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AN ASSESSMENT OF THE IMPACT OF COST ESTIMATING PRACTICE ON BUILDING PROJECT COST PERFORMANCE IN NIGERIA

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

In the dynamic landscape of construction projects, managing costs efficiently is paramount to the success of any endeavor. The construction industry in Nigeria, like many other developing nations, faces significant challenges in maintaining project cost performance due to various factors, including inadequate infrastructure, fluctuating economic conditions, and evolving regulatory frameworks. Within this context, the practice of cost estimating emerges as a crucial aspect influencing the overall cost performance of building projects. This study endeavors to delve into the intricate relationship between cost estimating practices and building project cost performance in Nigeria, aiming to uncover the impact and explore potential avenues for improvement.

Nigeria's construction sector has experienced remarkable growth in recent years, fueled by urbanization, population growth, and infrastructural development initiatives. However, amidst this growth, issues related to cost overruns and project delays persist, posing significant challenges to stakeholders across the construction value chain. Cost estimation, as a fundamental process in project management, plays a pivotal role in shaping project outcomes by providing early insights into anticipated costs and facilitating informed decision-making throughout the project lifecycle.

The significance of accurate cost estimation cannot be overstated, particularly in a context like Nigeria, where projects often face resource constraints and economic uncertainties. Inaccurate cost estimates can lead to budget overruns, delays, and in some cases, project abandonment, thereby exacerbating the already existing challenges within the construction industry. Hence, understanding the factors influencing cost estimating practices and their subsequent impact on project cost performance is essential for enhancing project delivery efficiency and ensuring sustainable development in the built environment.

This study adopts a comprehensive approach to assess the impact of cost estimating practices on building project cost performance in Nigeria. By examining various dimensions of cost estimation, including techniques, tools, stakeholder involvement, and regulatory compliance, this research aims to provide valuable insights into the strengths, weaknesses, and opportunities for improvement within the current practices prevalent in the Nigerian construction industry.

Moreover, this study acknowledges the multidimensional nature of project cost performance, which extends beyond the traditional metrics of cost overrun and budget compliance. While these metrics remain vital indicators of project success, other factors such as quality, sustainability, and stakeholder satisfaction also contribute significantly to overall project performance. Therefore, this research endeavors to explore the nuanced relationship between cost estimating practices and these broader dimensions of project performance, recognizing the interconnectedness and interdependencies that shape project outcomes.

Furthermore, the context-specific nature of the Nigerian construction industry underscores the importance of considering local socio-economic factors, regulatory frameworks, and cultural dynamics in evaluating the impact of cost estimating practices. What works in other contexts may not necessarily be applicable or effective in the Nigerian context, necessitating a tailored approach that accounts for the unique challenges and opportunities prevalent within the local construction ecosystem.

In light of the foregoing, this study aims to bridge the existing gap in research by providing empirical evidence and actionable insights that can inform policy formulation, industry practices, and academic discourse relating to cost estimating and project cost performance in Nigeria. By leveraging both quantitative and qualitative research methodologies, including surveys, case studies, and literature reviews, this research seeks to offer a comprehensive understanding of the current state of cost estimating practices and

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