An important consideration in all construction projects is cost and the risks associated with it. The degree to which project estimates overshoots budgeted expenditures is a function of the management and leadership style of the project manager. This study focusses on the pertinent dilemmas of balancing quality and cost while managing the risk of cost over runs. With a sample size of twenty-five (25) building engineers, contractors and quantity surveyors respondents for the study showed that changes in building material prices account for the chunk of construction cost and it remains the key risk element to good project management and risk mitigation. Changes in project specification and design, inadequate budget analysis and lack of project management skills account for the other half of cost drivers. The study opined that project managers must clearly explain the project goals to members, share their responsibility and expectations and get feedback. Advance cost estimation in the construction sector, and proper risk analysis should precede project initiation. Careful planning and competent management can minimize cost and the usual delays and overruns associated with local, regional and global construction. Contractors must have contingencies that are adequate to handle the variability in market prices. These market wide changes call for innovation in the alternative building materials industry as well as the introduction of new styles of construction.

References are not ready for this file yet, please refer to reference from the PDF file

Keywords

Cost Performance; Project Management; Construction Risk; Techiman