Analysis of Road Construction Projects Price Changes in the Selected Phases of their Life-Cycle

Abstract

This paper deals with an analysis of causes that lead to the change in price (value of construction costs) of road infrastructure projects in selected phases of the building structure life-cycle, more specifically procurement and construction phases, with the aim to refine the price estimation in the Estimated Value determination phase. The sample of regional road construction projects in the South Moravian Region (Czech Republic) documentation forms the basis for the research. The methodological procedure is aimed at monitoring changes in the value of construction costs during the preparation and implementation phase of the construction. Estimated values, contract prices and actual prices of individual projects are compared to determine them and the reasons for their differences are discussed. The changes (decrease) in the values of construction costs determined by estimated value and contract price show the strong influence of the construction market and the interest of construction companies in the implementation of public works contracts in the field of road infrastructure projects. The relative differences range up to 47%. The changes (increase) in construction costs determined by contract price and actual price are much lower, up to 13%, and result from specific situations during the implementation of the construction, for which subsoil bearing capacity problems and material changes were determined as the most significant.