Chapter One — 1.1 Background to the Study

In recent years, Building Information Modeling (BIM) for Cost Management has emerged as a critical factor shaping project cost performance across organizations operating in and around Selected Microfinance Banks in Nigeria. As institutions grapple with the pressures of globalization, regulatory reform, and shifting stakeholder expectations, understanding how building information modeling (BIM) for cost management relates to project cost performance has become an important area of both scholarly and practical concern.

Selected Microfinance Banks 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

Despite a growing body of literature on building information modeling (BIM) for cost management, there remains limited consensus on the precise nature of its relationship with project cost performance, particularly within Selected Microfinance Banks in Nigeria. Many organizations continue to make decisions about building information modeling (BIM) for cost management without a clear, evidence-based understanding of how those decisions ultimately affect project cost performance. This gap between practice and empirical understanding is the central problem this study seeks to address.

1.3 Objectives of the Study

1. To examine the effect of Building Information Modeling (BIM) for Cost Management on project cost performance in Selected Microfinance Banks in Nigeria.
2. To assess the extent to which building information modeling (BIM) for cost management influences project cost performance within the study area.
3. To identify the challenges associated with building information modeling (BIM) for cost management in relation to project cost performance.
4. To recommend strategies for optimizing building information modeling (BIM) for cost management in order to improve project cost performance.

1.4 Research Questions

1. What is the effect of building information modeling (BIM) for cost management on project cost performance in Selected Microfinance Banks in Nigeria?
2. To what extent does building information modeling (BIM) for cost management influence project cost performance within the study area?
3. What challenges are associated with building information modeling (BIM) for cost management in relation to project cost performance?
4. What strategies can be adopted to optimize building information modeling (BIM) for cost management in order to improve project cost performance?

1.5 Significance of the Study

This study is significant to a range of stakeholders. For policymakers and regulators, the findings offer evidence to guide the design of frameworks that support healthier outcomes around project cost performance. For managers and practitioners within Selected Microfinance Banks in Nigeria, the study provides practical insight into how building information modeling (BIM) for cost management can be better managed. Finally, it contributes to the academic literature on quantity surveying by extending existing knowledge into a specific empirical context, and offers a reference point for future researchers.

1.6 Scope of the Study

In terms of scope, this study confines itself to Selected Microfinance Banks in Nigeria, focusing specifically on how building information modeling (BIM) for cost management relates to project cost performance within that setting. Findings are interpreted within these boundaries rather than as universal claims applicable to every organization or market.