Understanding the role of key stakeholders and their influence on cost performance of construction projects (Resumen)

Abstract

Achieving time and cost targets is a fundamental criteria for project success and an indicator of efficiency However, there is a large number of construction projects slipping over their planned time and cost, being this considered a common and global problem in the construction industry. Construction projects are heterogeneous and complex by nature. They involve many project participants, processes, and depend on a large number of variables that may give rise to extensive delays, leading to deviations of time and budget. These deviations cause dissatisfaction not only to owners, who will definitely suffer from a loss in revenue, but other stakeholders involved, leading most of the time to conflicts and adversarial relationships between project participants. Project Management techniques and tools, play an important role in overcoming the challenges that are faced in a project. Project Management is defined by PMBOK as the application of knowledge, skills, tools and techniques to project activities to meet the project requirements. The first step to avoid cost overruns is to understand the specific causes that are responsible for those. This paper presents an investigation and analysis of the most critical attributes that give rise to cost overruns in construction projects and specifically those within the roles and responsibilities of project stakeholders such as owners, consultants and contractors. A qualitative research approach was adopted. Following a deep literature review, critical key factors were identified and further analyzed through a questionnaire survey addressed to experienced professional in order to identify the most critical ones leading to cost overrun in Spain. An exploration into mitigation actions and preventive measures that could be adopted by stakeholders to improve project cost performance was also carried out. The research is expected to provide an understanding of the key attributes within the context of roles and responsibilities of project stakeholders, highlight their importance in achieving project cost targets, and acknowledge their influence on project success.