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ASSESSMENT
OF THE FACTOR AFFECTING THE COST PERFORMANCE OF THE CONSTRUCTION PROJECT
ABSTRACT
This study
investigates the factors affecting cost performance of construction projects in
Lagos State located in the south-western part of Nigeria. It draws on relevant
previous research in the theory of work on cost performance. Thirty-three
contractors companies with different working grades in the state of Lagos were
participated in the study. Data were collected from the contractors using a
questionnaire survey. The results indicated that the success factors affecting
the cost performances of projects obtained by the analyses are identified as
project manager competence in works affecting cost performance wholly and
commitment responsibilities of all participants and various teams to the
project as the top priorities while presence of poor project specific
attributes and not existence of cooperate and Ignorance and lack of knowledge
in operating, techniques and decision by project manager are identified as the
most important failure factors. Further, the analysis indicates that the common
factors which affected the cost performance in construction projects are mostly
caused of uncertainty as one of the most important factors affecting the
performance of the projects followed by the economy condition change.
CHAPTER ONE
INTRODUCTION
1.1
Background of the study
Performance
indicators are measurable indicators that demonstrate the level of achievement
in a project. They provide information to the decision-makers to measure
performance and compare them with the intended outputs, outcomes, goals, and
objectives, and are chosen to reflect the critical success factors of a
project. Cost is one of the most important indicators to consider when
measuring contractor performance. Cost is defined as the degree to which the
general conditions promote the completion of a project within the estimated
budget (Bubashait & Almohawis, 1994). Project total cost is not only
confined to tender sum but also include cost of variations, and claims.
Project
total cost is the total cost incurred in a project from inception to completion.
Cost performance can be measure by comparing contract sum with total project
cost to establish if there is cost savings or cost overrun. Cost can be
measured in terms of unit cost,
percentage of net variation over the final cost (Chan & Chan, 2004).
Project performance is generally seen as combination of three factors consists
of cost, time and quality. Measuring performance of construction project
successful or failure depends on whether it achieves what is required or
expected. Cost performance is very importance in project to measure the success
of projects begins. The successful or failures of projects in construction
industry depend on owners perception towards the actual construction cost and
estimated target. If cost project less than the actual planned cost, the
project adjudged to be successful. Cost performance is the most importance
indicator of project success used by all parties. It presents not only the
firms profitability but also the productivity organizations at any point during
the construction processes. In fact, there are many criteria and investigation
aspects that can be used to measure the successful and failure of any
construction project. The past researchers had different perspectives to
measure the success and failure projects.
Many causes
and factors were identified by researchers measure the project according to
work performance and some criteria aspects in construction work and to ensure
that project more success, each project participant is supposed to identify and
develop effective management practices that contribute to higher performance in
their relevant involvement in the construction process.
Generally,
the roles will be giving to all parties that will involve in construction such
as consultants, contractors, subcontractor, and construction managers and so
on. They will be responsible to ensure the work performance and others
performance regulated with discipline and criteria rules, they
have to avoid the failure of projects. Previous
studies had identified some causes and factors called ''attributes'' for
measuring the failure and success
projects. All causes or factors
much to affecting the performance in project consist of time, cost and quality
of works. This research only presents the factors that affecting cost
performance in construction projects in Nigeria.
1.2
Statement of the problem
In
construction industry, the results show that in cost performance mostly depend
on the management of construction resources, budget management, construction
method and communication. Researchers have identify some critical attributes
that affecting the cost performance when
all criteria and management work for project unsuccessful followed by firms.
The most important to all parties to follow the right ways or finding strategy
or any method to avoid the failure and carry on the successful of projects.
The critical
attribute of failure or success project affecting the cost performance and must
to be solved to ensure that success of the project. If these critical attribute
not to solved or handled, it with no doubt makes a project failure and properly
maybe give much loss to firms. All parties that participated in projects should
be taken an action to handle critical attributes and avoid failure of project
that will be affecting many thing especially cost performance.
The
attributes that have identify by researcher mostly give to successful in
project and need to improvement to develop more effective management in
construction project and efficiency in project implementation. This study attempts
to investigate all failure and success attributes for the construction
project in Nigeria.
1.3
Objectives of the study
The goal of
this study is to assess the various factors affecting the cost performance of
the construction project. Specifically, the study seeks to:
1. Elucidate
on the success factors that affects the cost performance of the construction
project.
2. Highlight
the failure factors affecting the cost performance of the construction project.
3. Recommend
the modalities that ensure effective performance of construction project.
1.4 research Questions
1) The
following questions were considered in this study:
2) What are
the factors responsible for the successful outcome of the construction project?
3) What are
the failure factors hindering effective performance of construction project?
4) What are
the strategies for maintaining the success and failure factors for reach
successful project?
1.5 Scope of
the study
This study
is focused on the external and internal factors that hinders or propels the
success of construction projects. The study will serve as an awareness study to
numerous resaerch audience on why the country has a lot of abandoned projects
both from the federal government, state government and even at the local
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