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Project Cost Control

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Moreover, if project cost control techniques are appropriately adopted by these contracting firms it would increase their performance level and more success would be recorded than failure. Suc-cess by definition is a wide concept but can be summarized as when a construction project is car-ried out within the stipulated time, budget and quality and the value attributed to it are fully ex-ploited by the owner or the end users. This study is aimed at analyzing the project cost control techniques adopted by contracting firms in the study area. Ashworth (1999) defined project cost control as the application of economic principle to the construction problems. Project cost control is not a tool that can be used for different projects in the same manner, …show more content…

As project becomes increasingly restricted to time and cost. Proper adoption of project control techniques is crucial; a good cost management depends on management tech-niques used to manage the project. This study focuses on comparatively analyzing the project cost control adopted by small and medium contracting firms in Nigeria, assessing the current project cost control techniques adopted by these …show more content…

The nature of the construction is one that is surrounded by unforeseen circumstances, this unforeseen circumstances has made man-agement and control of cost uneasy thereby causing time and cost overrun. Several researchers like Ayodele & Alabi (2016) has carried out research to investigate into the effect of cost control on project delivery, but researchers have not carry out a comparative analysis of the project cost control techniques adopted by the small and medium contracting firms, the various constituents for the effective use of these techniques, what are the features of the control techniques that has yielded good result employed by the small and medium contracting firms, what ways can these firms improve to give them better chances like the large contracting firms i.e. their contenders. The indication of cost overrun might be a factor contributing to failure of project or delay (Van, Der, Westhuizen and Fitzgerald, 2005). But this was objected by researchers like (Chan, et al., 2004) they opined that there are lots of factors to be considered before concluding that a project is delivered successfully or has

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