1. Introduction

The construction industry faced considerably large challenges because of COVID-19 with both direct and indirect adverse effects due to lockdowns. This study focuses on investigating cost management of construction, with specific reference China State Construction Engineering Corporation's approach to the various points of the building life cycle. The pandemic brought disruption to the supply chains in factories while the others were adhering to safety regulations and endeavoring to keep cost under control [1].

Such ancillary costs with greater delays lead to the searching and implementation of new financial measures. According to research, increased cost can arise from safety equipment [2] and works are disrupted due to the stress of schedules [3]. The fact that challenges can lead to more central cost and delay shipment platforms has been understood by studies carried out by Berger et al.[4] and by Ivanov [5].

This work compliments the grey correlation and value engineering models that help in cost management. Effort is on a tunneling of vital MBIs to vacant [6], and free of the deficit spending [7].A case of China Construction provides an example of a pro-active financial strategies by the company during crises.

Literature as a matter of fact brings a number of different perspectives on addressing construction costs in crises. Differentiated in use of technology, Getachew et al. [8] prove to be the obvious choice to fight against the pandemic. Whereas Wang et al. [9] and Zhao et al. [10] bring in relevance of electronic and remote means of control. As well as ensuring that the application of adaptive program management strategies, as finalizing timelines and allocating the resources, is also important [11].

The report concludes by the summarization of the findings so that a wide-ranging perspective on cost containment during crises may be established. The study therefore gives a number of hands-on recommendations for construction firms and serves as an example for other firms to grow their resilience [12].

2. The impact of COVID-19 on project costs for China construction companies

2.1. Changes in schedule of real estate projects and anti-epidemic projects

The study selects four representative projects, namely the Huoshenshan Hospital Project, the North Lantau Hospital Hong Kong Infection Control Centre Project, the Beijing Daji Dangerous Building Renovation Project, and the China Construction Jinxiu Capital Project.

Table 1: Project Duration Change Table (Source: China Construction Annual Reports)

2.2. Some projects under construction are behind schedule

The following is the progress of important projects of China Construction:

Table 2: Progress of major construction projects in China in 2021 (Source: China Construction Annual Reports)

Table 3: Progress of Major Construction Projects in China in 2020 (Source: China Construction Annual Reports)

The Songjiang Yunzhu Deep Blue construction project originally planned to be completed in 2020 was 96% completed at the end of 2020, and 99% completed at the end of 2021. Not completed as planned. The following uses the earned value method to analyze its project progress.

2.3. Evaluating Construction Time and Cost Using the Earned Value Method

Table 4: Earned Value Analysis (Source: China Construction Annual Reports)

The following is a summary table of earned value method indicator evaluation data:

Table 5: Earned Value Method Indicator Evaluation Data Table (Source: China Construction Annual Reports)

3. Grey relational static evaluation model

3.1. Selection of evaluation indicators

Since the factors affecting cost are mainly construction period, construction organizational structure and unpredictable factors (including price and manpower) [13], the change amount of projects under construction, the cost of important raw materials, and employee wages and personnel expenses are used as evaluation indicators.

The following are the selected parent indicators and evaluation indicator values:

Table 6: Parent indicators and evaluation index values (Source: China Construction Annual Reports)

3.2. Calculation of grey correlation coefficient

The following is the correlation coefficient result graph:

Table 7: Correlation Coefficient Result Graph

3.3. Calculation of grey relational value

The following is the correlation result graph:

Table 8: Correlation Result Graph

4. Conclusion and Discussion

The post-pandemic period has construction sector with new approaches to cost control related to the modified operation environment. Reducing construction periods of non-epidemic projects is an effective means to reduce costs for construction, especially in the real estate sector.

Project times in China's pursuit of real estate could often prolong to a time that is beyond the limit with acceptable scope. Tracking progress and re-scheduling, as part of 'plan-do-check-act', provide critical foundation to cost-effectiveness analysis. Program scheduling must be set up to prevent these problems from arising.

Being knowledgeable about the local downtimes as well as the production systems is one of the cost-efficient systems. Inaccuracies can be the reason for postponing projects and added expenditures for the contractor. Smart management emphasizes proactive change that match with the policy updates and performance results.

Smart management of resources, especially the workforce, optimization derives higher output and on-time completion. The effects of the pandemic have been to slow projects and to increase costs. Some workers deploying the efficiency of the workers while the subcontractor's reliability are other key factors for experience delays and costs.

Implementing mature technologies means the activities will be ensured a high-performance level during uncertainty. The correct resource management is the powerful indicator of the success. Energy management and specialized sourcing strategies are the keys to realizing the budget cutting effectiveness.

The pandemic has propelled the construction sector to address efficiency, cutting costs, and anticipation to develop the capacity in the post-pandemic world.