Project management practices: a comparative study of three selected banks in Ghana
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Date
2021-05-14
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Abstract
The extensive application of project management in organizations required a procedure
that can effectively handle these temporary endeavours’ which are crucial to the
organizations projected objectives. The aim of the study was to identify project
management practices carried out within the PM organizations that affect projects
performance in the banking industry. The study, after extensive review of literature,
developed an interview schedule which aided the researcher to gather relevant
information to answer the research questions. The study was guided by three research
objectives which include identifying the project management practices adopted by the
banks for management of banks’ projects; to identify the barrier to project management
practices in the banking industry and to identify ways of improving project management
practices in the banking industry. The study revealed that some project management
practices were peculiar to one bank others are common to two or all the banks. PM
practices such as: Contractor pre-financing works with money either than advance
mobilizations provided by the client; obtaining project funds quarterly; and monitoring
progress of works jointly between project consultant and local clients in conformance
with specially developed project monitoring progress reporting format. The practice of
bearing entire project cost with support from local clients was also identified. Other PM
practices: “selecting project consultants competitively”, “selecting contractors through
open competitive tendering” etc. are common amongst all the three organizations.
From the interview, the respondents indicated that all the practices posed some amount
of potential effect on project time, cost and quality objectives. It is recommended that
Banks, organizations and stakeholder should ensure that contractors are paid on time to
avoid delays on projects which directly affect the success of projects.
Description
Thesis submitted to the Department of Construction Management and Technology,
Kwame Nkrumah University of Science and Technology, Kumasi in partial
fulfilment of the requirement for the Degree of
Master of Science Project Management.
Keywords
Practices, Project, Management, Monitoring, Contractor