Description
In this study, the significant effects of inflation on Nepal's building sectors from 2012 to 2020 are explored. This period's rising costs for building supplies have placed a heavy load on the sector and jeopardized important developmental initiatives. This study uses a variety of sources, including literature, interviews, personal experiences, and publications, to provide a whole toolbox of tactics that are supported by specialists, engineers, and contractors in light of the potential for future growth. This study illustrates the critical importance of advanced procurement, lean construction practices, strong communication frameworks, price adjustment clauses in contracts, risk-sharing mechanisms, structural element redesign, construction work rescheduling, meticulous workmanship, use of cutting-edge software like Building Information Modeling (BIM), effective warehouse storage management, and government subsidies as a means of reducing costs. This research aims to reduce all of the effects of inflation, including cost overruns, decreased worker productivity, project delays, supply chain disruptions, and construction faults. The effectiveness of these tactics was evaluated using a Focus Group Discussion (FGD) with 15 participants and a comprehensive online/offline survey that used Relative Importance Index (RII) analysis. This study emphasizes the practical applicability of the indicated tactics by contrasting the suggested techniques with actual cost-based estimations across multiple years. The study comes to the conclusion that stakeholders in the construction industry can best utilize these tactics throughout the complex project cycle.