APPRAISING THE EFFECTIVENESS OF COST MANAGEMENT TOOLS USED IN THE NIGERIAN CONSTRUCTION PROJECT

This study appraises the effectiveness of cost management tools used in the Nigerian construction industry. The objectives were to identify the common cost management tools in use, assess their level of adoption, and evaluate their effectiveness in controlling project costs. Data were collected using structured questionnaires distributed to construction professionals, and results were analyzed using descriptive statistics. The study reveals that while traditional tools like BOQ and Cost Plans are widely used and perceived as user-friendly and accurate, modern tools such as BIM and Value Management are seen as more effective in saving time and contributing to project success. However, modern tools face challenges in adaptability, ease of integration, and require higher expertise, limiting their widespread adoption. Risk Management stands out for its sufficiency in addressing cost complexities and minimizing cost deviations. Key barriers to effective tool utilization include lack of expertise, inadequate training, and resistance to change. Overall, the findings highlight the need for capacity building and integrated tool usage to improve cost management outcomes in Nigeria’s construction industry.