AN ASSESSMENT OF BUILDING COST MANAGEMENT

AN ASSESSMENT OF BUILDING COST MANAGEMENT

ABSTRACT

Lack of in-depth knowledge of whole life costing implication in building design cost management has over the years fueled the increasing bias towards the quantity surveyors estimate. Whole life costing constitutes cost management tool that enhances better understanding of the cost implication of building design over its life cycle. This study investigated the use of whole life costing in the Nigerian construction industry with focus in Imo state. The objectives were to examine the benefits, level of use, and barriers associated with the use of whole life costing in building cost management. The study obtained qualitative ranked perception of 72 quantity surveyors in Akwa Ibom state using structured questionnaires. Data analysis involved mainly descriptive statistics. The findings of the study revealed that, the potential benefits of whole life costing are optimizing total cost of ownership, comparing various options at building level and allowing more accurate forecasting of future maintenance budget. The investigation into barriers affecting whole life costing implementation highlighted lack of standard methodology as one of the major barriers to WLC. The study concludes that, the use of whole life costing by quantity surveyors is low; and is largely determined by size of project, size of organisation and years of experience. The study therefore recommends the need to investigate why inherent barriers persists in the global construction industry. 

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