Effect of Project Success Delay Factors on Real Estate Development in Osun State, Nigeria
1Lawal, A.F., 2Ojo, O.J., 3Odeyomi, E.S., 4Adeosun, J.O.
1Department of Project Management Technology, Federal University of Technology Akure,
2Department of Project Management Technology, Federal University of Technology Akure,
3Department of Estate Management, Osun State College of Technology, Esa- Oke,
4 Department of Building Technology, Osun State College of Technology, Esa-Oke,
Email: ojojo@futa.edu.ng
ABSTRACT
Effect of project success delay factors on real estate development was studied in Osun State. This was with a view to identifying the challenges facing real estate team developers in achieving success. The study covered 15 private real estate projects in the State. The research instrument used was questionnaire. It elicited information on the issues such as academic qualifications and areas of specialization of the real estate team members, project management tools/techniques applied and project success delay factors affecting real estate development. The data collected was analyzed using both descriptive and inferential statistics. The results among others showed that 45.9% of the respondents estimate resources and create a resource plan while 100.0% create a preliminary budget. Also, inadequate funding leading to nonpayment of completed works (3.9) and poor monitoring and control of projects (3.5) affected the success of real estate development. The study recommended among others that on the job professional project management training should be introduced to real estate team members. This will assist them in acquiring knowledge and industrial skills in the latest project management tools/techniques available in managing projects.
Keywords: Real Estate, Project Success, Estate Development, Delay factors, Project Management Tools/Techniques.
