FACTORS CAUSING COST OVERRUNS IN CONSTRUCTION

OF RESIDENTIAL PROJECTS; CASE STUDY OF TURKEY

Serdar Durdyev1, *, Syuhaida Ismail1 and Nooh Abu Bakar1

1
RAZAK School of Engineering and Advanced Technology, Universiti Teknologi Malaysia International Campus, Jalan
Semarak, 54100, Kuala Lumpur, Malaysia

*
Corresponding author: Email address: sdurdyev@gmail.com

Received 01 August 2012; Accepted 12 October 2012

Abstract. Construction activity requires major investment outlays in most developing countries;
moreover, most construction projects in these countries are characterised by overruns in cost. In an
attempt to identify the factors for such overruns, a descriptive survey was carried out in a typical
developing country, Turkey. Relative Importance Index method was used to analyse the quantitative
data. The analysis of 40 sub-factors considered in a survey indicates that the main factors affecting
cost overruns in the construction of residential projects of Turkey are, improper planning, inaccurate
project cost estimation, high cost of needed resources (money, men, materials and machinery), lack of
skilled workforce, price of construction materials and high land prices. The relative levels of impact of
the identified are expected to guide the project team and owners / clients in addressing the factors in a
cost-effective manner.
© 2012 EST Publishing. All rights reserved.

Keywords: Project management, residential projects, cost overruns, Turkey, developing countries.

1. Introduction
Cost overrun can be defined as when the project objectives have not been achieved within
estimated budget (Avots 1983). According to one very comprehensive research done by
Flyvbjerg (2002) in global construction, it was found that 9 out of 10 projects had overrun.
Cost overruns are a major problem in both developed and developing countries (Angelo and
Reina 2002). Therefore, problem of cost overruns is critical and needs to be studied to
alleviate this issue in the future. In developing countries the trend is more severe where the
cost overruns sometimes exceeds 100% of the estimated cot of the project. The reason of that
overruns is poor management of the resources such as, man, material and money.
Considering its high contribution to overall economy and development the construction
industry is an important sector in Turkey. Although the sector not working to its fullest
potential, it is still of prime interest to the country. As the construction sector one of the
largest sectors in Turkey, growth of this sector is very critical for national income; it also
generates employment within the country as well as a key indicator of economy of Pakistan.
 S.Durdyev et al. / International Journal of Science and Management 1(1): 3-12 4  

In 2007, there were 22 Turkish construction companies among the largest 225 all around the
world, and Turkey was the third after the USA and China (ENR 2008). Therefore,
improvements in the construction industry of Turkey are playing a significant role for the
other countries in the world.
As in other developing countries of the world, Turkey is facing also cost related problems
among which cost overrun is remarkable. This study identifies and examines the major factors
of cost overrun in construction of residential projects of Turkey, since addressing these
factors will provide the much-needed improvements in the industry.
2. Factors affecting cost overruns
Cost can be described as one of the most important issues of a project success. Despite its
proven significance it is common to see construction project failing to achieve its objectives
within the specified cost. To this effect, several past studies have identified typical factors
affecting cost overruns in the construction industry projects. For instance, Roachanakanan
(2005) examined project cost controls in the United States and Thailand, as well as the causes
and solutions for cost overruns in the two countries also are examined. Flyvbjerg et al. (2004)
presented results from the statistically significant study of the causes of cost escalation in
infrastructure projects of different nations. According to Frimpong et al. (2003) major delay
and cost overruns occur during the project implementation phase; therefore, in their studies
factors such as, monthly payment difficulties, poor contractor management, material
procurement, poor technical performances and escalation of material prices were examined in
construction of groundwater projects in developing countries. Other studies (Datta 2002;
Mansfield et al. 1994; NAP 2003; Schexnayder et al. 2003) identified cost escalation to be a
result of problems such as delay in land acquisition, unexpected problems in supply of raw
materials, illegal encroachment on land even during project implementation, or due to internal
problems in government organisations.
From a more structured perspective, Azhar et al. (2008) classify factors affecting cost
overruns into 3 groups: macroeconomic factors, management factors and business and
regulatory environment. On the other hand, Mahamid and Bruland (2011) group sub-factors
influencing cost overruns in road construction projects under 4 main factors: financial,
construction parties, construction items, environmental and political group of factors.
As highlighted before, past studies have identified various factors affecting cost overruns in
construction projects, this study aims to contribute to filling the gaps by prioritising factors in
terms of their levels of impact in the perspective of the project management consultants,
contractors and owners / clients. This study is based on data relating to residential
construction projects in Turkey.
3. Research aim and objectives
This study identifies and examines the factors having impact on cost overruns in the
construction of residential projects in Turkey. The objectives are:
• To study and evaluate the factors that have a contribution to cost overruns in
residential construction projects,
• To identify the main factors that have an influence on cost overruns in construction of
residential projects and to examine their relative importance.
4. Research methodology
The research methodology adopted in the study is the descriptive survey method (Leedy and
Ormrod 2009; Durdyev and Mbachu 2011; Cooper and Schindler 2006) comprising
 S.Durdyev et al. / International Journal of Science and Management 1(1): 3-12 5  

