Budgetary Control and Timely Completion of Civil Engineering Projects Through Financial Management

Authors

  • Oluwadare Joshua Oyebode

Keywords:

cost management techniques, time management, time overrun, cost overrun, critical path method

Abstract

Financial management is critical for dealing with time delays and cost overruns in civil engineering. The methodology adopted in this study is questionnaires distributed to different construction professionals and surveys from some sites. Professionals consulted include engineers, contractors, and clients. Results show that most projects encounter time wastages, insufficient materials, and mismanagement of resources. Numerous time and cost management strategies assist in preventing cost overrun and schedule extension in civil engineering projects. Factors responsible for these issues include inadequate planning, lack of funds, lack of staff development in some companies, fault of machinery, irrational contract durations imposed by clients, a lack of a clearly defined project scope, changes by clients, and many others. The cost and timeline of projects should be monitored and controlled using a variety of project management software and other essential tools such as CPM (critical path method) and PERT (Program Evaluation Review Techniques) methods. Recent trends in civil engineering and technology demand proficiency in project management, transparent contract adjudication, a high level of accountability and sophisticated equipment. Necessary measures should be deployed to ensure that civil engineering projects are executed within the allotted time without cost overruns.

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Published

2023-03-02

Issue

Vol. 12 No. 3 (2022)

Section

Research Article

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