EFFECT OF PROJECT MANAGEMENT ON REAL ESTATE DEVELOPMENT PROCESSES IN OSUN STATE

Abstract

The study identified the delay, success factors and discovered the effect of project management on real estate projects in Osun State with special focus on the State Capital. The study identified and evaluated factors can promote real estate project performance in terms of cost overrun, time overrun, material management and quality delivery of real estate project. Also the study determined the most important project management technique factors that can be adopted to improve real estate project performance in Osun state. In making the findings of this research work possible, one hundred and forty four (144) copies of questionnaires were administered while the total numbers of usable responses received for the analysis were ninety eight (98) copies of questionnaires. The data was analysed using both descriptive and inferential statistical techniques which include: Percentile, mean, One Way Analysis of Variance (ANOVA) and the Relative Importance Index (RII). The study revealed that the delay factors that affect real estate projects performance in Osun State were inadequate finance and poor payment of completed works (3.93), not meeting the satisfaction of project end users (3.73), non availability of quality building materials (3.71), bad monitoring and feedback (3.66). Also revealed were the success factors that improve real estate project performance in Osun State. These were good planning and organisation of real estate project (4.12), meeting the satisfaction of the project end users (3.93), good experience and capability of the project manager (3.92), consultant capabilities and experience to prepare detailed schedule plans and specifications (3.82). The project management technique factors discovered that improve real estate projects are ability to handle unexpected problems (4.06), good understanding of clients’ objectives and priorities (3.98), maintaining effective monitoring and control systems (3.87) and detailed appraisal, understanding of the project nature and characteristics (3.87). The study concluded that real estate project factors such as satisfying clients’ objectives and priorities, satisfying project end-users, maintaining effective monitoring and control system among others; should be given adequate attention to achieve success on full completion of the project.