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Building Cost Management
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Lack of in-depth knowledge of whole life costing implication in building design cost management has over the years fueled the increasing bias towards the quantity surveyors estimate. Whole life costing constitutes cost management tool that enhances better understanding of the cost implication of building design over its life cycle. This study investigated the use of whole life costing in the Nigerian construction industry with focus in Imo state. The objectives were to examine the benefits, level of use, and barriers associated with the use of whole life costing in building cost management. The study obtained qualitative ranked perception of 72 quantity surveyors in Imo state using structured questionnaires. Data analysis involved mainly descriptive statistics. The findings of the study revealed that, the potential benefits of whole life costing are optimizing total cost of ownership, comparing various options at building level and allowing more accurate forecasting of future maintenance budget. The investigation into barriers affecting whole life costing implementation highlighted lack of standard methodology as one of the major barriers to WLC. The study concludes that, the use of whole life costing by quantity surveyors is low; and is largely determined by size of project, size of organisation and years of experience. The study therefore recommends the need to investigate why inherent barriers persists in the global construction industry.
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CHAPTER ONE - [ Total Page(s): 3 ]CHAPTER ONEINTRODUCTION1.1 Background to the StudyApproaches
to the total cost management of construction works are now changing
rapidly. The change imposes the necessity to change how the cost of
construction work is conceived across domain. The term cost management
connotes basically two related activities in costing that is, cost
forecasting and cost control (Ashworth, Hogg and Higgs, 2013). This
understanding suggests that, to be able to exert cost control
yardstick ... Continue reading---
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CHAPTER ONE - [ Total Page(s): 3 ]CHAPTER ONEINTRODUCTION1.1 Background to the StudyApproaches
to the total cost management of construction works are now changing
rapidly. The change imposes the necessity to change how the cost of
construction work is conceived across domain. The term cost management
connotes basically two related activities in costing that is, cost
forecasting and cost control (Ashworth, Hogg and Higgs, 2013). This
understanding suggests that, to be able to exert cost control
yardstick ... Continue reading---
ABSRACT -- [Total Page(s) 1]
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ABSRACT -- [Total Page(s) 1]
Page 1 of 1