Building construction project management success as a critical issue in real estate development and investment

Abstract

The strategic importance of building as an economic facility, the construction or developmental process and its investment potential are some attributes that attract all sectors of the economy to its projecting rays. Building facility is like a catalyst that not only serve as an engine that energies every other sector of the economy but gives impetus to the developmental rating of the environment. We know that all business activities for both public and private sector are housed in a structure called building, production activities, medical and health care, agro based activities, educational activities, political activities, sports, transport sector to mention a few cannot operate proficiently without having direct or indirect need for housing facility. The production of building facility as we refer it to building construction or developmental process attracts professionals from all fields of life and non professionals. Not only that, housing development employment cut across all categories of human endeavor. Building material production, marketing, distribution, supply, storage has a long and strong chain like impact on the economy as we know in commerce that production is not complete unless the products get to the hands of the final consumers. The income generated by way of receiving wages and salary, buying and selling by people within and outside the country contributes positively to the world economic growth. The investment attraction of building development by public and private sectors of the economy anchor on its indispensable and strategic importance as a solid rock of support and strength to all sectors of the economy. To the estate surveyor and Valuer, more than eighty percent of our professional activities revolves around building facility. To this end, any effort to encourage investment in building facility should be seen as a step in the right direction. One of the steps which form the main focal point of this paper is making sure that building developments are project managed to achieve success thereby reducing the rate at which building construction projects fail, suffer abandonment and reduce if not eliminating the rate at which buildings collapse in Nigeria.

Internal Control System Deficiency and Capital Project Mis-management in the Nigerian Public Sector

“…Internal control deficiencies can occur if the internal control system is not in accordance with INTOSAI guidelines, this can result into mismanagement of an organisation's spending such as capital expenditure. Nwachukwu and Emoh (2011) argue that, in Nigeria, the high level of capital project abandonment has worsened the acceptance of internal control as an effective tool of assurance in the public sector. The study states that capital project is a catalyst to public development in all the agenda of government.…”

“…Oyewobi et al (2011) find that corruption has effect on all stages of construction from planning, tender and completion stages. Nwachukwu and Emoh (2011) argue that there is a need for utilisation of proven management techniques of internal control system.…”

Project Failure Factors and Their Impacts on the Construction Industry: A Literature Review

“…Thus, any exerted effort to exclude these constraints that may affect the project success, will be on the exact track. Although it is nearly impossible to ensure a high percentage of project success, the capability to reduce the failure factors strongly exists (Nwachukwu et al, 2011;Shaw, 2013).…”

A Review on Implication of Material Management to Project Performance

“…Without the proper and sufficient equipment, it will jeopardize the satisfactory quality of work done [50]. Similarly, the materials itself also need to be in appropriate quality according to the specification [11,42]. Using the appropriate quality of materials can lead to the satisfactory quality of work, subsequently will be accepted by consultant [36].…”

“…The systematic inventory control and documentation reduce time consumption for labour to retrieve materials [41]. Other effects are on time delivery of material increases work progress, used appropriate quality material speed up finishing time, on time material procurement reduces idling time and reasonable changes reduces extra time for adjustment of resources [35][36][37]42]. …”