qualitative data gathering through in-depth literature review and quantitative data gathering
through questionnaire surveys. In-depth literature review was carried out to design the
questionnaire survey, but with open-ended sections for further inputs by respondents. The
constructs generated from literature review were used to design structured questionnaire
which was pre-tested by 2 project managers, 2 contractors and 2 subcontractors to ensure its
clarity and relevance to the industry. The questionnaires were self-administered; participation
was voluntary. The questionnaire used in the survey contained five groups of factors, which
are macroeconomic, workforce, project finance, project management and other external
factors. In the questionnaire surveys, respondents were asked to rate on a five-point Likert
scale (Durdyev and Mbachu 2011), the levels of impact of each sub-factor source based on
their experience. The target population for the study comprised project management
consultants, contractors and subcontractors in the building industry of Turkey. In the
quantitative surveys, emails were sent to the remaining 120 respondents in the database
inviting them to participate in the online survey. 79 (65,8%) questionnaires were returned
completed of these: 30 were from project management consultants, 26 from contractors and
23 from owners/clients (see Table 1).
Table 1. Percent of questionnaire distribution and their responses
Description Distributed Respondents %
PM Consultants 45 30 66.7
Contractors 40 26 65.0
Owners/clients 35 23 65.7
Total 120 79 65.8

Over half of the respondents (63%) had at least 15 years of experience in the construction
industry. It means that the respondents` extensive experience contributes to the quality of the
responses received, and to the reliability of the conclusions to be drawn from the research
findings. Most of the respondents (i.e. 54%) were high-ranking personnel in the capacities of
director/ executive director, and manager/ associate director. This again reinforces the quality
of the feedback as being from those who make decisions and control performance on
productivity in the construction industry.
5. Data analysis
To analyse data collected from the questionnaires two statistical methods were used. The first
one was the reliability test using Cronbach’s alpha coefficient. The second one was Relative
Importance Index (RII) to measure the level of importance of factors indicated by respondents.
5.1. Reliability analysis
When items are used to form a scale (Likert scale), construction at the group level and
reliability of each item at the individual level has to be evaluated. To be correlated with one
another, the items should all measure the same thing. Cronbach’s alpha method assesses
intrinsic consistency on the basis of the average correlation between data that were measured
in an identical manner (Cronbach 1951). Cronbach’s alpha can be calculated as follows:
" 2%
k $ !" i '
!= 1-   (1)
k -1 $# " i2 '&

where: k is the number of items, σi2 variance of each item, Σσi2 is a total variance. . Based on
standard coefficient of Cronbach’s alpha, the maximum value of reliability coefficient is 1.00
 S.Durdyev et al. / International Journal of Science and Management 1(1): 3-12 6  

where for the output with reliability coefficient of less than 0.6; the questionnaire in data
collection is considered as not reliable and thus should be corrected or eliminated from the
data collection. Via the pilot survey, using the SPSS it is found that the reliability analysis of
40 factors at the personal level resulted in a value of 0.895, which is deemed as valid for data
collection of this study.
5.2. Relative Importance Index (RII)
The RII was used to evaluate the ratings of the respondents. This approach was recommended
in past studies (Kazaz et al. 2008; Olusegun and Michael 2011) as the appropriate analytical
approach to group ratings of the variables in a given set. The analysis involved the
computation of the RII, which is the representative rating point for the collective ratings made
for each variable in the subset. Using the following equation the relative importance index of
each sub-factor was calculated:
5

