Challenges of Estimating Soft Costs in Construction: Identifying and Quantifying Non-Material Expenses

Author(s)	Abhiram Reddy Anireddy
Country	USA
Abstract	Soft costs of construction are costs which arise beyond materials like design fees, permit fees, insurance fees, legal fees and project management fees to have an important impact on whether the project will be successful or not. These costs matter, even if they are intangible, and often are underestimated, owing to their variability. This paper looks at the issues involving soft costs, covering complexities of design, regulatory, and fee uncertainty associated with legal and administrative schedule items. Second, we provide effective strategies that construction professionals can employ to improve the accuracy of their soft cost estimates. Early identification of possible soft costs during the plan phase, comprehensive contingency planning to deal with unexpected expenses, and the adoption of position of the advanced construction management technologies are among these strategies. With implementation of these approaches, construction professionals can increase their ability to understand and manage soft costs and in doing so lead to successful project outcomes and financial stability.
Keywords	Dimensi Sosial Musik, Kepuasan Pengunjung
Field	Seni > Film / Musik / TV
Published In	Volume 5, Issue 5, September-October 2023
Published On	2023-09-26
Cite This	Challenges of Estimating Soft Costs in Construction: Identifying and Quantifying Non-Material Expenses - Abhiram Reddy Anireddy - IJFMR Volume 5, Issue 5, September-October 2023.

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International Journal For Multidisciplinary Research