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Study Of Factors Affecting Construction Cost Performance In Nigerian Construction Sites
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CHAPTER ONE
INTRODUCTION
Construction industry in Nigeria had been a major source
of employment for 70% of labour force in the country, thus it controls
the capital flow, as well as labour resources, which has cost
implications. Adequate management of these resources is considered an
important aspect of project works; it determines to a large extent
the overall success of project works. So also if the resources are
adequately harnessed, issues that pertains to cost overrun would not
arise which could result to variations and claims. Some firms rely on
claim as a result of variation incurred during the course of the project
execution and afterward evaluate their profit after incurring necessary
and unnecessary cost on a
project. This however
has tendency of positioning such in a disadvantageous profit position.
An effective cost management strategy is therefore necessary, this could
be achieved through putting in place a proactive cost management
strategy. (Love et al, 2005; Ogunsemi and Jagboro, 2005; Ferry et al,
1998).
They described cost management system as a process that should
be carried out throughout the life cycle of a project, from the
inception to final completion and final payment to the contractor. In
the light of this, the timeliness and cost effectiveness of various
operation and decision carried out will determine to an extent the
magnitude of cost that could be saved on the project. ( Kerzner, 2005;
Ogunsemi and Jagboro, 2005).
However Dissanayaka and
Kumaraswamy,(1999) opined that Time, Cost, Quality target as well as
project satisfaction tend to be most important key to measure the
overall performance of a project work. Furthermore, various research
works have also indicated that most project records cost or time overrun
during their tenure of execution.( Odusami and Olusanya, 2000).
(Mbachu and Olaoye, 1989; Madewsley, et al, 2004); opined that 51percent
of average delay were experienced yearly which culminates in cost
overrun, certain factors are responsible for this, to this end however
this study attempts at investigating such factors and proffer solution
to the pandemic. The scope of this research work shall be limited to
building construction sites within the selected area in Nigeria, Ogun
state, Lagos state and Northern part of Nigeria. This is attributable to
unique project environment they possess. The aim and objectives of the
research are as follows: The research work is to determine the various
factors that interplay in impacting project cost performance,
investigating the order of severity of the factors, and recommending
ways of curtailing the effects. Field survey was carried out with 100
questionnaire distributed and 67 were used for analysis of response
from construction practitioners selected randomly from population of
construction firms, The primary data were collected with the aid of
structured questionnaire designed on Likert Scale of 1to 4 rating
scale. Mean item score, Simple percentages and severity index were used
as analytical tool of the generated data. SPSS (Statistical Packages
for Social Science Students) was used in determining pattern of
relationship among the cost determinants and variables.
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ABSRACT - [ Total Page(s): 1 ]ABSTRACT Maintaining steady cost projection on construction projects had been until recently an issue of serious concern, both to the client and project contractors. Cost deviation from initial Cost plan, had been prevalent on Construction sites. However, little or no efforts has made to curtail the phenomenon, it is against this background that this research work attempt to study the factors that are responsible, so as to identify them and proffer possible ways of tackling the menace. The stu ... Continue reading---
