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Risk Management in Cost Planning in New Zealand Construction Industry
This study aims to identify different risk attributes to the cost planning in New Zealand Construction Industry and examine the cost planning techniques/strategies used to mitigate those risks. The overall aim is to explore and develop different cost planning methods and solutions for managing risks in cost planning perspective in New Zealand Construction Industry.

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 Nature of your organization (please tick/check one)
Nature of your job
Your location/country with state: Please tick/select one
Respondent information
Your answer
Your designation in your organization
Your answer
Number of staff in your company/organization
Your answer
Your experience in construction industry (years)
Your answer
Your experience (number of projects)
Your answer
Your name and address, if wish to have receive summary results
Your answer
Please rate the following attributes to the risk level in Construction cost planning in New Zeland on a scale of 1-5: 1 being the least important and 5 being the most important:
Your answer
Inaccurate Estimation
Least Important
Most Important
Size and Complexity of the project
Least Important
Most Important
Quality of Design information
Least Important
Most Important
Design variaton
Least Important
Most Important
Type and nature of the building teams
Least Important
Most Important
Lack of Communications
Least Important
Most Important
Delay in Decision Making
Least Important
Most Important
Valuation of Construction Project Costs
Least Important
Most Important
Accurate Project Budget
Least Important
Most Important
Too many variation orders during building design
Least Important
Most Important
Information for Establishment of Budget for the client
Least Important
Most Important
Inconsistency in standards / quality
Least Important
Most Important
Knowledge of current cost planning and practices
Least Important
Most Important
Political uncertainties
Least Important
Most Important
Use of Building Information Modeling
Least Important
Most Important
Economic Factors e.g. Interest Rate, Inflation Rate
Least Important
Most Important
Quantity Surveyors' Competence
Least Important
Most Important
Communication between Stakeholders
Least Important
Most Important
Misinterpretation of Owner Requirements
Least Important
Most Important
Lack of Standard Operation Cost Control Procedures
Least Important
Most Important
Improved Predictability, e.g. Time and Cost and Quality
Least Important
Most Important
Lack of Preventive Measures of potential risks in Cost planning
Least Important
Most Important
Non-updated Cost Database
Least Important
Most Important
Effective and Sufficient Construction Financial Knowledge
Least Important
Most Important
Lack of Practical Experience in Cost planning process
Least Important
Most Important
Change in Government Policy
Least Important
Most Important
Rigidity of Consultants/Clients
Least Important
Most Important
Frequently change the types of projects and thus cost practitioners unable to use previous construction data
Least Important
Most Important
Price Escalation of materials/labours
Least Important
Most Important
Market Conditions in Construction Industry
Least Important
Most Important
Timely completion of Final Account
Least Important
Most Important
Reluctance to use new Cost planning process despite other proven benefits
Least Important
Most Important
Unrealistic Low Contract price
Least Important
Most Important
Monopoly and/or Market Barriers by Existing Players in the Construction Market
Least Important
Most Important
Accuracy at Feasibility, Detailed Design and Tender Stage
Least Important
Most Important
Please rate the following Risk Control Strategies on a scale of 1-5: 1 being the least important and 5 being the most important:
Your answer
Practice of Risk Management in Cost Planning
Least Important
Most Important
Engaging 'key parties' since/ at planning stage
Least Important
Most Important
Effective communication between 'key parties/Stakeholders'
Least Important
Most Important
Implementation of Quality Assurance System
Least Important
Most Important
More Flexible and More Market Responsive Cost Planning Strategies
Least Important
Most Important
More Updated Cost Data provision for facilitating more competitive costing
Least Important
Most Important
Transparency in Cost Planning Process
Least Important
Most Important
Provide incentive to pioneers (e.g. increased future works, tax holidays and subsidies)
Least Important
Most Important
Education and Training: within companies and at formal institutions, e.g. Universities/Polytechnics
Least Important
Most Important
Industry-Academic collaboration on Training
Least Important
Most Important
Follow and Adjust Company Strategies according to Government Political Agenda
Least Important
Most Important
Developing suitable techniques to match off-site & on-site works
Least Important
Most Important
Develop / Establish Strategic leadership on site
Least Important
Most Important
Make use of Government support to ensure Healthy Finance and Insurance Cover for Projects
Least Important
Most Important
Make sure all decisions taken during design and construction are based on an accurate forecast of the cost implications
Least Important
Most Important
Encourage the project team to design within the cost plan at all stages
Least Important
Most Important
Encourage the project team to design within the cost plan at all stages
Least Important
Most Important
Adjust the cash flow plan to reflect alterations in the target cost
Least Important
Most Important
Adjust the cash flow plan to reflect alterations in the target cost
Least Important
Most Important
Review contingency and risk allowances at intervals and report the assessments
Least Important
Most Important
Agreed change management process being strictly followed at all stages of the project
Least Important
Most Important
Prepare regular, up-to-date and accurate cost reports at all stages of the project
Least Important
Most Important
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