Evaluation of Project Cost Management Practices in Tertiary Institutions in Ghana: A Case Study of the University of Cape Coast

Effective project cost management is crucial for the sustainability of infrastructure development in tertiary institutions. This study focuses on the University of Cape Coast (UCC), exploring its current practices and challenges in managing project costs. The primary objectives are to assess UCC’s project cost management practices, identify challenges faced in cost management, and evaluate the impact of budgeting and fund allocation on these practices. A quantitative research design, grounded in a positivist philosophy and employing a deductive approach, was utilised. A case study strategy was implemented, targeting UCC’s administrators, project managers, and stakeholders involved in project execution. Data were collected from 56 respondents through electronically distributed questionnaires, with purposive and stratified sampling techniques ensuring representative insights. Descriptive statistical tools, including mean scores and standard deviations, were used for data analysis, while ethical considerations such as informed consent and confidentiality were prioritised. The study revealed effective cost estimation and budgeting practices, though challenges like limited funding, inflation, and underestimation of project scope hinder optimal performance. Budgeting and fund allocation practices significantly influence project cost management effectiveness. The findings indicate that while UCC has strong foundational practices, addressing identified challenges is critical for enhancing project management capabilities. This has broader implications for similar institutions seeking to improve their infrastructure development strategies. It is recommended that UCC invest in capacity-building initiatives for project managers, enhance strategic planning, and adopt more robust financial management practices to mitigate challenges.