Amusan, L. M. and Ojo, Boluwatife and Aigbavboa, Clinton and Oguntunde, Ayodeji (2023) INFLUENCE OF FUNDING ON COMPLETION TIME OF CONSTRUCTION PROJECTS. Journal of Data Acquisition and Processing, 38 (4).
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Abstract
Construction sector has recently seen an overabundance of white elephant projects, cost overruns, time overruns, the use of improper construction project financing methods, and delays in construction project execution. Thus, the focus of this research is on the project funding mechanisms that exist for construction projects, the variables that influence project funding and completion time, the factors that influence project funding, and ultimately the influence of funding on project completion time in Ogun state. Data for the study was gathered through the distribution of 80 questionnaires from a population of 100 construction professionals, of which 20 construction firms were chosen based on information obtained from the Ministry of Works, Ogun State, and each of which includes 4 construction professionals: architects, builders, engineers, and quantity surveyors. This survey included 66 construction professionals from Ogun State. This survey used a survey research design with a self-administered questionnaire instrument. The collected data was evaluated using frequencies, percentages, means, the relative agreement index (RAI), rank, and analysis of variance (ANOVA). According to the findings, company shares are the most commonly used project funding system on construction projects in Ogun State, followed closely by construction banks, the availability of materials on site has a significant impact on project funding on construction sites in Ogun State, and time overruns affect the completion time of construction projects. According to the findings of this study, construction materials should be made available at various stages of the construction process, and idle time should be avoided. Changes must be made promptly to eliminate all forms of waste on-site in order to promote lean construction, and adequate funds must be set aside. The appropriate procurement method for the type of construction project must be used, and adequate funds must be made available at each stage of the construction process. Finally, proper planning of the various construction phases must be carried out at the allotted time and a look ahead schedule must be used in place. Finally, proper scheduling of the various building phases must be implemented on time and with a look ahead schedule in place. and construction projects must be funded appropriately.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | Finance, Construction, Funding, Time |
| Subjects: | T Technology > T Technology (General) T Technology > TH Building construction |
| Divisions: | Faculty of Engineering, Science and Mathematics > School of Engineering Sciences |
| Depositing User: | AKINWUMI |
| Date Deposited: | 10 Nov 2023 13:12 |
| Last Modified: | 10 Nov 2023 13:12 |
| URI: | http://eprints.covenantuniversity.edu.ng/id/eprint/17567 |
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