Abstract for:CSFs for Cost Performance Diagnostics Model in the Nigeria Construction Industry
Available research tools are yet to completely address the failure of the performance of construction projects emanating from the complex dynamic nature of construction projects. This is evident from lamentations on performance with evidence from developing countries including Nigeria where construction managers require decision support tools for information and insight into the complex construction dynamics. Critical success factors (CSFs) were collated for cost performance to develop a System Dynamics Cost Performance Diagnostic Model (CPDM), primarily for improved decision making. The research employs quantitative-qualitative research technique. A total of One Hundred and ninety four (194) responses were collated as properly completed, giving a 57 percent acceptable response rate with subject to item ratios of above 5:1 thus acceptable for the required factor analyses.
The research suggests three components for Cost performance identified as Contractor’s Management Capacity, Client’s Commitment to Progress of Project, and Economic Environment of Project Estimate. The highest ranked CSF is precise project budget estimate. The study emphasized importance of contractor to cost performance with the underlying relationship of the CSFs in predicting cost performance. The CPDM was validated ok to assist and support project managers in taking timely decision within the dynamics of the construction process.