Improving cost control on construction projects in SekondiTakoradI Metropolis of the Western Region of Ghana

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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
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.
cost control, construction projects, SekondiTakoradI Metropolis, Western Region