Forecasting Delays and Budget overruns resulting from Material-Related Factors

Abstract

The construction industry's success hinges on effective materials management, a complex process vital for timely and cost-effective material availability. Despite its significance, a notable gap exists in academic research on this critical aspect. This study addresses the gap by introducing a delay prediction model aimed at preempting project delays due to material-related challenges, offering a proactive project management strategy. Materials account for 60-70% of direct costs, and delays resulting from inefficiencies incur significant financial implications. The proposed algorithm, rooted in rigorous academic exploration, utilizes correlation matrices to predict time and cost overruns. The research concludes with a comprehensive analysis, validating the algorithm's utility by revealing average delays and cost overruns for diverse construction components. This study underscores the paramount importance of materials management in construction project success and offers a practical algorithm with potential real-time applications, suggesting avenues for future research expansion.