Abstract:
Due to their similar positive and negative effects on all project participants, cost and time
are the two leading indicators of project success in construction. Completing projects
within budget is an indicator of efficiency, but there are many unpredictable factors that
can arise during the construction process and affect the efficiency. Often, projects fail to
keep up with the budgeted costs and planned schedules to meet their objectives. From the
planning stage to project completion, numerous known and unknown risks significantly
impact construction costs. To address these risks, numerous theories and models have been
put forth. However, the consistent cost overrun on most projects demands more work on
its resolution. Building information modelling (BIM) is touted as a potential remedy for
issues facing the construction sector due to its capabilities in the designing phase, planning
and scheduling and enhancement of communication and collaboration among project
participants. However, the effect of BIM on cost overrun has not been sufficiently studied
so far. This study focuses on project cost risk management using the modern concept of
BIM. In doing so, significant risks affecting project cost will be identified, along with the
features of BIM that help solve these risks. Based on the feature-factor matrix, the
resolution capacity of identified risks due to BIM will be assessed and applied through case
studies, and the pre and post-BIM risk levels will be determined through a fuzzy logic
model. The implications of this research involve value assessment of BIM in resolving
cost-related risks that will help stakeholders achieve project success and promote BIM
adoption to its fullest.
