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dc.contributor.author Fernando, S
dc.contributor.author Gurmu, A
dc.date.accessioned 2023-08-23T04:52:44Z
dc.date.available 2023-08-23T04:52:44Z
dc.date.issued 2023-07-21
dc.identifier.uri http://dl.lib.uom.lk/handle/123/21344
dc.description.abstract Construction projects involve transaction costs (TCs) both during the pre and post-contract phases. If these costs are not managed appropriately, they can lead to project cost overruns. The purpose of this study is to explore the transaction costs, their determinants and mitigation strategies in the Australian construction industry. Qualitative data were collected by conducting semi-structured interviews with professionals who have been working as contract administrators, project managers, quantity surveyors and construction managers. The data were then analysed using thematic and content analysis techniques by using NVivo software. The research identified context-specific transaction costs such as statutory charges, opportunity costs, cost of compliance, and lost-time costs. Moreover, the findings indicate that factors affecting transaction costs are interrelated; hence, each factor affects more than one type of transaction cost. It was also found that rules and regulations imposed by regulatory bodies, the type of bidding procedure used, and the use of non-integrated procurement methods increase transaction costs. Further, mitigation strategies for minimising TCs such as recruitment of qualified experts, building trust and relationships, and the use of digital technologies such as BIM, drones and point cloud were identified. en_US
dc.language.iso en en_US
dc.publisher Ceylon Institute of Builders - Sri Lanka en_US
dc.subject Construction Industry en_US
dc.subject Cost Overruns en_US
dc.subject Project Cost en_US
dc.subject Transaction Costs en_US
dc.title Transaction costs in Australian construction projects en_US
dc.type Conference-Full-text en_US
dc.identifier.faculty Architecture en_US
dc.identifier.department Department of Building Economics en_US
dc.identifier.year 2023 en_US
dc.identifier.conference World Construction Symposium - 2023 en_US
dc.identifier.place Sri Lanka en_US
dc.identifier.pgnos pp. 1093-1103 en_US
dc.identifier.proceeding 11th World Construction Symposium - 2023 en_US
dc.identifier.email sahani9528@gmail.com en_US
dc.identifier.email argaw.gurmu@deakin.edu.au en_US
dc.identifier.doi https://doi.org/10.31705/WCS.2023.87 en_US


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  • WCS - 2023 [91]
    Proceedings of The 11th World Construction Symposium 2023

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