Improving cost control on construction projects in SekondiTakoradI Metropolis of the Western Region of Ghana
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Date
2021-06-29
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Abstract
Project cost control has obtained much attention in the construction industry as a result of
excessive cost increase and losses incurred by contractors in Ghana. Over the decade,
poor cost control management and overrun on project are problems which have caused
significant project cost overrun in both developed and developing countries. This needs
mitigation measure to improve cost performance and help projects to be executed within
budgeted estimate.
In recent times, researchers have been working on the causes of project cost overrun and
problems associated with it; however, their research is normally geared towards after max
findings, leaving out the managerial project cost principles which are needed in the life
cycle of the project execution as preventive measures. This paper seeks to address these
by accessing the extent of use of project cost control tools, and the problems project
managers face during implementation. Contractors of D1K1/A1B1,
D2K2/A2B2/D3K3/A3B3 and D4K4/A4B4 are the main target for concentration in this
research.
Thirty one (31) set of structured questionnaires were used to solicit information through
snowball sampling from expert on the field. All questionnaires issued were retrieved
representing 100% for the analysis. The mean score ranking technique and discussion
using text and tables were adopted for data analysis.
The findings show, that, profit and loss based on progress payment was the most
frequently used cost control techniques by contractors, with Overall Profit and loss, and
Earn Value Analysis, following respectively. Regarding the problems faced by
contractors on implementation of cost control techniques, Lack of Management Policy on
Control Practices raked highest with Improper Estimates, Inadequate Work Break-down
Structure, Poor Standards and Budgeting Techniques following in this order.
Recommendation, Project managers‟ knowledge on cost control tools and techniques
should be improved through in-service training for both fresher‟s and existing ones. The
education should be based on control principles such as Earned Value Analysis, Cost
Value Reconciliation and Forecasting. Since they minimize cost better that the traditional
method, that is profit and loss and profit and loss on progressive payment based and unit
cost
Description
A thesis submitted the Department Of Construction Technology and Management, College of Art And Built Environment in partial fulfillment of the requirements for the Degree of Master of science. September.
Keywords
cost control, construction projects, SekondiTakoradI Metropolis, Western Region