Poor project monitoring and control process has been identified as one of the main reasons for construction projects not achieving project cost objectives. Other factors contribute to this condition include: lack of documentation on project lessons learned, not optimum in adopting information technology, and a long process in making decisions. Documentation of lessons learned corrective actions can help project team in identifying various project risks. It is an important feedback in the effort to achieve better project performances, to prevent occurrences of specific risks or to prepare responses to such risks. This paper discusses the development of knowledge-based corrective actions related to controlling project material cost, which includes identifying the impacts, the causes and corrective actions. A survey on various high rise building projects was selected as the research method, and structured interviews with experts onudsuch projects was used as data collecting method. Probability matrix, statistic and simulation were used to analyse the data, and expert system was used to develop decision support system based on cost control theory and practices. The results of the research show that there are four cost performance indicators, fifty eight impacts with fifty seven causes of risks for developing knowledge based lessons learned corrective action which provides about one hundred and fourteen corrective actions
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