COST MANAGEMENT STRATEGIES IN CONSTRUCTION MANAGEMENT IN LAGOS

Accomplishing project completion within the estimated cost is key standards for progress of any undertaking. Thus cost and control is vital thought for guaranteeing cost execution. Different cost management strategies can be applied all through the undertaking life cycle to avoid over run of cost. This study is centred on evaluating project cost execution and level of adequacy of different cost management strategies carried out in Lagos, Nigeria. Best methodologies of cost management embraced in development projects were cash flow forecasting, tender budgeting/estimating and cost plan. Cost management incorporates the cycles expected to guarantee that the undertaking is finished inside the endorsed spending plan. There are three key components in cost management. The expense the board incorporates the cycles associated with cost assessing, cost planning and cost controlling expenses so the undertaking can be finished inside the supported financial plan.