Riskness of time and cost overruns and the effectiveness of risk response measure strategies in the Libyan construction industry

Construction management, especially in the industrial sector, is vital for national development. A time overrun in the project implementation leads to overrun and loss to the nation. Many variables have an impact upon construction time and cost overruns in Libya. In this work, various factors affecting and contributing to the project implementation process will be identified and analysed. This will be done, therefore, as follows: To identify variables contributing and influencing construction time and cost overruns; To group and extract these variables into factors; To analyse the relationship of these factors and thereby enhance the understanding of construction delay and cost overruns. Because of such variation projects in Libya often suffer from delays and cost overruns which really offset some of its intended benefits. The prime variables of time and cost overruns will be identified through the research methodology. The research methodology will include the following: (1) Related literature reviews; (2) Field study and conducting such meeting with professional and practitioners involved in the construction of projects in Libya; (3) Development of questionnaire and selected respondents groups. Statistical analysis and significant test for ranking of factors w ill bec arries out based on these results and hence development of suitable and potential short and long term risk response strategy measuresto reliable and consistent costing.