Akinola, Gbemisola Ajoke and Bashir, Kolawole Taoheed (2023) Cost Planning Practices in the Nigerian Construction Industry. In: 13 TH National Conference of School of Environmental Studies, The Federal Polytechnic Nasarawa. (Submitted)
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Abstract
Cost planning remains a very efficient instrument for controlling the project’s cost at the initial stage, its importance cannot be overemphasized in every construction activity in both developed and emerging nations. Meanwhile in most emerging nations, the implementation of adequate practice of cost planning are minimal, hence the rampant abandonment of project caused by project cost overrun that also contributes to gross underdevelopment, infrastructural deficit, and poor living standard in these countries. This study examines the practices of cost planning in the Nigerian construction industry. Both primary and secondary methods of data generation were engaged in this study. Data generated from this study is further analyzed using mean item score, ranking and correlation. The respondents to the survey are experienced cost consultants across Nigeria. The findings reveal that Nigerian cost consultants’ awareness of cost planning is commendable as well as application of cost planning in the industry. In addition, elemental cost planning, unit cost and comparative cost planning methods were of greater use amidst others. Further, the study shows a strong positive correlation between awareness and application. This study strongly recommends that cost planning techniques be used from the very beginning of each construction endeavors by construction practitioners and policymakers who are looking for creative ways to manage costs throughout the planning and execution of construction projects. Keywords: Construction industry, cost consultant, cost planning, Nigeria, practices.
| Item Type: | Conference or Workshop Item (Paper) |
|---|---|
| Subjects: | A General Works > AS Academies and learned societies (General) |
| Divisions: | Faculty of Engineering, Science and Mathematics > School of Civil Engineering and the Environment |
| Depositing User: | Unnamed user with email [email protected] |
| Date Deposited: | 23 Jul 2024 10:22 |
| Last Modified: | 23 Jul 2024 10:22 |
| URI: | http://eprints.federalpolyilaro.edu.ng/id/eprint/2349 |
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