ASSESSMENT OF COST CONTROL TECHNIQUES ON ROAD CONSTRUCTION PROJECT DELIVERY IN FCT ABUJA, NIGERIA
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- 1-5 Chapters
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- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
ABSTRACT
In construction industry the aim of project control is to ensure the projects finish on time, within budget and achieving other project objective. The advancement of technology in the last century has contributed to the increase in the number of complex construction projects that require proactive cost management. Cost control is an element of financial control since it supplements managerial control process in the organisation. Cost Management of road construction involves the application of engineering, financial and management practices to optimize the level of service outcome in return for the most cost-effective financial input. This study assessed the various cost control techniques used in road construction projects and its effect on project delivery. in addition, the study, identified the challenges of cost control techniques and examine the effectiveness of cost control technique. The preliminary data for this research was collected through a literature review and structured questionnaire and limited to construction firms. Mean Item Score (MIS) and Pearson correlation analysis were employed for data analysis. The preliminary analysis of data reveals six commonly used cost control techniques which include Cash Flow Analysis, Valuation of work in Progress, Cost Control, Materials Management, Budgetary Control and Cost Value Reconciliation. The findings further indicates that Cash Flow Analysis (CFA) (MIS=4.68) as the most effective cost control technique used in road construction project. Correlation analysis shows that all cost control techniques had strong relationship effect on road construction project delivery. The strength determinant relationship with the variables falls within the range of small, medium and large guidelines (r) value. The study concludes that cost control techniques have strong impact on road construction project delivery and also, challenges such as inadequate acquaintance on the utilisation of available tools and technology, deficiency in financial dedication in projects and fluctuation in prices of raw materials were ranked first (1st), second (2nd) and third (3rd) with mean score of 4.36, 4.24 and 4.20 respectively. It is recommended that Quantity Surveyors should involve in road construction due to the smallest response of 3 giving 12% and construction firms should endeavour to send their employees to attend workshops, seminars and other training programs. This research work has been able to assess cost control techniques used in road construction project and their effectiveness of those techniques.
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