Investigating the effect of cost control on the success of a construction project

Abstract

In construction industry today, the functions of design and production are generally separated. At the design stage, the designer may not know the methods and equipment available to the contractor who may ultimately build the project. This same contractor may be accountable for about two-thirds of the total project cost meaning that costs are not controlled properly from inception to completion. Cost control aims at ensuring that resources are used to the best advantage thus ensuring; good value for money during the design and construction processes, that the project ends within the stipulated budget, and achieving a suitably balanced costs throughout all parts of the building. Cost control can be achieved by implementing cost control techniques such as; record keeping, inspection of works and comparison with the budget, and evaluation of works carried through quantification of works and comparing with the bills of quantities. For a construction project to be successful, the consultants and contractors should ensure integration of design and construction in order to satisfy the client. This shows that construction project success is greatly influenced by Cost Control. Therefore the thesis recommends use of cost control activities such as; making interim valuations and payment certificates, preparation of documentation for suppliers and sub-contractors, to mention but a few.