Financial Competency and Project Completion of Dam Projects in India
Abstract
Financial competency refers to understanding the organization’s financial processes; preparing, justifying and administering the program budget. It also involves overseeing procurement and contracting to achieve desired results; monitoring expenditures and using cost benefit thinking to set priorities. This paper sought to determine the effect of financial competency on performance of construction projects. The study population of this study was 382 ongoing dam projects in India. The study employed descriptive survey design. The results were analyzed using social sciences (SPSS) computer software. Financial competency revealed a positive and significant relationship with performance of construction projects. It was also concluded that financial competency influences the performance of construction projects. Proper financial management skills in terms of resource planning, funding and allocation are critical to the growth of the construction sector. Financial competencies in terms of budget planning, resource allocation is required in the prudent use of financial resources in the construction sector. Proper channeling of resources may help curb resource embezzlement that is rampant in the construction sector.
Keywords: Financial competency, project completion, Dam projects, India
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