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Effects Of Preliminary Estimate On Final Account Of Building Projects
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1.3 Research Questions
The following are constructed to achieve the aim of the study:
- What are the factors affecting the accuracy of feasibility estimating?
- What are the preferred tools, level of use and level of accuracy feasible estimating?
- What is the relationship between feasibility estimate and final account of building projects?
1.4 Aim and Objectives of the Study
The
aim of the study is evaluate the effect of feasibility estimate on the
final account of building projects with a view to enhance efficiency.
The objectives of the study include the following:
· Identify factors affecting the accuracy of feasibility estimates for building works;
· Evaluate stakeholders’ preference, level of use and the accuracy of feasibility estimating techniques; and
· Determine the effect of feasibility estimate on final account sum of building projects.
1.5 Research Hypothesis
The following hypotheses were constructed to achieve the aim of the study:
Ho1: There is no significant relationship between feasibility estimate and final account.
1.6 Significance of the Study
This
study has been necessitated by the fact that the first step towards
solving a problem is to identify it. Therefore, if the idea behind the
generation of feasibility estimate is well known and its effects on
final account are identified and possible remedies proffered and
implemented, it will reduce the anxiety being faced by clients in going
into infrastructural project development due to high level of
uncertainty of their financial commitment, thereby encouraging the
growth of infrastructural development. It will also significantly reduce
the incidences of project cost overrun.
Contractors and clients will
benefit from this work since they are in no wining position when there
is a fall in the level of infrastructural projects development. First,
the evaluation will enhance improved project delivery and overall
realisation of the project targets. Second, it will facilitate
stakeholders’ assessment of their level of effort towards the
realisation of projects’ set objectives across the various stages of the
project. Third, the outcome will improve procurement in option used and
the projects procured amidst enhanced effective assessment management
of cost overruns.
1.7 Scope of the Study
There are
construction industries in every state of the country; the study was
restricted to construction industries and projects in Akwa Ibom State.
This research has been limited by constraints such as time, money and
related literature on the topic. The limited financial resource of the
researcher is a major limitation and thereby resulted in limiting the
study to Akwa Ibom State only. Due to hard time, cost of research
materials are high, certain materials which could be useful may not be
affordable.
The reluctance of professionals/consultants to give
information to research students is clearly known, it becomes hard as
potential respondent will always believe that the information might
expose the firm or company.
1.8 Organisation of the Work
The
project is divided into five chapters. Chapter one is the introduction.
Chapter two is literature review. Chapter three is the research
methodology where all the technique, procedure and tools of analysis of
data would be presented. Chapter four is the data presentation and
analysis. Chapter five is the summary, conclusion and recommendation.
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