Famakin, I O; Aje, I O and Ogunsemi, D R (2012) Assessment of success factors for joint venture construction projects in Nigeria. Journal of Financial Management of Property and Construction, 17(2), pp. 153-165. ISSN 1366-4387
Abstract
The increasing pressure from clients and global construction trends have led the construction industry to seek better options for overcoming the emerging challenges and critical issues battling construction projects. The purpose of this paper is to assess the factors affecting the performance of partners in joint ventures construction projects in Nigeria. Primary data were collected through the administration of questionnaire to partners and consultants who have engaged in joint venture construction project in partnership with the Lagos State Development and Property Corporation. The data obtained were analyzed using Mean Item Score, Wilcoxon-Mann-Whitney (U-test) test, Kruskal-Wallis (H-test) test and factor analysis. The study revealed that all the factors identified were significant to the performance of partners in joint venture construction with communication, compatibility of objectives and mutual understanding among partners ranked as the most important to the performance of partners in Joint Venture Projects. A KMO value of 0.743 was also derived indicating the suitability of the data for factor analysis. The research could be beneficial to potential investors for deciding the factors that contribute significantly to the performance of Partners in Joint Venture Construction Projects for inclusion in the drafting of Joint Venture Agreements. The five groupings from factor analysis and their relationship will also help in developing a framework for Joint Venture Construction Projects. The extracted factors and values will help to identify prioritized factors which could be used as an assessment tool to evaluate the performance of partners and thus identifying areas for improvement.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | construction projects; joint ventures; Nigeria; partnering; procurement |
| Index terms: | critical issue, partnering, investor, joint venture, partnership, Nigeria, drafting, global construction, Lagos State, factor analysis, construction industry, agreements, option, success factor, construction project, questionnaire, suitability |
| Subjects: | Geography, production management, industry analysis, design criteria, statistical analysis, partnership management, decision analysis, sociology, risk assessment, strategic management, data collection methods, business, health monitoring assessment and metrics, contract formation, technical documentation |
| Topics: | Business Strategy, Health and Safety, Research Practice, Project Management, Geographical Context, Risk Management, Stakeholder Management, Design Practice, International Construction, Contract Administration |
| Descriptive scope: | 4 PCTA |
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