THE IMPACT OF RISING COSTS ON THE SUCCESSFUL COMPLETION OF PROJECTS IN THE CONSTRUCTION INDUSTRY

Abstract

Within the context of the construction ecosystem, effective project delivery is omnipresent. Concerns about rising construction costs' impact on the successful completion of construction projects in Nigeria are becoming increasingly prevalent. The present study examined the escalation of costs in the construction industry and the potential implications that this may have for project delivery. A self-report instrument was given to 98 professional engineers, all conveniently selected from building sites and other associated venues. The purpose of the instrument was to determine the impact that cost escalation had on a building project. According to the percentage scores of the data, rising costs are the primary contributor to a significant percentage of the delays in construction projects (40.9 %).  According to the study's findings, rising costs are also a factor in the decrease of building scope in the majority of cases (33.4%), and they are responsible for the relatively minor implications associated with the termination of building projects (24.5%).