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Budget Busts: The Influence of Demand in the Construction Market - In establishing a budget, a level of risk is accepted in respect of its adequacy. Consequentially, there is a normal statistical failure rate at any level of said risk. The failure rate for owners budgets in the construction industry has, in recent months, significantly increased. Tender prices have risen on average 10-20 percent compared to a year ago despite reports of inflation remaining subdued and construction cost indices declining. While there is the potential to improve upon predictive ability and responsiveness in a volatile market through implementation of effective cost management techniques, the risk of budget failure will always remain. It is therefore important to not only be aware of such risk but also to actively plan remediation measures in the event of a budget bust.
Weather Derivatives Allow Construction to Hedge Weather Risk - Construction projects are subject to cost overruns because of weather induced delays. Weather conditions control project success or failure, and profit or loss. Contractors and owners have developed various methods to transfer and control weather risk, with limited results. Newly developed weather derivatives hold great promise for improved hedging of weather risk
Success of Reconstruction Projects: A Statistical Investigation - This article investigates the factors that contribute to the success of reconstruction projects through a statistical analysis of data obtained from a case study and a questionnaire survey. The success of the reconstruction projects was measured in terms of its cost performance factor (CPF) which represents the value of project cost overrun. The article analyzes a 35 million-dollar phased replacement project for a secondary school in Toronto, Canada.