!W X i i
RII = i=1
5
(2)
!X i
i=1

Wi is the rating given to each factor by the respondents ranging from 1 to 5, with 1
representing ‘very low’ and 5 representing ‘very high’; Xi – the percentage of respondents
scoring; and i – the order number of respondents.
6. Survey results and discussion
At the questionnaire survey stage, the relative levels of impact of the factors were rated by the
respondents (project management consultants, contractors and owners/clients) to determine
the significance of the factors.
Table 2 shows the most important factors affecting cost overruns under; the analyses were
made in the following subsections under each group.
Table 2. Most significant factors affecting cost overruns
Rank Sub-factors RII
1 Improper Planning; 4.11
2 Inaccurate Project Cost Estimation; 3.93
3 High cost of needed resources: money, men, materials and machinery; 3.91
4 Lack of skilled workforce; 3.83
5 Price of Construction Materials; 3.81
6.1. Macroeconomic group
Table 3 illustrates the ranking of the 7 factors under the macroeconomic factors group. The
results after analyse show that the sub-factor having the highest impact on cost overruns is
price of construction materials, followed by high cost of machineries, fluctuations in
exchange rates, interest rates charged by bankers to finance the project, effects of global
economy, fluctuations in raw material prices and inflation rate.
The respondents of this research ranked price of the construction materials in the first position.
This factor was also ranked in the fifth position among the 40 factors, which means that price
of the construction materials has a very high impact on project cost overruns. In his study,
Frimpong et al. (2003) found price of construction materials as the most important factor
attributing to the cost overruns. This result also supported by Hoai et al. (2008), who
 S.Durdyev et al. / International Journal of Science and Management 1(1): 3-12 7  

confirmed that construction materials price affects cost overruns in the construction projects.
Resulting principally from the high and unstable inflationary trend in Turkey and developing
countries in general. The average rate of inflation in Turkey was 70.4% between 1993 and
2002 (TSI 2011). High cost of machineries was ranked as the second most influencing factor
of the project cost overruns in Turkey’s construction industry. Azhar et al. (2008) supports
this result, citing that the costs of machineries used in the construction implementation
process have a very high impact on cost overruns of the construction projects. This result is
justified, as most of the construction machineries are produced outside of Turkey and
exported with high costs; therefore, it has a very high effect on project costs.
Table 3. Sub-factors under macroeconomic group
Rank Sub-factors RII
1 Price of construction materials; 3.81
2 High cost of machineries; 3.63
3 Fluctuations in exchange rates; 3.57
4 Interest rates charged by bankers to finance the project; 3.41
5 Effects of global economy; 3.37
6 Fluctuations in raw material prices; 3.22
7 Inflation rate; 2.93

Furthermore, fluctuations in exchange rates are the third significant factor affecting project
cost. This result is also justified, because most of the construction machineries and
construction materials are exporting to Turkey, therefore, exchange rate plays an important
role in pricing.
Other factors that emerged clearly are not very important, but of interest, are interest rates
charged by bankers to finance the project, effects of global economy and fluctuations in raw
material prices. Inflation rate was considered as the least influencing factor, however, it
affects the prices in the construction industry.
6.2. Workforce group

Labours are playing very important role in the construction procurement process, because
construction is a labour-intensive industry. According to the results illustrated in Table 4,
under the group related with the workforce surveyed respondents ranked lack of skilled
workforce as a cause of cost overruns in residential construction projects in Turkey. This
result agrees with the findings of other authors (Memon et al. 2010; Azhar et al. 2008) who
argued that the lack of skilled workforce in construction has a profound impact on project cost.
This result is justified, as skilled workforce play an important role in minimizing the problem
of rework and delays in time, as well as their performance which was ranked as second
significant sub-factor under the workforce group.
Table 4. Sub-factors under workforce group
Rank Sub-factors RII
1 Lack of skilled workforce; 3.83
2 Labour performance; 3.51
3 High Cost of Skilled and Experienced Workforce; 3.24
4 High cost of insurance premiums and other social expenses of the workforce; 3.09
5 Cost of after hours work of the workforce; 2.98
6 Workforce absenteeism; 2.64
7 Health of the workforce; 2.40
 S.Durdyev et al. / International Journal of Science and Management 1(1): 3-12 8  

