Exploring cost planning practices by Ghanaian construction professionals

Kissi Ernest, Adjei-Kumi Theophilus and Badu Edward

International Journal of Project Organisation and Management, 2017, vol. 9, issue 1, 83-93

Abstract: Cost planning remains core in the construction process, its importance is dated to the pre modern construction activities in both developed and developing countries. However, in developing countries, the adoption of effective cost planning practices is lacking to the extent that construction projects are often abandoned because of poor cost planning practices leading to cost overruns that are not sustainable. This study expounds on cost planning practices of Ghanaian construction professionals and their extent of application. The study adopted a mixed method approach and data generated from this survey were further subjected to mean score analysis. The findings of the study revealed that knowledge of cost planning practices among Ghanaian construction professionals is appreciable but its application is egregious. However, a few professionals were found to be applying concepts such as unit, elemental and comparative cost analysis in planning their cost activities. This study espouse cost planning practices by construction practitioners and policymakers who are seeking innovative ways to manage cost in the whole process of the planning and execution of construction projects.

Keywords: cost planning practices; Ghana; construction professionals; construction industry; cost analysis; construction projects; project planning; project management. (search for similar items in EconPapers)
Date: 2017
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