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TABLE OF CONTENTS
Title
Abstract
Table of contents
CHAPTER ONE
INTRODUCTION
1.1 Background of
the Study
1.2 Statement of
Research Problem
1.3 Justification
of the Study
1.4 Aim and
Objectives
1.4.1 Aim
1.4.2 Objectives
1.5 Scope and Limitation of the study
CHAPTER TWO
LITERATURE REVIEW
2.1 The
Construction Industry in Nigeria
2.1.1 Challenges of
Building Projects
2.2 Variance
Analysis
2.3 Estimating
Project Cost
2.3.1 Cost Budgeting
2.3.2 Cost Control
2.4 Cost Overrun
2.4.1 Causes of Cost
Overrun
2.5 Negative
versus Positive Variances
2.5.1 Importance of
Negative versus Positive Variances
2.5.2 Controlling and
defining scope
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Research
Approach
3.2 Methods of
Data Collection
3.3 Sample Size
3.4 Sample
Procedure
3.5 Data Analysis
Technique
3.6 The
Exact Derivation of Total Project Cost Variance derived and used by Skitmore
and Ng (2002) for calculating the coefficient of variance
CHAPTER FOUR
4.0 PRESENTATION
ANALYSIS AND DISCUSSION
4.1 Lecture
Theatre
4.2 Classroom
4.3 Application of
Skitmore and Ng (2002) Model on lecture theatre
4.4 Discussion of
Results
4.4.1 Lecture Theatre
4.4.2 Classroom
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of
Findings
5.1.1 Lecture Theatre
5.1.2 Classrooms
5.2 Conclusions
5.3 Recommendation
5.4 Contribution
to knowledge
5.5 Recommendation
for Further Studies
References
Appendix
ABSTRACT
Building construction project has become an everyday issue,
and this involves the spending of hard earned money by the project owner called
the client. The expectation of the owner of any building project is
justification of good project delivery. This is enabled by the objectives of
the project which definitely includes project cost that envelopes the cost and
quality of delivery at the expected time. The major issue, is the project cost
which dictates its success. Project cost variance has been affecting the speedy
and successful delivery of building construction projects. The key fact in this
study method was to collect and analyse public building project cost estimates
containing building components, which includes preliminaries, substructure,
superstructure, mechanical/electrical, external works and contingency in the bill
of quantity (BOQ) from projects handled by Education Trust Fund(ETF) in the
tertiary institutions located in Kaduna, Kwara, Kogi and Abuja from 2009 to
2010. The study adopted mean component cost method modeled by Skitmore and Ng
(2002) to determine the projected cost variance of the Lecture Theatres and
Lecture Rooms handled by the organization in various tertiary institutions in
Nigeria. The analysis of the data collected was made by using standard method
of analysis which employs SPSS for the project costs.Skitmore and Ng (2002)
model was employed to test the variability of the project cost data. The result
shows that; the building component cost data 4782.50 had closer link to the
mean 4773.92(mean) for preliminaries component column in project ID 4 of
Lecture Theatreandanother component data 2797.62 is also close to 2312.91(mean)
for Ext.Wkscolumn in project ID 7 for the Lecture Theatre building projects
butfor the Lecture Classrooms building the preliminaries column had 1531.41 and
1416.33(mean) in project ID 2 and 1611.22 and 1673..58(mean) for M/E column for
project ID 5. This project therefore concludes in addition to the results of
the cost variances, that the lecture theatre and classrooms projects are
underestimated.Interview was also conducted on the professional estimators in
building industry. Moreover significant differences exist among the components
in those public buildings.The analytical calculation shows that the correct
variance for an average lecture theatre project from this research was found to
be 34.73%. The sample analyzed had shown that the correct variance of the class
room was found to be 38. 50%. Therefore lecture theatre is observed to be a
better building project than the class room building. The study recommends the
need to minimize the occurrence of the overrun by thoroughly crosschecking the
initial estimate and addressing other technical issues before the contract is
awarded. It also recommends the employment of the mean component cost method of
analysis and setting of a committee to properly scrutinize the estimate.
CHAPTER ONE
1.0 INTRODUCTION
1.1 Background of the Study
In the building construction
industry, it is a formal procedure to determine the initial cost of a building
project before awarding the contract. This is in order to ascertain the
financial level of the client whether the project is worth undertaking. The
underlyingfact is because of the instability of the market prices of material,
labour and equipment which are the major tools involved in the construction.
The wave of project production
cost variability in the recent time calls for a concern in the building
industry. If a building project cost estimate is presented for tender and the
contractor gives his quotations, with all necessary adjustment made and
contract is awarded, it is not likely that the agreed contract price will still
be the final project cost at completion. The final project cost is often found
to be higher at completion.
There are many factors leading
to the changes in the final cost. Giwa (1998) had stated that the effect of
change between the initial and the final cost incurred constitute a major
problem in the building industry, especially between the client and estimator.
This cost differential is called cost variance in the building construction
industry. Cost variance is significant for general cost planning, and can be a
big problem to solve by the managers in the building industry.
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