IMPACT OF STAKEHOLDERS ON THE SUCCESS OF PROJECT COST MANAGEMENT IN CONSTRUCTION INDUSTRY

Abstract

Construction industry is important and unavoidable to the economic development of most nations in the world, stakeholders as an individual or a group of individuals who are influenced by or able to influence a project. Project cost management as a process, which is necessary to ensure that the planned development of a project is such that the price for its completion provides value for money and is within the limits anticipated. In Nigeria construction industry, the impact of stakeholders on the success of project cost management is not well understood in creating greater awareness of the value that stakeholders provide for projects. The result of this is lack of proper build team with the right skills of project cost management leading to failure of projects. A quantitative approach was adopted for this study with a well-structured questionnaire. The tools employed for data analysis were mean item score and relative importance index. The study finds out that strong relationship of stakeholders is necessary for project cost management success, project can be considered a temporary organization of stakeholders pursuing an aim together. It concluded by recommending that there should be an effective awareness of stakeholders on the success of project cost management.