ASSESSMENT OF COST CONTROL TECHNIQUES ON ROAD CONSTRUCTION PROJECT DELIVERY IN FCT ABUJA, NIGERIA
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
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.
Related Project Materials
GOVERNMENT POLICIES AS A TOOL FOR CREATING A BUSINESS ENVIRONMENT
BACKGROUND OF THE STUDY
In a country with mixed economy like Nigeria, the government and the individual...
THE ROLE OF A BUSINESS PLAN IN THE SUCCESS OF AN ENTERPRISE
ABSTRACT
This study was carried out to examine the land availability challenges and mismanagement ...
DESIGN AND CONSTRUCTION OF 20WATTS WIRELESS PUBLIC ADDRESS SYSTEM
ABSTRACT
It has become inevitable that there would be communication and due to the inherent limitation of the human voice, the public add...
QUALITY CONTROL AND INSPECTION OF PURCHASED MATERIALS
Abstract
The application of the principal of qual...
THE INFLUENCE OF QUALITY MANAGEMENT ON PROJECT OUTCOMES
Abstract: This study examines the influence of quality management on project outcomes, aiming to: 1) assess...
EFFECT OF TELEVISION ADVERTISING ON CONSUMER PURCHASING BEHAVIOUR
ABSTRACT
In this study, our focus was to carryout a critical analysis on effect of television ad...
IMPACT OF EFFECTIVE FINANCING OF SMALL SCALE INDUSTRIES ON NATIONAL ECONOMIC DEVELOPMENT
In view of the important of SMEs, government has been playing an appreciation role in promoting their survival and growth, various policies towards...
PURCHASING OF BANKING AND FINANCIAL SERVICE
ABSTRACT
This study was carried out on the purchasing of banking and financial services in Nigeria, using Eco Bank as ca...
THE EFFECT OF BRIBERY AND CORRUPTION IN NIGERIA SOCIETY
ABSTRACT
Corruption and bribery is a worldwide phenomenon and continues to ravage states with endemic corruption activit...
THE IMPACT OF TEACHERS QUALITY ON THE ACADEMIC PERFORMANCE OF SECONDARY SCHOOL STUDENTS
Background of the study
Teachers’ quality has been the focus of considerable debated worldwide since the middle of...
