THE IMPACT OF COST CONTROL STRATEGIES FOR PROJECT MANAGEMENT
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Abstract: THE IMPACT OF COST CONTROL STRATEGIES FOR PROJECT MANAGEMENT
This study examines the impact of cost control strategies on project management in the construction industry in Port Harcourt. The objectives are to analyze the effectiveness of various cost control strategies, assess their impact on project success, and identify the challenges faced during implementation. A survey design was employed, with data collected from 250 project managers and financial controllers, derived using Taro Yamane's formula. A case study of a major construction project in Port Harcourt provided detailed insights. The reliability coefficient score was 0.87. Findings reveal that effective cost control strategies, such as budget tracking and variance analysis, significantly enhance project success by ensuring projects are completed within budget. However, challenges such as high implementation costs and resistance to change were noted. Recommendations include providing more training for project managers, simplifying cost control processes, and integrating cost control strategies with overall project management practices to ensure comprehensive project success.
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