6.3. Project finance group

Table 5 represents the analysis of the relative importance index of the cost overruns sub-
factors under the project finance group. Results show that high cost of needed resources, such
as money, men, materials and machinery are the most significant factor causing the cost
overruns under this group with the highest value of 3.90. Evidence from the previous studies
(Koushki et al. 2005; Kaming et al. 1997) shows that high cost of labour, machinery and
materials is the highest causative factor leading to project cost overruns.
High land price was rated as the subcomponent having the second highest level of impact on
project cost and cause cost overruns during the project implementation. This result is justified,
as in residential projects land prices provide a remarkable cost in the whole project.
Especially, in the big cities of Turkey such as Istanbul, Ankara and Izmir land prices
increased rapidly because there are a lot of investments on real estate from outside of Turkey,
which causing to the increasing of the prices.
The next most influential factor is cost of the reworks. This result agrees with the findings of
(Love et al. 1999, 2000), it was found that the cost of rework ranged from 2 to 12 percent of
the total contract value. To minimize the problem of rework in the construction industry of
Turkey, it is suggested the use of quality management systems and improvement in skills
training, particularly for onsite management and the management of multi-projects at the firm
level.
Inadequate project finance was ranked in the fourth position, and it is consistent with the
earlier findings of Olusegun and Michael (2011) that inadequate project finance is the key
determinant of the cost overruns in the construction projects.
Table 5. Sub-factors under project finance group
Rank Sub-factors RII
1 High cost of needed resources: money, men, materials and machinery; 3.91
2 High land prices; 3.80
3 Cost of the Reworks; 3.72
4 Inadequate Project Finance; 3.41
5 Improper use and waste of materials on site; 3.37
6 Payment method during the construction; 3.33
7 Cost of Maintenance of machineries; 2.89
8 Inappropriate Government Policies; 2.85
9 Litigation costs; 2.42
6.4. Project management group
Effects of the sub-factors under the project management group are analysed in Table 6.
Results show that improper planning at the pre-construction stage was rated as the most
significant effect on cost overruns in residential projects, which is also the first among all 40
sub-factors. This result was supported by several studies (Memon et al. 2010; Dlakwa and
Culpin 1990; Sambasivan and Soon 2007; Long et al. 2004; Ameh et al. 2010) that improper
planning could cause cost overruns during the construction process. This result is justified, as
effective pre-construction planning is the key to achieving project objectives within the
budgeted cost.
The second most significant sub-factor attributing to the cost overruns in residential projects
is inaccurate project cost estimation, which also ranked in a second position in the overall.
Evidence from Hoai et al. (2008), Long et al. (2004) and Omoregie and Radford (2006)
postulated that project cost estimation is very critical which should be done properly during
the pre-construction phase. This result is justified, as various cost items, which are
 S.Durdyev et al. / International Journal of Science and Management 1(1): 3-12 9  

unidentified at the estimation stage will appear as cost overruns later in the implementation
process.
Table 6. Sub-factors under project management group
Rank Sub-factors RII
1 Improper Planning; 4.11
2 Inaccurate Project Cost Estimation; 3.93
3 Lack of Coordination between parties; 3.74
4 Inadequate duration of contract period; 3.70
5 Lack of Communication between parties; 3.69
6 Poor on-site Management; 3.65
7 Cost overruns arising from design changes; 3.59
8 Inadequate site investigations; 3.57
9 Inadequate Construction Method; 3.46
10 Wrong method of cost estimation; 3.17
11 Client's over influence on the construction process; 3.06
Project implementation process in the construction industry is relied on the different parties,
such as design team, contractors and subcontractors. Therefore, coordination between those
parties is very significant to avoid mistakes, reworks and delays in project schedule, which
cause cost overruns. This result was supported by several studies (Ameh et al. 2010; Enshassi
et al. 2009; Azhar et al. 2008), where they found a lack of coordination between parties as a
factor affecting cost overruns in construction industry. This result is justified, good
coordination will lead to a proper planning and that will reduce cost overruns.
Despite it was ranked in the fourth position, inadequate duration of the contract period affects
the cost overruns, which also supported by several studies (Ameh et al. 2010; Azhar et al.
2008).
6.5. Other external group
Table 7 represents sub-factors affecting cost overruns under the other external group. Soil
condition was ranked as the most affecting sub-factor. Creedy et al. (2010) and Jackson
(2002) are agreeing with this result as they stated the importance of the soil condition for the
budget during the project implementation. Several studies (Ameh et al. 2010; Kaliba et al.
2009; Azhar et al. 2008) examined the effect of inclement weather on project cost and found
it very important. However, as it is represented in Table 7 inclement weather was ranked in
the fourth position, which is 30th in the overall. This might be justified, because in Turkey
weather conditions are not inclement such as in the countries with heavy rain.
Table 7. Sub-factors under other external group
Rank Sub-factors RII
1 Soil conditions; 3.59
2 Site location and environment; 3.48
3 Project Buildability effects; 3.31
4 Inclement Weather; 3.09
5 Construction activities going at the same time; 3.00
6 On-site accidents; 2.83
7. Summary and conclusion
The main survey of project management consultants, contractors and owners / clients as
discussed in this article relates to the construction of residential projects in Turkey. The
survey focused on identifying and ranking in order of importance, the main factors causing
 S.Durdyev et al. / International Journal of Science and Management 1(1): 3-12 10  

