This paper presents the current big issues in cost management. It covers the theoretical aspects, the causes and effects, and possible countermeasures. This paper is a result of a literature review conducted during the initial stages of a doctoral research. In doing so, principles of lean production are considered as a basis for critical evaluation. Seven big issues have been identified as shortcomings in the current construction cost management approaches. Some of such issues identified are failure to forecast, failure to pinpoint improvement opportunities and poor support to inter-organizational cost management. Possible countermeasures are suggested to address the identified issues. This research is expected to contribute towards developing conceptual solutions for improving the cost management approaches.
Cost management, lean, value, waste