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Managing Residential Building Project Retention Money Using Building Informatics Parameters

Amusan, Lekan M and Ayo, Charles K and Joshua, Opeyemi and Afolashade, Oluwatobi (2017) Managing Residential Building Project Retention Money Using Building Informatics Parameters. International Journal of Applied Engineering Research , 12 (23). pp. 14711-14717. ISSN 0973-4562

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Abstract

In recent times there have been paradigm shift in the management of finance on project sites, especially the retention money that client usually release to the contractor after the end of defect liability period. Improper management of retention money often results into crisis on site among client and professionals which can lead to delay in project completion. It is against this background that this study was centered on managing construction project retention fee in residential building projects in Nigeria. A random sampling technique was adopted in carrying out the study, while population size of 100 residential building projects was used. Also, a structured questionnaire in Likert Scale 1-5 was used for data collection. Parameters for scope of retention fee, challenges of retention practice, impact of retention fee on projects, and model for managing retention money were generated using Building informatics generated parameter. Mean Item Score was used to generate the agreement index for parameters obtain from influencing the retention fee management process, while Factor Analysis in Regression Analysis of SPSS software was used to generate factors for a suitable fee management model by reducing the factors to their minimum Coefficients and Eigen Values. The building informatics generated model if adopted could assist in managing retention money on residential building projects.

Item Type: Article
Uncontrolled Keywords: Informatics, Retention, Project, Decision,Parameters
Subjects: T Technology > TH Building construction
Divisions: Faculty of Engineering, Science and Mathematics > School of Engineering Sciences
Depositing User: Mrs. Julie Ilogho
Date Deposited: 03 Jan 2018 21:56
Last Modified: 03 Jan 2018 21:56
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/9913

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