cost overruns. 40 sub-factors have been identified under 5 groups, which are macroeconomic,
workforce, project finance, project management and other external factors.
The main conclusions of the survey are as follows:
• The overall ranking results indicate that the three groups felt that the most significant
factors that can cause excessive residential projects cost overruns in Turkey are improper
planning, inaccurate project cost estimation, high cost of needed resources (money, men,
materials and machinery), lack of skilled workforce, price of construction materials and high
land prices.
• Other sub-factors that emerged clearly as not very important, but of interest, are lack
of coordination, cost of the reworks, inadequate duration of contract period, lack of
communication between parties and poor on-site management.
• The results show that most of the problems in residential construction projects are
originated from poor resource management (human, technical and material). These causes
should be controlled right away from the planning to the implementation and management
stages. Good practice in planning, coordinating, controlling and monitoring procedures is
therefore has to be recognised.
In conclusion, it is believed that by focusing on the relative levels of impact of the identified
sub-factors, the project team / owners could be guided well in their efforts to addressing the
factors in a cost-effective manner.
Acknowledgment
The author would like to thank Ministry of Higher Education Malaysia, University of
Technology Malaysia (UTM), Research Management Center (RMC) and Innovative
Construction (ICON) Research Alliance for their financial assistance under the Research
University Grant (GUP) 00H47 and Short Term Research Grant 77332.
The authors would also gratefully acknowledge the numerous project management
consultants, contractors and owners / clients for their generous collaboration and
contributions.
Reference
Ameh, O. J., Soyingbe, A. A. and Odusami, K. T. (2010). Significant factors causing cost
overruns in Telecommunication projects in Nigeria. Journal of Construction in Developing
Countries, 15(2): 49-67.
Azhar, N., Farooqui, R. U. and Ahmed, S. M. (2008). Cost overrun factors in construction
industry of Pakistan, in Proc. of the 1st ICCIDC-I Conference, Karachi, Pakistan, 2008. 499-
508.
Cooper, D. R. and Schindler, P. S. (2006). Business Research Methods, 9th Edition, McGraw-
Hill/Irwin, New York.
Cronbach, L. J. (1951). Coefficient alpha and the internal structure of tests, Psychometrika
16: 297-333.
Creedy, G. D., Skitmore, M. and Wong, J. K. W. (2010). Evaluation of Risk Factors Leading
to Cost Overrun in Delivery of Highway Construction Projects, Journal of Construction
Engineering and Management, 136 (5): 528–537.
Datta, B. (2002). Management of infrastructure projects in urban local bodies: case study of
Kanpur Development Authority, India Infrastructure Report, 207–211.
Dlakwa, M. M. and Culpin, M. F. (1990). Reasons for overrun in public sector construction
projects in Nigeria, Butterworth-Heinemann Ltd. 8(4): 237-241.
Durdyev, S. and Mbachu, J. (2011). On-site labour productivity of New Zealand construction
industry: Key constraints and improvement measures, Australasian Journal of Construction
Economics and Building 11 (3): 18-33.
 S.Durdyev et al. / International Journal of Science and Management 1(1): 3-12 11  

