EXPLORING KEY PERFORMANCE INDICATORS FOR JOINT VENTURE CONSTRUCTION PROJECTS IN LAGOS STATE, NIGERIA
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Keywords
Joint Ventures, Procurement, Performance, Construction Projects, Nigeria
Abstract
One acceptable way to extend company presence into a new market is through strategic alliances and joint ventures. These methods are being used with increasing frequency by engineering companies with mixed results. This research seeks to assess the key performance indicators for the performance of partners in joint ventures projects in Nigeria. Primary data were collected through the administration of questionnaire to partners and consultants who have engaged in joint venture construction project in partnership with the Lagos State Development and Property Corporation. The data obtained were analyzed using Mean Item Score, Wilcoxon-Mann-Whitney (U-test) test and Kruskal-Wallis (H-test) test and factor analysis. The study revealed that all the performance indicators identified were significant to joint venture construction projects with time performance, client satisfaction, cost performance and sharing resources ranked as the most important performance indicators for joint venture construction projects in Nigeria. A KMO value of 0.774 was gotten indicating the suitability of the data for factor analysis. The research would assist in deciding key performance indicators for joint venture construction projects for inclusion in the drafting of joint venture agreements. The three groupings from factor analysis and their relationship will help in developing a framework for joint venture construction projects. The factors extracted help to identify the high prioritized performance indicators which could be used as an assessment tool to evaluate the performance of partners and thus help to identify areas for improvement.
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