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PROJECT TOPIC:  EFFECTIVE COSTING AND PLANNING TECHNIQUES FOR NIGERIAN CONSTRUCTION INDUSTRIES
Department:  Accounting
AMOUNT:  10,000
FORMAT:   MS WORD
PAGES:  77
 
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1.2 STATEMENT OF PROBLEM

The planning and costing techniques involves managing the resources-workers, machines, money, materials and methods used. Some projects are effectively and efficiently managed while others are mismanaged, incurring much delay and cost overruns and negatively affecting the economy (Frimpong2003). Assessing construction projects’ delivery time is critical in today’s market-driven economy.

To improve the economy and maximize long-term return on this public investment, government agencies have recently started utilizing new types of contracting methods that are designed to achieve multiple project objectives, including minimizing construction cost and duration, while maximizing its quality.
In recent years, many departments of transportation, in various states have started to apply new highway contracting methods, including: Bidding on time i.e., to encourage competition among contractors to minimize project duration (Holt et al 2000), Incentive/ disincentive contract clauses that provide financial incentives to reduce construction duration, Night time construction that seeks to cut service disruption and project time by requiring contractors to work during off-peak night time hours, Warranty contracting that attempts to improve construction quality by making contractors liable for the performance of the facility after project completion. These new and emerging contracts place an increasing pressure on decision makers in the construction industry to search for an optimal/near-optimal resource utilization plan that minimizes construction time while maximizing its quality.

This creates new and pressing needs for advanced resource utilization models that are capable of optimizing the multiple and conflicting objectives of construction time, cost, and quality. Significant research advancements have been made in the area of optimizing construction resource utilization. This led to a number of optimization models. These models can be classified according to their optimization objectives into models that attempted to: Minimize cost and planning and project time and/or improve resource utilization;   minimize cost, plan, and time and for non-repetitive construction using time-cost and cost-plan trade-off analysis minimize cost and planning, time and/or cost for repetitive construction. While the above research study seeks to provide significant contributions to the area of optimizing construction resource utilization, there has been little or no reported research focusing on multi objective models for optimizing construction cost and planning techniques.

1.2            Objectives of the Study

The main aim of the study is to evaluate effective cost control and planning techniques used in the Nigerian construction projects and the impact they have on project delivery. Specific objectives of the study are:

1. To identify planning and cost control technique frequently used by contractors in the Nigeria construction industry case study

2. To examine problems encountered by contractors in managing construction project cost.

3. To determine the impact of cost control techniques on the duration of construction projects.

4. Also the project seek to establish the extent to which cost and planning technique have impacted on construction of projects in the public        sector in Nigeria.

5. To find out the change in the perception of contractors on costing and planning      technique effects on public sector construction in Nigeria.

6. To find out the relationship between cost and planning technique, timely       delivery of construction projects and the economic development of Nigeria.

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