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ns, like low quality building and project of three-overrun (three-overrun includes cost of initial design run over cost of investment, cost of design run over cost of initial design, and the final cost run over cost of design). And a benchmarking study of government construction projects in 1998 showed that three quarters of the projects exceeded their budgets by up to 50% in UK. It results in failing to complete the project, even the project is completed, a lot of money was wasted. The reason for that is the three pillars which do are not managed successfully. Cost, schedule and performance are the three pillars which support project success or failure, cost is an important part of the three, and it does not mean the other two cannot be forgotten as project cannot be success without those have been successfully managed. Projects are often completed with the budget was run over budget and the project goals were not achieved. Simply, stakeholders run out of the money or more money was paid on recovering that the works go bad, and then the employer and the stakeholders cannot achieve agreement of the project costs. A project was completed with achieving performance, schedule goals and within the budget that seems a surprise, especially when we consider the cost, performance and schedule are closely interrelated. As above said, most cases of the disputes includes the problems of cost that the final cost is overrun of the budget. So a few of projects were completed under the budget as it would be a surprise. In addition, the cost generally was estimated with the pressure in a very short time. It is easy to know there did not have enough time to collect the historical data, select an appropriate estimating method, consider alternative or carefully apply proper methods to estimate the cost. Thereby, the estimated cost towards imprecise, too many guesstimates are involved in it. When it was put in the practice, it shows that the actual cost may different from the estimated cost. We should remember that the best way to estimate cost is under a reliable historical data and with more other personal perceive estimates to ensure the estimated cost was carefully considered without any miss, at least estimated cost is ensured that the misses are as little as possible. Additionally, we should understand that the cost represents real things that like materials, equipment, facilities and so on, cost of itself cannot be controlled, it only can be measured. So ‘cost control’ means that manage the real things and the cost is determined by management of those real things. The cost can be used to monitor the performance as well.
Reference
YuanPing Gao, (10 October 2008), Chapter 1: Cost Controlling at Design Stage, Talking About Cost Controlling at All Stages of Construction, https://www.mypm.net/articles/show_article_content.asp?articleID=13949&pageNO=1

(09 January 2002), Chinese Residential Real Estate Demand is Estimated at 300 million Square Meters Each Year, chapter 1, https://house.focus.cn/newscenter/disp_content.php?news_id=25770

(19 April 2009), Students of Chinese Universities Increased by 5 Times during last 10 Years, chapter 1, https://news.chinatimes.com/2007Cti/2007Cti-Rtn/2007Cti-Rtn-Print/0,4670,110109x112009041700615,00.html

Faithful+Gould Greener Housing, Paragraph 1, https://www.buildingdesign-news.co.uk/2009/25-Faithful+Gould-Project-Management-Services-Cost-Management-170609.asp.

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