STRENGTH WEAKNESS OPPORTUNITY AND THREAT ANALYSIS OF QUANTITY SURVEYING FIRMS IN LAGOS STATE, NIGERIA

Abstract

Quantity surveying is a global profession saddled with the responsibility of providing cost and value management services across various industries. The study aimed to evaluate and identify the SWOT variables in quantity surveying practices in Lagos State, Nigeria, with a view to making better strategic and effective cost management of infrastructures that will help to improve their services for sustainable practice. The study employed survey design in the collection of required data. Data were collected through the use of structured questionnaire. A total number of fifty-seven (57) copies of the questionnaire were administered to registered quantity surveying firms in Lagos state. The data collected were analyzed using mean score, standard deviation, and SWOT analysis. Strong internal leadership, ICT compliant, diversified service, flexibility to adapt and respond to identified changes are the most common strengths of Quantity Surveying firms in Lagos State. The study also showed that lack of highly qualified personnel, lack of innovation, poor managerial system and inadequate manpower are the highest ranked weakness of Quantity Surveying firms. In the study, market for cost management of building engineering service, growing Construction Industry, market for foreign aid and disaster relief cost management and market for peripheral QS services in building construction are the highest ranked opportunities available to Quantity Surveying Firms in the study area. The profession’s relative ‘lack of voice’ due to the small number of practitioners in comparison to other professional group and intense competition from other firms ranked highest among possible threats facing Quantity Surveying firms in the study area. The study concludes that the strength, weakness, opportunity and threat analysis is vital for the survival and growth of a QS firm. Strong internal leadership, diversified service, ICT compliant and flexibility to adapt to identified changes were seen as key indicators of strength while market for cost management of building engineering services, growing construction industry, market for foreign aid, peripheral QS services and cost management in civil infrastructure sector were indicators for opportunities available to the Quantity Surveying firm. Furthermore, inadequate qualified personnel, lack of innovation, poor managerial system and insufficient profit are seen as major weakness of a Quantity Surveying Firm. The threat facing Quantity Surveying firms includes profession’s relative ‘lack of voice’ due to the small number of practitioners in comparison to other professional group, intense competition from other firms, inadequacies in the continuing professional development (CPD) programs delivered by professional institutes, inadequate awareness for the value-adding benefits and corruption. No business can survive in the current world without adequate knowledge and effective planning. SWOT analysis ensures that the Quantity surveying firms remains relevant and grow continually by analyzing its comparative advantage and disadvantages.