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Abdullahi, U, Bustani, S A, Hassan, A and Rotimi, F E (2019) Assessing quality management practice in Nigerian construction industry. Journal of Construction Business and Management, 3(2), 17-25.
Ajayi, O O, Koleoso, H, Ajayi, M and Faremi, O (2019) Maintenance performance of prison facilities in southwestern Nigeria. Journal of Construction Business and Management, 3(2), 26-34.
Akinwale, A A and Olusanya, O A (2020) Influence of subcontracting processes on wages and workloads in the building construction industry in Nigeria. Journal of Construction Business and Management, 4(2), 1-10.
Alade, K, Oyebade, A and Nzewi, N (2018) Assessment of the use of locally available materials for building construction in Ado-Ekiti, Nigeria. Journal of Construction Business and Management, 2(2), 36-41.
Ameh, O J and Daniel, E I (2017) Human resource management in the Nigerian construction firms: practices and challenges. Journal of Construction Business and Management, 1(2), 47-54.
Amoo, O, Lukman, Y and Musa, N (2022) Dispute resolution methods adopted by contractors during COVID-19 in Eastern Cape South Africa: A case study. Journal of Construction Business and Management, 5(2), 54-67.
Dada, J O (2018) A career path framework for quantity surveyors in Nigeria private practice. Journal of Construction Business and Management, 2(2), 15-23.
Danku, J C (2020) Exploring the concept of social licence in the construction industry of a developing country. Journal of Construction Business and Management, 4(2), 25-33.
Dosumu, O, Idoro, G and Onukwube, H (2017) Causes of errors in construction contract documents in Southwestern, Nigeria. Journal of Construction Business and Management, 1(2), 11-23.
Joseph Oladiran, O and Rogers Simeon, D (2023) Consciousness and prospects of autoclaved aerated concrete (AAC) blocks for wall construction: Comparative study Nigeria and South Africa. Journal of Construction Business and Management, 6(2), 1-10.
Leo-olagbaye, F and Odeyinka, H A (2018) Evaluation of risk factors and their impact on road projects. Journal of Construction Business and Management, 2(2), 24-35.
Lowe, J (2023) Technical and organisational change in UK construction. Journal of Construction Business and Management, 6(2), 50-61.
Manchidi, T E and Rwelamila, P D (2019) A state legitimation approach of reserved built environment professional work: A case for South Africa – part 1. Journal of Construction Business and Management, 3(2), 35-48.
Maniar, H (2020) Contingency management in Indian construction projects. Journal of Construction Business and Management, 4(2), 11-24.
- Type: Journal Article
- Keywords: contingency; cost overruns; financial performance; India; operational finance; questionnaire survey; risk management
- ISBN/ISSN: 2521-0165
- URL: https://journals.uct.ac.za/index.php/jcbm/article/view/840
- Abstract:
The successful completion of Indian construction projects possesses an inherent uncertainty due to the nature of the construction industry along with prevailing tepid recovery of the Indian economy, which has made it difficult for construction companies to achieve required operational and financial performance. This necessitates having accurate project cost estimation and efficient contingency management to shield unknown project risk and address cost overrun problems. Therefore, this study aims to assess the current state, the issues faced in contingency management and evaluating the effectiveness of contingency in overcoming cost overrun problems in Indian construction companies. The study preferred a quantitative approach in capturing the required data by using structured questionnaires collected from 100 Indian construction companies (of contractors, vendors/suppliers, customers, and consultants) out of 335 companies with a response rate of 30%. This, along with archival data analysis of 50 Indian construction projects completed between calendar year 2014 to 2019. The captured data were analysed using simple statistical tools like Relative Importance Index (RII), mean score, standard deviation and ranking methods to ensure relevant results aligned with research objectives. The result findings of the study revealed that 60% of Indian construction companies preferred the traditional percentage method for contingency sum percentage addition to estimated project cost (a subjective approach based on the historical project performance) which may not be adequate in overcoming cost overrun problems. Archival data analysis found that contingency consideration was effective in accommodating cost overrun problems in 9 (18%) projects out of 50 projects. The study further found that contingency was utilised in an unplanned mode and having unclear contingency forecasting strategies. Based on result findings and observations, this study concludes that contingency should be estimated based on the scientific approach in place of a subjective approach to address project risks adequately, this along contingency consideration should be an integral part of the project risk assessment and should be effectively utilised during the execution stage.
