MANAGING RETENTION IN RESIDENTIAL BUILDING PROJECTS
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
Abstract
Residential building projects consist of complex interrelated subsystems of cost centers which often require huge financial commitment. The huge financial commitment therefore makes monitoring the disbursement and flow of financial resources a worthwhile task. Therefore in order to maximize fund on various cost centers, client and project actors often exhibits restraint in fund disbursement in order to ensure value for fund already released. However, it is the proper management of the process of fund release and retention of some funds that determines the value for money expected on the projects. It is against this background that this study was centered on managing project retention fee in residential building projects in Lagos state, Ogun state, Abuja (F.C.T.) and Port Harcourt in Nigeria. A random sampling technique was used in the study, a population size of 250 residential building projects was used for the study from which sample size of 120 was chosen. Moreover, a structured questionnaire in Likert scale 1-5 was used for the work. Mean Item Score was used to generate the agreement index for the parameters influencing the retention fee management process. It was discovered that most deducted retention percentage is 5% of the project cost. Also, the type of intervention system often used as alternative intervention system was studied, the most advocated intervention system is paying interest on retention when delayed, followed by release of retention on line item basis. There should be adequate compensation for the fund tied down. However the following intervention system could be used: release of retention fee on line item basis, introduction of letter of credit, application of bond as alternative of retention fee, application of performance bond, financial security package, the use of escrow account for retention fee, use of payment bond and performance bond among others. The combination of two or three or all of them should guarantee adequate management of the fund. However, there are challenges often encountered in the fund administration these includes; delay in the release of fund, reduction in contractors fee and retention fee reduces contractors profit if all the retained fund is used to remedy bad work among others. Factor Analysis in Regression Analysis of SPSS software was used to generate factors for a suitable fee management model by reducing the factors to their Coefficients and Eigen Values. The model would assist clients and project actors in management of project elements retention fee on residential building sites.
Related Project Materials
DISPATCH RIDER SYSTEM
ABSTRACT
This project (Design and Implementation of a Dispatch Rider System) is a logistics/delivery app that allows users to connect to...
IMPACT OF QUALITY ASSURANCE ACTIVITIES ON THE MANAGEMENT OF SECONDARY SCHOOLS IN KADUNA STATE, NIGERIA
ABSTRACT
This study investigated the “Impact of Quality Assurance Activities on the Management of Secondary Schools in Kaduna State...
ASSESSMENT ON THE EFFECT OF LACKING OVER THE COUNTER DRUGS (OCT) AMONG YOUTH IN GADAN MAIWA NINGI LGA BAUCHI STATE
Background of the study
In recent years, the accessibility and consumption of Over-the-Counter (OTC) dr...
THE IMPACT OF COUNSELING SERVICES ON ACADEMIC PERFORMANCE OF SENIOR SECONDARY SCHOOL STUDENTS
BACKGROUND TO THE STUDY
Academic performance of Nigerian secondary school students has been a source of concern because...
ANTIMICROBIAL PROPERTIES OF DOPED AND UNDOPED PLANTBASED SYNTHESIZED ZINC OXIDE AND SILVER NANOPARTIC
ABSTRACT
The process for the development of a reliable and ecofriendly metallic nanoparticle (NP) is an important step in biomedical appl...
ASSESSMENT OF MOTIVATION AS A MANAGEMENT STRATEGY FOR PRODUCTIVITY OF CONSTRUCTION PROJECTS IN ABUJA, NIGERIA.
ABSTRACT
Human resource is the livewire of any organisation. Its effective management is very crucial and central in the achievement of o...
PRELIMINARY INVESTIGATION ON EFFECTS OF BURANTASHI EXTRACT ON LIVER ENZYMES OF AIBINO MALE AND FEMALE WHISTAR RATS.
ABSTRACT
This work was carried out to investigate the effects of Burantashi extract on liver enzymes of albino male and female whistar ra...
COMPARATIVE STUDIES OF THE PERFORMANCE OF FILTER MEDIA MADE USING BIOCHAR AND ACTIVATED CARBON IN GREYWATER REMEDIATION
ABSTRACT
The problem of water Scarcity, water pollution and cost of accessing water for domestic needs have become growing concerns to th...
THE EFFECT OF DEMOGRAPHIC SHIFTS ON GOVERNMENTAL ACCOUNTING PRACTICES
THE EFFECT OF DEMOGRAPHIC SHIFTS ON GOVERNMENTAL ACCOUNTING PRACTICES
Abstract
This study examines the effect of demographic sh...
THE ROLE OF THE AGENCY FOR MASS EDUCATION IN PROMOTING ADULT EDUCATION IN ZURU LOCAL GOVERNMENT AREA, KEBBI STATE
BACKGROUND TO THE STUDY
The origin of mass education in the north started in the late 1940s to early 19...
