Chapter One — 1.1 Background to the Study

In recent years, Value Engineering Practices has emerged as a critical factor shaping construction cost overrun across organizations operating in and around Selected Fintech Companies in Nigeria. As institutions grapple with the pressures of globalization, regulatory reform, and shifting stakeholder expectations, understanding how value engineering practices relates to construction cost overrun has become an important area of both scholarly and practical concern.

Selected Fintech Companies in Nigeria presents a useful setting for examining this relationship precisely because the conditions there — structural, regulatory, and behavioural — differ from those typically assumed in the broader literature, most of which draws on evidence from more developed economies.

1.2 Statement of the Problem

While value engineering practices is widely discussed in policy and industry circles, empirical evidence on its actual effect on construction cost overrun within Selected Fintech Companies in Nigeria remains sparse and, in places, contradictory. This lack of localized, rigorous evidence makes it difficult for decision-makers to know with confidence whether current approaches to value engineering practices are helping or hindering construction cost overrun — a gap this study sets out to close.

1.3 Objectives of the Study

1. To examine the effect of Value Engineering Practices on construction cost overrun in Selected Fintech Companies in Nigeria.
2. To assess the extent to which value engineering practices influences construction cost overrun within the study area.
3. To identify the challenges associated with value engineering practices in relation to construction cost overrun.
4. To recommend strategies for optimizing value engineering practices in order to improve construction cost overrun.

1.4 Research Questions

1. What is the effect of value engineering practices on construction cost overrun in Selected Fintech Companies in Nigeria?
2. To what extent does value engineering practices influence construction cost overrun within the study area?
3. What challenges are associated with value engineering practices in relation to construction cost overrun?
4. What strategies can be adopted to optimize value engineering practices in order to improve construction cost overrun?

1.5 Significance of the Study

Beyond its academic contribution to the field of quantity surveying, this study has practical value for management teams within Selected Fintech Companies in Nigeria seeking to understand how value engineering practices translates into measurable outcomes around construction cost overrun. It is equally useful to students and future researchers looking for a localized empirical reference on this relationship.

1.6 Scope of the Study

The study is limited to an examination of Value Engineering Practices and its relationship with construction cost overrun within the context of Selected Fintech Companies in Nigeria. It reflects a clearly defined scope of analysis and relies on data and perspectives available within that scope; generalizing the findings beyond this specific context should therefore be done with appropriate caution.