Nkeleme, E I, Mbamali, I and Shakantu, W (2022) A measure of combustion-generated pollutants in university laboratories and their effects on the indoor air quality. Journal of Construction Business and Management, 5(2), 44-53.
Nyakala, S, Pretorius, J and Vermeulen, A (2020) Construction quality process implementation as a source of competitive advantage in small and medium-sized construction projects. Journal of Construction Business and Management, 4(2), 46-54.
Ogbu, C P (2017) Building quality condition and maintenance cost: the case of public low income housing in Abia Sate, Nigeria. Journal of Construction Business and Management, 1(2), 24-34.
Ogbu, C P and Olatunde, N (2019) Relationship between organisational effectiveness and project performance of sme contractors: A developing country perspective. Journal of Construction Business and Management, 3(2), 1-16.
Ogunseiju, O, Odeyinka, H A and Yusuf, A O (2023) Usage of building information modelling in quantity surveying firms in Nigeria. Journal of Construction Business and Management, 6(2), 27-37.
Okoro, C S and Musonda, I (2017) Establishing underlying structures of safety performance measures using factor analysis of data on construction workers in Gauteng, South Africa. Journal of Construction Business and Management, 1(2), 55-64.
Oladokun, T T and Komolafe, M O (2017) Drivers of rural housing development in Edo State, Nigeria. Journal of Construction Business and Management, 1(2), 35-46.
Olugboyega, O and Aina, O O (2018) Examination of the levels of development of building information models in the Nigerian construction industry. Journal of Construction Business and Management, 2(2), 1-14.
Omollo, W O (2019) Barriers to the effective regulation of the building construction industry: An empirical analysis. Journal of Construction Business and Management, 3(2), 49-58.
Onungwa, I O and Uduma-Olugu, N (2017) Building information modelling and collaboration in the Nigerian construction industry. Journal of Construction Business and Management, 1(2), 1-10.
Opawole, A, Alao, O O, Yusuf, A O, Adu, E T and Ofoetan, M A (2022) Evaluation of compliance of concreting materials to standards in building projects in Lagos State, Nigeria. Journal of Construction Business and Management, 5(2), 1-19.
Rambaruth, A, Adam, J K and Krishna, S B N (2022) Contributing elements and issues to strategic management in the construction industry among small and medium enterprises: A case study in South Africa's Ethekwini region. Journal of Construction Business and Management, 5(2), 20-8.
Renault, B Y, Agumba, J N and Ansary, N (2020) Correlation analysis between risk measurement and project success of small and medium contractors in gauteng, South Africa. Journal of Construction Business and Management, 4(2), 34-45.
Ssenyange, K and Kudakwashe, C (2023) The impact of leadership styles on government construction project success: A structural equation modeling approach. Journal of Construction Business and Management, 6(2), 11-26.
Taofeeq, D M and Adeleke, A Q (2019) Factor's influencing contractors risk attitude in the Malaysian construction industry. Journal of Construction Business and Management, 3(2), 59-67.
Tiew, S Y, Hashim, H A and Zolkafli, U K B (2022) Performance barriers in relation with professional development of graduate architects in construction industry: A systematic literature review. Journal of Construction Business and Management, 5(2), 29-43.
Verwey, J, Cumberlege, R and Crafford, G J (2023) Exploring the interplay between quantity surveyors’ conflict-handling styles and personality traits. Journal of Construction Business and Management, 6(2), 38-49.
Windapo, A, Moghayedi, A, Oliphant, D and Adediran, A (2018) Exploring the components of cost on construction projects. Journal of Construction Business and Management, 2(2), 42-50.