitectur ă. Construc ții  Vol. 11  Nr. 2  2020
222construction stage, as well as identifying
the main problem facing the contractor in
controlling costs on site.
Construction project cost management
is a complicated system that requires
the participation of all parties involved
to operate in normal parameters.
Through proper management,
companies can strengthen the
calculation and control of the cost of the
project at all stages of construction and
c a n a c h i e v e t h e g o a l o f s a v i n g a n d
reducing construction costs.
Only through cost-effective
management can construction
c o m p a n i e s e n s u r e t h e b e s t e c o n o m i c
benefits, while the goals of quality,
progress and safety are achieved and
can lay the foundations for their
sustainable development.
C o s t f o r e c a s t i n g o r p l a n n i n g i s a n
effective cost management tool, which
would be useful to be applied by
contractors during the construction
project.
To provide data for future cost
management, an evaluation is often
performed to prepare a detailed cost
analysis of the completed project and to
develop solutions to improve future
design decisions. The captured cost data
should also be returned to the owner's
database to inform future estimates and
budgets.
As information technology is constantly
evolving, the need for a management tool
that takes into account, with a strict
respect for reality, the whole construction
p r o c e s s , b r o k e n d o w n a t e a c h s t a g e o f
construction, so that most of the variables
generated are analyzed it becomes more
and more necessary.In order to develop such an instrument
a s c l o s e a s p o s s i b l e t o r e a l i t y , i t i s
necessary to review the current
procedure performed by a construction
company, so that all cost documents
h e l p t o m o d e l t h e t o t a l r e a l c o s t o f a
w o r k . T h u s , i t i s c o n s i d e r e d n e c e s s a r y
to detect failures and weaknesses, as
w e l l a s t h e s t r e n g t h s o f t h e c o s t
management system used. This is
opportune to know the cost of the
project as soon as possible and to
facilitate, in turn, decision-making.
The creation of such an easy-to-operate
tool for both the builder and the customer
facilitates the digitization of project cost
information.
Given the importance of knowing cost
information in the shortest possible
time, but also its reliability, the need
for a system that can control, in an easy
a n d s i m p l e w a y , t h e c o s t s o f a
construction project helps to obtain a
v e r y v a l u a b l e i n f o r m a t i o n b a s e i n t h e
field.
Although not based on a comprehensive
review of the literature, current research
reveals some theoretical aspects that lay
the groundwork for future applied
research or a detailed review of the
literature.
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Received : 27 July 2020  Revised : 20 August 2020  Accepted : 31 August 2020
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