Impact of Project Cost Management on Project Success of Select Construction Firms in Lagos State, Nigeria

  • Olawale Gazal Hammed, PhD Department of Management Technology Faculty of Management Sciences Lagos State University, Lagos, Nigeria
  • Abiola Hammed Fagbenro Department of Transport Management and Operation School of Transport and Logistics, Lagos State University, Lagos, Nigeria
  • Idris Ibidapo Oshin Department of Management Technology Faculty of Management Sciences Lagos State University, Lagos, Nigeria

Abstract

The researchers evaluated the impact of project cost management on project success of construction firms in Lagos state, Nigeria. Survey research design was adopted for the study. The data were collected using structured questionnaire. The formula developed by Krejcie and Morgan was used to determine 57 project Managers of construction firms registered with Lagos Chamber of Commerce and Industry, while Cochran formula was used to determine 240 clients of the construction firms. The questionnaire was validated using both content and construct validity. Cronbach’s Alpha was used to determine the reliability with ? = (0.88). Correlation and Regression analysis were used for the data analysis. The findings revealed that there was a moderate positive relationship (R = 0.333; p<0.05) (R2 = 0.111) between project cost management and client’s satisfaction. From the findings of the study, it was also revealed that an organisation with effective project cost management will always promote client’s satisfaction. The researchers recommended among others that cost control of a construction project budget from project inception to completion, must be a primary task in which every construction firm should adopt as part of their organisation strategy.

Author Biographies

Olawale Gazal Hammed, PhD, Department of Management Technology Faculty of Management Sciences Lagos State University, Lagos, Nigeria




Abiola Hammed Fagbenro, Department of Transport Management and Operation School of Transport and Logistics, Lagos State University, Lagos, Nigeria



Idris Ibidapo Oshin, Department of Management Technology Faculty of Management Sciences Lagos State University, Lagos, Nigeria




Published
2022-04-30
How to Cite
HAMMED, PHD, Olawale Gazal; FAGBENRO, Abiola Hammed; OSHIN, Idris Ibidapo. Impact of Project Cost Management on Project Success of Select Construction Firms in Lagos State, Nigeria. SAU JOURNAL OF MANAGEMENT AND SOCIAL SCIENCES, [S.l.], v. 7, n. 1, p. 213-220, apr. 2022. Available at: <https://journals.sau.edu.ng/index.php/sjmas/article/view/710>. Date accessed: 28 june 2022.
Section
Articles