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An Evaluation of Contribution of Cost Contingency Towards Successful Execution of Building Projects In Nigeria

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– An Evaluation of Contribution of Cost Contingency Towards Successful Execution of Building Projects In Nigeria –

Download An Evaluation of Contribution of Cost Contingency Towards Successful Execution of Building Projects In Nigeria. Students who are writing their projects can get this material to aid their research work.

Abstract

Contingency funds are included in project estimates to manage risk and uncertainties associated with a construction project. The fund is calculated in various ways.

In most cases it is either underestimated or inflated. The aim of this research work was to evaluate the contribution of Cost Contingency toward successful execution of building projects in Nigeria.

To achieve this aim the impact of contingency provision in some selected building projects had been evaluated. Data for this study was obtained from 40 project files of completed buildings obtained from 10 organizations.

Furthermore 100 comprehensive survey questionnaires on project Cost Contingencies were randomly distributed to Quantity Surveyors and Project Managers with 67%response obtained.

The data were analyzed with the aid of simple statistical tools using SPSS package. The study found that although the inclusion of contingency allowance reduces the incidence of project cost overrun, 55% of the projects considered were in excess.

It was also found that projects exceed their initial cost estimate by an average value of 5.07% where contingency is applied and by an average value of 9.52% where no contingency is applied.

Introduction

1.1 Background of the Study

Construction by its nature involves certain unavoidable risks. There are many variables affecting the outcome of a building project especially its final cost.

Contractors are required to accept a certain level of risk due to unforeseen costs that are incur redduring construction. Risk is also a concern of clients (Mak and Picken, 2000). To account for the various risks that lead to cost increase, many owners and contractors allocate a contingency amount to each project.

Owners allocate contingency amount to the budget for upcoming projects, while contractors attach a contingency amount to all their submitted bids. Ford (2002) postulates that, project budgets are one of the most important and widely used project management tools.

Project complexity and the inherent uncertainty of the financial performance of constructed facilities, development funding, and the control of costs and schedules make exact budget needs impossible to forecast accurately.

These same characteristics also cause project to deviate from plans. Therefore, contingency funds are included in development budgets to address uncertainties and deviation that threaten achieving set objectives.

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