The Impact of Project Financial Control Systems on Construction Costs: A Case Study of Julius Berger Nigeria Plc
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Background of the Study
Effective financial control systems are vital for managing construction costs, ensuring resources are utilized efficiently, and projects are delivered within budget. In Nigeria, construction firms face challenges such as cost overruns, financial mismanagement, and economic instability, which affect project outcomes (Adeoye & Oluwaseun, 2023).
Julius Berger Nigeria Plc, a leading construction company, implements various financial control systems to monitor costs and enhance accountability. Despite these efforts, the firm faces challenges related to currency fluctuations, inflation, and regulatory compliance (Chukwuemeka, 2024). This study examines the impact of financial control systems on construction costs, focusing on Julius Berger Nigeria Plc.
Statement of the Problem
Construction projects in Nigeria are often plagued by cost overruns, attributed to weak financial control systems, poor planning, and inadequate monitoring mechanisms. For Julius Berger, these challenges compromise project profitability and client satisfaction (Onyeka, 2023).
This study investigates how financial control systems influence construction costs and identifies areas for improvement to enhance project performance.
Objectives of the Study
- To examine the financial control systems used by Julius Berger Nigeria Plc.
- To analyze the impact of financial control systems on construction costs.
- To recommend strategies for improving financial control systems in the Nigerian construction industry.
Research Questions
- What financial control systems are employed by Julius Berger Nigeria Plc?
- How do financial control systems impact construction costs?
- What strategies can improve financial control systems in the Nigerian construction industry?
Research Hypotheses
- Financial control systems significantly impact construction costs at Julius Berger Nigeria Plc.
- Weak financial control systems contribute to cost overruns in construction projects.
- Enhanced financial control systems improve project cost efficiency in construction firms.
Scope and Limitations of the Study
The study focuses on financial control systems in Julius Berger’s projects between 2023 and 2025. Limitations include limited access to internal financial data and external economic factors affecting construction costs.
Definitions of Terms
- Financial Control Systems: Mechanisms for monitoring and managing financial resources in projects.
- Construction Costs: Expenses incurred during the execution of a construction project.
- Cost Efficiency: Achieving project goals within budget and resource constraints.
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