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An Evaluation Of Budgeting And Cost Control Of A Building Construction Industry
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1.05 SCOPE AND LIMITATION OF THE STUDY
The overall scope of this study is restricted to construction projects executed or under construction projects that are considered in this content are selected:-
- Tertiary Institution Buildings
- Educational Buildings
- Office Complex Buildings
In the course of carrying out this research work, I have been faced with some limitations of time, finances and lack of relevance materials for this research. I was unable to reach some vital places and people that could have offered immense contribution or information relating to this study.
Also, following the bureaucratic nature of some on going construction project site, which I was able to visit, most of their staff personels were afraid to provide accurate information inquired of them.
Sequel to the above constraints, the extent to which data could have been collected was affected and consequently the scope of the research.
1.06 RESEARCH QUESTION
Sequel to the objectives of this study, answers shall be proffered to the following research questions, formulated and carefully handled to enable these research objectives to be achieved.
1. What are the possible budgeting and cost control measures or techniques mostly employed by the quantity surveyor in the construction project?
2. What is the significance of cost control and budgeting in the construction project?
3. What are the factors that affect the budgeting and cost control in the construction projects?
4. What is the level of application of budgeting and cost control techniques or approaches in the construction projects.
1.07 DEFINITION OF TERMS
BUDGET:- The forecast and monitoring of both anticipated income and expenditure of an organization globally.
BUDGETING:- The process of financial control where actual expenditure for a period is compared with appropriate budget allowance for each unit.
COST:- Cost in respect of building work implies amount paid by client for either completed building or for specific section of building.
COST LIMIT:- Maximum expenditure the clients are prepared to make in relation to completed building.
COST CONTROL:- All method of controlling cost of building projects within the limits of predetermined sum throughout the design and construction stages.
PLAN:- A purpose or intending course of action.
COST PLAN:- A statement of the proposed expenditure on each section or element of a new building related to a definite standard of quality.
COSTCHECK:-The process of checking the estimated cost of each section or element of the building as detailed designs are developed against the cost target set against it in the cost plain.
COST ANALYSIS:- The systematic breakdown of a cost data often on the basis of element to assist estimating the cost and in the cost planning of future project.
COST MODELING:-This is a symbolic representation of a system expressing the contents of that system in terms of the factors, which influence its costs.
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