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ABSTRACT
Construction of building projects is an endeavour that involves capital expenditure, which is either borrowed or self-financed by clients. The expected outcome of such expenditure is value for money, which is usually dictated by project objectives of cost, time and quality. Project cost, as a project objective, is a crucial determinant of project success in the prevailing economic challenges being experienced globally. Construction cost overrun has become a reoccurring phenomenon in the delivery of building projects. The major thrust of this study was to identify, analyse and model the factors that contribute to building construction cost overruns in Abuja. The study adopted a Monte-Carlo technique in simulating cost overrun using DiscoverSim® version 1.1 (SigmaXL, 2013) simulation and RiskAmp Microsoft Excel add-in software to analyse data obtained from literature review, review of project documents with contract sum of over Five Million Naira executed within Abuja city in addition to interview sessions with construction professionals. The study revealed that significant cost overruns are mainly due to re-measurement and variation. The simulation result elucidated that less than 10% of building projects are completed below the initial contract sum in Abuja which could be due to the fact that projects tend to be initiated and executed without adequate project information such as client brief, design details and specifications. The study recommends the need for minimizing occurrence of re-measurement in building projects through provision of full design information prior to contract award, development of simulation model for specific project categories and establishment of a project cost overrun band that will enable a scientific measurement of project’s value for money benchmarked against initial cost estimate.
INTRODUCTION
Globally, the construction sector is inundated with cost overruns in the delivery of building projects. This experience has brought about loss of clients’ confidence in consultants, added investment risks, lack of ability to deliver value to clients, and disinvestment in the construction industry (Mbachu and Nkado, 2004).It is of essence that the objectives of a building contract are met to the contentment of the parties involved. Cost, time and quality are significant, interrelated and interdependent targets for achieving the objectives/goals expected of building contracts (Ashworth, 1999, Gould, 2002). Thus, it is crucial to keep up a proper balance between the three so that project outputs are realised on time, within the financial plan and with the requisite quality (Akinsola and Potts, 1998). However, it is an admitted fact that in Nigeria, the majority of contracts suffer undue time extensions and /or additional cost to the client and /or inadequate quality of work (Oluwole, 2008b).
Project cost overruns can be either avoidable or unavoidable. Overruns due to design plan or project management problems are avoidable because they could have reasonably been foreseen and prevented (Shanmugam et al., 2006). However, there are some unavoidable costs such as those due to unanticipated events which cannot reasonably be prevented. Cost overruns may add value to projects when extra work is done with the intention of producing a better output. Overruns may also add value when they involve work that was omitted from design plans but clearly needed to be done. However, some overruns may not add value and represent wasted money if they do not result in a better product.
Cost overrun of a project refers to the actual ‘cost increase’ to the client during construction of a building project (Janaka, 1992). It is merely the difference between the value originally envisaged for the project and the value reflected in the final certificate. Cost overruns occur from overspending the allowances, making changes and encountering unforeseen problems. Proper planning can greatly reduce cost overruns.
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SIMILAR BUILDING TECHNOLOGY FINAL YEAR PROJECT RESEARCH TOPICS
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1. AN ASSESSMENT OF MUNICIPAL SOLID WASTE MANAGEMENT PRACTICES CASE STUDY: NYARUGENGE DISTRICT- RWANDA
» ...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | BUILDING TECHNOLOGY DEPARTMENT
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2. A QUALITY ANALYSIS OF THE THICKNESS OF PART AND CORRUGATED ASBETES ROOFING SHEETS OF EMENITE LIMITED ENUGU
» ABSTRACT Calcium is the most important mineral in the body. The body needs calcium for normal functioning of nerves and muscles including the most imp...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | BUILDING TECHNOLOGY DEPARTMENT
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3. APPLICATION OF GEOINFORMATIC TECHNIQUES IN CONTROLLING FLOODING IN VULNERABLE ROADS AND BUILDINGS IN NIGERIA
» CHAPTER ONE INTRODUCTION 1.1 Background to the Study The acronym GIS stands for geographic information system, it is a system which allows a capture, ...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | BUILDING TECHNOLOGY DEPARTMENT
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4. CONTROL OF NOISE POLLUTION AND SOUND INSULATION IN BUILDINGS (A CASE STUDY OF BROADCASTING STUDIO)
» CHAPTER ONE 1.0 INTRODUCTION 1.1 BACKGROUND OF THE STUDY Acoustics (Greek Akousin, “to hear”). Term sometimes used for the science of soun...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | BUILDING TECHNOLOGY DEPARTMENT
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5. THE EFFECT OF COST OF ROOF ON THE TOTAL COST OF A BUILDING. A CASE STUDY OF SOME SELECTED BUILDINGS IN AWKA SOUTH- ANAMBRA STATE
» ABSTRACT The research looked at the effect of cost of roof on the total cost of a building (A case study of some selected buildings in Awka South, Ana...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | BUILDING TECHNOLOGY DEPARTMENT
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6. ASSESSMENT OR CONTROLLING OF DAMPNESS IN EXISTING BUILDING IN NIGERIA
» CHAPTER ONE INTRODUCTION 1.1 Background to the Study A building delivered to the satisfaction of the client is one that is accepted as being of high s...Continue Reading »Item Type & Format: Project Material - Ms Word | 49 pages | Instant Download | Chapter 1-5 | BUILDING TECHNOLOGY DEPARTMENT
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7. ASSESSMENT OF THE EFFECTS OF DAMPNESS ON BUILDINGS IN ATIA IBIAKU SETTLEMENT IN ITU LOCAL GOVERNMENT, AKWA IBOM STATE
» ABSTRACT The work was carried out with the aim of investigating dampness in the buildings within Atia Ibiaku Settlement of Itu Local Government Area, ...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | BUILDING TECHNOLOGY DEPARTMENT
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8. MANAGEMENT OF MATERIALS IN BUILDING
» ABSTRACT The control of materials on construction sites is handled carelessly by planning and purchasing departments, site supervisors and engineers a...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | BUILDING TECHNOLOGY DEPARTMENT
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9. PROSPECT OF SUSTAINABLE ENERGY (BIOGAS) GENERATION IN THE UNIVERSITY OF UYO
» ABSTRACT The study explores the potential of biogas generation as an alternative source of energy for the University of Uyo. The research examines the...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | BUILDING TECHNOLOGY DEPARTMENT
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10. IMPACT OF SAND AND GRAVEL DREDGING ON THE ENVIRONMENT: A CASE STUDY OF THE LAGOS BAR BEACH COASTAL AREA
» Abstract For thousands of years, sand and gravel have been used in the construction of roads and buildings. Today, demand for sand and gravel continue...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | BUILDING TECHNOLOGY DEPARTMENT