Investigating Cost Management Practices on Construction Sites in Edo State, Nigeria
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Abstract
The construction industry plays a pivotal role in the economic development of regions, including Edo State, Nigeria. However, it faces numerous challenges related to cost management, which significantly impact the sustainability of construction projects. This study, therefore, explores the enhancement of cost management practices within the context of sustainable construction in Edo State. The objectives were to identify and analyse the current challenges faced by the construction industry in managing costs effectively, and to explore the opportunities for adopting effective cost management practices in the study area. A questionnaire survey was developed and conducted to a specific group of respondents. A total of one hundred stakeholders, including architects, builders, engineers, quantity surveyors and project managers from the study area, were selected using a purposive sampling technique to collect their responses. The sampling frame consisted of a list of construction professionals in the study area. The data collected from the respondents were analysed using descriptive statistics, specifically frequency tables and percentages. The study's findings revealed that corruption, poor governance, and inefficient resource allocation are significant challenges to cost management practices in Edo State. The study concluded that effective cost management practices are crucial for advancing sustainable construction in Edo State. By embracing sustainable methods and addressing barriers related to capital costs, construction projects can significantly contribute to regional development while improving overall project outcomes
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