Project Cost Control : Developing An Internal Control System

Baharin, Nurul Farhana (2014) Project Cost Control : Developing An Internal Control System. Project Report. UTeM, Melaka, Malaysia. (Submitted)

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Abstract

Project cost control is most effective when the executive management has a thorough understanding of how projects should unfold through the project life span. They must also recognize the importance of project risk management for identifying the planning to head at least the most obvious potential risk events. The effectiveness of internal control systems will lead to an efficient project cost control in an organization. This research focuses on developing internal control systems in the Purchasing Department at Atira Development Sdn. Bhd. The purpose of this study is to identify the major problems arising from the improper internal control systems, examine the methods that can overcome the problems and provide suggestions for improvement. The researcher uses quantitative methods by distributing the questionnaires to a group of 53 respondents and 53 usable data in the company encompassing site supervisors, finance staff, purchasing personnel and project team members at the construction sites and operations. From the findings from this research, it is found that; prudent capital management, developing an internal control and risk management, respectively are contributing factors that lead towards efficient project cost control management. Notwithstanding, these success factors create an impact on cost and schedule outcomes.

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