Abstract:
From recent past it is evident that Sri Lankan construction industry has inflated in to
a distinct level along with the elevation of foremost human needs due to
globalization and open economy. Owing to the unique nature of the industry,
professionals are keen to find more sustainable approaches to bring out an enhanced
end product. Project Management is one of the critical approaches in this regard.
Concerning the immense finance investing in construction projects, all clients would
seek on value enhancing to acquire added worth for their money, whereas cost
monitoring and controlling along with project management tools/ techniques utilize
to achieve these objectives becomes a foremost concern.
Hence, the empirical study was carried out based on the research problem of “What
are the practical barriers that the Sri Lankan contractors faced in usage of project
management tools/ techniques by manual methods for their post contract cost
monitoring and controlling practices in the way of achieving effective construction
project cost management?”
Primary data collected through interviews were analyzed using content analysis
qualitative research technique. Interviews were carried out with expert and
experienced contractors’ professionals who were proven in Sri Lankan construction
industry to identify their experience and perception on use of project management
tools/ techniques in cost monitoring and controlling in Sri Lankan construction
industry. The study was concluded through the interviews of twenty nine respondents
whilst limiting the scope to post contract construction companies as their
contribution to the cost monitoring and controlling is excessive.
According to the research findings; though there are numerous project management
tools/ techniques available for post contract cost monitoring and controlling, Sri
Lankan professionals are utilizing only a few of tools/ techniques such as Earned
Value Analysis and Budget Monitoring. There are frequent confines for the
applicability of these tools/ techniques followed by knowledge deficiencies, less
commitment and unconstructive attitude of employees, and difficulties of obtaining
data on time are momentous. Raising the awareness and using standardized formats/
procedures are the most effective and common corrective actions practiced by the
current industry. Importance of maintaining a standardized practice, involvement of
the established professional bodies and maintaining a database/ library on completed
projects are the professional’s opinion for future improvement in this regard within
Sri Lankan context.
