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ASSESSMENT OF THE FACTOR AFFECTING THE COST PERFORMANCE OF THE CONSTRUCTION PROJECT

abstract

This study looks into the elements that influence the cost performance of construction projects in Lagos State, which is located in Nigeria’s south-western region. It is based on earlier cost performance studies in the philosophy of work. The survey included thirty-three contractor companies from Lagos, all of which had distinct working grades. A questionnaire survey was used to get information from the contractors. The findings revealed that the top priorities for success factors affecting project cost performance are project manager competence in all works affecting cost performance and commitment responsibilities of all participants and various teams to the project, while the presence of poor project specific attributes, lack of cooperation, and ignorance and lack of knowledge are the lowest priorities.

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Performance indicators are measurable indicators that show how far a project has progressed. They are chosen to reflect the essential success aspects of a project and provide information to decision-makers to monitor performance and compare it to the desired outputs, outcomes, goals, and objectives. When evaluating contractor performance, one of the most crucial factors to evaluate is cost. The degree to which general conditions encourage the completion of a project within the projected budget is described as cost (Bubashait & Almohawis, 1994). The overall cost of the project includes not only the tender value but also the cost of changes and claims.

The complete cost of a project from start to finish is known as the project total cost. Comparisons of contract costs can be used to assess cost performance.  In general, all parties involved in construction, such as consultants, contractors, subcontractors, and construction managers, will be assigned roles. They will be accountable for ensuring that work performance and that of others is governed by discipline and criteria guidelines in order to avoid project failure. Previous research has established several causes and factors known as “attributes” for assessing project failure and success. Time, cost, and quality of work are all causes or factors that have a significant impact on project performance. This study focuses solely on the elements that influence cost performance in Nigerian construction projects.

STATEMENT OF PROBLEM

The results demonstrate that in the construction sector, cost performance is mostly determined by resource management, budget management, construction process, and communication. When all criteria and management work for a project fails, researchers have identified certain crucial variables that influence cost performance. The most important thing for all parties to do is to follow the right paths, find a strategy, or use any other method to avoid failure and continue with successful projects.

The important attribute of project failure or success that affects cost performance and must be solved to achieve project success. If these crucial attributes are not solved or handled appropriately, a project will almost certainly fail, and organizations will suffer significant losses.

OBJECTIVES OF THE STUDY

The purpose of this research is to evaluate the various factors that influence the construction project’s cost performance. The study’s objectives are as follows:

1. Describe the success variables that influence the construction project’s cost performance.

 

2. Identify the failure elements that have an impact on the construction project’s cost performance.

 

3. Make recommendations for the modalities that will assure the project’s successful completion.

RESEARCH QUESTIONS

All parties involved in the construction process, such as consultants, contractors, subcontractors, and construction managers, will be assigned roles. They will be in charge of ensuring that work performance and that of others is governed by discipline and criteria guidelines in order to prevent project failure. Previous research has established various “attributes” for assessing project success and failure. Time, cost, and quality of work are all significant causes or factors influencing project performance. The factors affecting cost performance in Nigerian building projects are the focus of this study.

SCOPE OF THE STUDY

This research focuses on the external and internal elements that either impede or help building projects succeed. The study will educate a wide range of research audiences about why the country has so many abandoned projects from the federal government, state governments, and even local governments.

 

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