THE IMPACT OF COST MANAGEMENT IN THE CONSTRUCTION SECTOR
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Abstract: THE IMPACT OF COST MANAGEMENT IN THE CONSTRUCTION SECTOR
This research explores the impact of cost management on the construction sector in Abuja. The study's objectives are to evaluate the effectiveness of cost management practices, assess their impact on project success, and identify the challenges faced during implementation. A survey design was utilized, gathering data from 250 project managers and financial controllers, derived using Taro Yamane's formula. A case study of a major construction project in Abuja provided detailed insights. The reliability coefficient score was 0.88. Findings indicate that effective cost management practices, 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 on cost management, simplifying processes, and integrating cost management practices with overall project management strategies to ensure better project outcomes.
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