A Study On Cost Control Management Of Fu Bang L-3 Construction Project

With China’s rapid economic development, the construction industry has entered a stage of large-scale construction of fundamental infrastructures, which created enormous opportunities for construction enterprises. Meanwhile, the booming of real estate market enlarged the space for development. However, construction enterprises face as much challenge as opportunities. Due to the influence of the long-lasting planned economic system, the concept of project management is still under weak awareness among most construction enterprises. The traditional project control methods usually lead to over-cost and delay of construction projects, which undermines the competitiveness of construction enterprises. Therefore, cost minimization or cost optimization under the premise of quality and schedule, is a key issue in construction project management. This article, based on a specific construction project ---FuBang L-3 Construction Project--aims to explore and apply scientific project cost control management methods as to assist the construction firm in their cost control process. Besides, this article hopes to develop a systematic procedure for construction cost control management for the firm to apply in subsequent projects.This article applies theoretical methods from various literatures to the entire process of the specific construction project to analysis basic elements of construction cost, as to dissect key phases in cost control and to provide solutions accordingly. Also, this article applies widely-used cost management analysis methods, the Earned Value Method for instance, to monitor and access the cost control management of the FuBang L-3 Construction Project.The article concludes that cost control methods can deliver satisfactory results in the cost control management of the FuBang L-3 Project. Some updated analysis methods, for example, the Earned Value Method are proved to be suitable in the specific project situation and other similar projects. The cost control management process can provide valuable information for the project managers. However, there are still issues and problems calling for further study and research.