Exploring the effect of the implementation of value for money on construction projects performance in Ghana

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The implementation of VFM in Ghana is challenged and highly ineffective. This affects the performance of the project. The aim of the study was to assess the effects of the implementation of Value for Money on construction project performance in Ghana. The study had three (3) objectives which were to identify the significant factors that affects VFM in construction projects in Ghana, to assess the critical challenges in achieving VFM in construction projects in Ghana and to identify the significant strategies to improve the achievement of VFM in construction projects in Ghana. The study adopted the quantitative research method and survey strategy. A review of literature was conducted on the set objectives and subsequently, a structured questionnaire was developed to aid in the collection of data. A total of 59 questionnaires were used for the analysis. The data collected were analyzed using mean score ranking and multiple regression. With the objective one, the first ranked factor was sufficient skills and expertise followed by the level of competition and the accurate assessment of project cost. With the second objective, cost performance was affected most by VFM. This was followed by quality performance. With the third objective, the most severe challenge was unclear client objectives. This was followed by poor risk allocation and lack of knowledge and awareness of VFM tools. there is a lack of awareness of some VFM tools. Based on the findings, it was recommended that, project managers should continuously educate themselves so as to gain more expertise in VFM implementation. Also, project managers must put in more effort to adequately understand the requirements of the client before the commencement of a project so as to enhance the achievement of VFM. Further studies can be conducted to evaluate the impact of VFM on project performance using the Structural Equation Modelling (SEM)
A thesis submitted to the Department of Construction Technology and Management, Kwame Nkrumah University of Science and Technology, Kumasi in partial fulfillment of the requirement for the Award Degree of Master of Science in Project Management.
Value for Money, project success