AN APPRAISAL OF THE COST MANAGEMENT PRACTICES IN THE DELIVERY OF CAPITAL PROJECTS IN NIGERIA
ABSTRACT
This study appraises the Cost Management Practices in the Delivery of Capital Projects in Nigeria with set objectives of (i) Identifying and assessing the courses of ineffective cost management practices in delivery of capital projects., (ii) Identifying and assessing the effect of ineffective cost management practices in the delivery of capital projects in Nigeria and (iii) proffering of solution to the problems. Relevant texts, journals, personnal interviews and administered questionnaires were used to obtain data from the stratified randomly sampled population. A total of sixty seven questionnaires were administered to respondents and fifty were returned making a 75% response rate. The questionnaires were structured and administered in the following order. Architects-5numbers, Builders-9Numbers, Quantity surveyors- 17Numbers. Mechanical Engineers-4Numbers, Electrical Engineers- 4Numbers, civil/structural Engineers-17Numbers, others-17Numbers. The percentile grading and Relative importance index and mean score statistical techniques were used to analyze the data collected. The analyzed data formed the bases of the findings (i) Lack of continuity in government and corruption (causative factors) abandonment of projects and extra budgetary (effects) and (iii) reduction and corruption practices by government and accountability in Government circle (solution) and these further led to the major recommendation that Government should endeavour to reduce corruption practices as it is associated with the cost Management and Delivery of capital projects in Nigeria.
Key words: Cost Management Practices and Capital Projects.