ENR (Engineering News-Record). (2008). Available from Internet:

http://enr.construction.com/.
Enshassi, A., Al-Najjar, J. and Kumaraswamy, M. (2009). Delays and cost overruns in the
construction projects in the Gaza Strip, Journal of Financial Management of Property and
Construction, 14(2): 126-151.
Flyvbjerg, B., Skamris Holm, M. K. and Buhl, S. L. (2004). What causes cost overrun in
transport infrastructure projects? Transport Reviews, 24(1): 3-18.
Frimpong, Y., Oluwoye, J. and Crawford, L. (2003). Causes of delay and cost overruns in
construction of groundwater projects in a developing countries; Ghana as a case study,
International Journal of Project Management 21(2003): 321-326.
Jackson, S. (2008). Project cost overrun and risk management. in Greenwood, D. (Ed.) Proc.
of Association of Researchers in Construction Management 18th Annual ARCOM
Conference, Newcastle, Northumber University, UK, 2008.
Kaliba, C., Muya, M. and Mumba, K. (2009). Cost escalation and schedule delays in road
construction projects in Zambia, International Journal of Project Management, 27(2009): 522-
531.
Kaming, P.F., Olomolaiye, P.O., Holt, G. D., and Harris, F. C. (1997). Factors Influencing
Construction Time and Cost Overruns on High-rise Projects in Indonesia, Construction
Management and Economics, 15(1): 83-94.
Kazaz, A., Manisali, E. and Ulubeyli, S. (2008). Effect of basic motivational factors on
construction workforce productivity in Turkey, Journal of Civil Engineering and Management,
14(2): 95-106.
Koushki, P. A., Al-Rashid, K. and Kartam, N. (2005). Delays and cost increases in the
construction of private residential projects in Kuwait, Construction Management and
Economics 23: 285-294.
Le-Hoai, L., Lee, Y. D. and Lee, J. Y. (2008). Delay and cost overruns in Vietnam large
construction projects: A comparison with other selected countries, KSCE Journal of Civil
Engineering 12(6): 367-377.
Leedy, P. D. and Ormrod, J. E. (2009). Practical Research: Planning and Design, 9th Edition,
Pearson Education, Upper Saddle River, New Jersey.
Long, N. D., Ogunlana, S., Quang, T. and Lam, K. C. (2004). Large construction projects in
developing countries: a case study from Vietnam, International Journal of Project
Management 22: 553–561.
Love, P. and Li, H. (2000). Quantifying the causes and costs of re-work in construction,
Construction Management and Economics, 18, 479-490.
Love, P., Mandal, P. and Li, H. (1999). Determining the causal structure of re-work
influences in construction, Construction Management and Economics, 17: 505-517.
Mahamid, I and Bruland, A. (2011). Cost overruns causes in road construction projects:
“Consultants’ perspective”, Proc. of 2nd International Conference on Construction and Project
Management, IACSIT Press, Singapore, 2011.
Mansfield, N. R., Ugwu, O. O. and Doran T. (1994). Causes of delay and cost overruns in
Nigerian construction projects, International Journal of Project Management, 12(4): 254–260.
Memon, A. H., Abdul Rahman, I., Abdullah, M. R. and Abdu Azis, A. A. (2010). Factors
affecting construction cost in Mara large construction project: Perspective of project
management consultant, International Journal of Sustainable Construction Engineering and
Technology 1(2): 41-54.
NAP. Completing the Big dig; managing the final stages of Boston’s Central Artery/Tunnel
Project. Washington DC, The National Academies Press 2003. [cited Dec 05, 2011].
Available from
Internet:http://www.darwin.nap.edu/books/0309088879/html>.
 S.Durdyev et al. / International Journal of Science and Management 1(1): 3-12 12  

Olusegun, A. E. and Michael, A. O. (2011). Abandonment of construction projects in Nigeria:

Causes and effects, Journal of Emerging Trends in Economics and Management Sciences
2(2): 142-145.
Omoregie, A. and Radford, D. (2006). Infrastructure delays and cost escalation: causes and
effects in Nigeria, Proc. of 6th international postgraduate research conference, Delft
University of Technology and TNO, the Netherlands, 2006.
Roachanakanan, K. (2005). A case study of cost overruns in a Thai condominium project,
PhD thesis, Texas: Texas A&M University.
Sambasivan, M. and Soon, Y. W. (2007). Causes and effects of delays in Malaysian
construction industry, International Journal of Project Management 25(2007): 517–526.
Schexnayder, C., Fiori, C. and Weber, S. (2003). Project cost estimating; a synthesis of
highway practice, Arizona. Available from Internet:
<http://www4.trb.org/trb/crp.nsf/All+Projects/NCHRP+20-7>.
TSI (Turkish Statistical Institute). (2011). Available from
Internet:http://www.hazine.org.tr/ekonomi/enflasyon.php