THE ROLE OF COST MANAGEMENT IN PROJECT MANAGEMENT
- Project Research
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ABSTRACT
THE ROLE OF COST MANAGEMENT IN PROJECT MANAGEMENT
This research explores the role of cost management in project management, aiming to: (1) assess the impact of cost management on project success; (2) identify key cost management techniques in project management; (3) understand the challenges in implementing cost management in projects. A survey design is employed to gather quantitative data. Using Taro Yamane's formula, a sample size of 270 respondents from Uyo is selected, representing project managers and professionals. A construction project is chosen as the case study due to its extensive cost management requirements. The reliability coefficient of the survey instrument is 0.85. Findings indicate that effective cost management is crucial for project success, ensuring projects are completed within budget and on time. Techniques such as cost estimation, budgeting, and cost control are highlighted. However, challenges include unforeseen expenses and resource allocation issues. It is recommended that project managers adopt a comprehensive cost management plan, utilize project management software, and conduct regular cost reviews to ensure project success.
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