Efficient Construction Management: AI-Driven Strategies to Combat Cost Overruns

Abstract

Efficient construction management is crucial for ensuring projects are completed on
time and within budget. Despite advancements in technology, cost overruns remain a significant
challenge in the construction industry. This paper explores AI-driven strategies to combat cost
overruns in construction projects. By leveraging artificial intelligence (AI) algorithms for
predictive analytics, risk assessment, resource optimization, and project monitoring, construction
managers can proactively identify potential cost overruns and implement preemptive measures to
mitigate them. Additionally, AI-powered solutions facilitate real-time decision-making and
enhance communication among stakeholders, leading to improved project outcomes. Through case
studies and industry examples, this paper demonstrates the efficacy of AI-driven approaches in
minimizing cost overruns and enhancing overall project efficiency in construction management.