Assessment of the Survival Practices of Quantity Surveying Firms in a Recessed Economy
Chapter One
Aim and Objectives of the Study
This research aims to assess the survival practice of Quantity Surveying firms in a recessed economy to identify possible ways to help Quantity Surveying Firms survive in times of recession. The objectives stated for achieving this aim are to:
- Identify the factors affecting Quantity Surveying Firms’ survival practices in Imo State’s recessed economy.
- Assess the level of these survival strategies by Quantity Surveying Firms in Imo State.
- Evaluate the impact of these survival practices on the survival of Quantity Surveying Firms in Imo State.
CHAPTER TWO
REVIEW OF RELATED LITERATURE
INTRODUCTION
This chapter reviews the literature on the assessment of the survival practices of quantity surveying firms in a recessed economy. It discusses issues arising from the topic of interest as viewed from different perspectives, with a view of giving a theoretical, conceptual and empirical foundation to the study.
LITERATURE REVIEW
Economic Recession
Economic recession is the combination of two different words “economic” and “recession”. According to Merriam-Webster Dictionary, the word ‘economic’ deals with managing the production, distribution and consumption of goods and services. According to the same dictionary, recession is the period of reduced economic activities. The economic activities earlier mentioned are production, distribution, and consumption. According to Study.com, a recession is a general downturn in an economy. It is associated with high unemployment, slowing gross domestic product and high inflation. Economic recession can also be referred to as economic crisis or financial crisis; it is a period of economic slowdown that is characterized by declining productivity and devaluing of financial institutions often due to reckless and unsustainable money lending (Wikitionary). Economic recession is a period of general economic decline and is typically accompanied by a drop in the stock market, increase in unemployment and a decline in housing market (Study.com). According to Kimberly (2006), recession is when the economy declines significantly for at least six months. It means there is a drop in the following economic indicators:
- Real Gross Domestic Product (GDP);
- Income level of individual and revenue generation of government;
- Employment;
- Manufacturing and
- Retail sales.
Causes of Recession in Nigeria
There are two main causes of recession in
Nigerian economy: Economic recession caused by global economic and financial crisis; and Economic recession caused by other Nigerian factors. Economic recession caused by global economic and financial crisis Current global crisis started as a financial crisis but now a global economic crisis. The crisis is unprecedented in severity of credit contraction (credit crunch & capital crunch). The roots are in banking rather than in securities market or foreign exchange. The crisis started in the U.S (due to certain laxities in the US financial system), spread to Europe, developing countries and has become global. Even countries not affected by the financial crisis are now affected by second-round effects as the crisis now becomes economic issues (Oladapo and Fabayo, 2012). The global financial crisis followed a period of economic boom between 2003 and 2007. During that period, the world economy was growing at an average of 5% per annum. However, the current crisis was precipitated by a combination of factors including emergence of subprime rates in the USA housing sector, deepening crisis in the financial markets, rising crude oil prices and surges in commodity prices which triggered-off series of bankruptcies, forced mergers, loss of employment, firm closures and concerns in the corridors of economic policy analysts in the USA and major capitalist economies. In the course of the financial crisis, the world economic growth rate has dropped to about 1% between the fourth quarter of 2007 and third quarter of 2008 (World Bank, 2009).
CHAPTER THREE
RESEARCH METHODOLOGY
Research design
The researcher used descriptive research survey design in building up this project work the choice of this research design was considered appropriate because of its advantages of identifying attributes of a large population from a group of individuals. The design was suitable for the study as the study sought to a critical analysis of the assessment of the survival practices of quantity surveying firms in a recessed economy in Nigeria using Imo as case study.
Sources of data collection
Data were collected from two main sources namely:
(i)Primary source and
(ii)Secondary source
Primary source:
These are materials of statistical investigation which were collected by the research for a particular purpose. They can be obtained through a survey, observation questionnaire or as experiment; the researcher has adopted the questionnaire method for this study.
Secondary source:
These are data from textbook Journal handset etc. they arise as byproducts of the same other purposes. Example administration, various other unpublished works and write ups were also used.
Population of the study
Population of a study is a group of persons or aggregate items, things the researcher is interested in getting information on the assessment of the survival practices of quantity surveying firms in a recessed economy in Nigeria, workers in selected quantity surveying firms were selected randomly by the researcher as the population of the study.
CHAPTER FOUR
PRESENTATION ANALYSIS INTERPRETATION OF DATA
Introduction
Efforts will be made at this stage to present, analyze and interpret the data collected during the field survey. This presentation will be based on the responses from the completed questionnaires. The result of this exercise will be summarized in tabular forms for easy references and analysis. It will also show answers to questions relating to the research questions for this research study. The researcher employed simple percentage in the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain a critical analysis of the assessment of the survival practices of quantity surveying firms in a recessed economy.
In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations are made, which in the opinion of the researcher will be of benefit in addressing the issues on the assessment of the survival practices of quantity surveying firms in a recessed economy.
Summary
This study was undertaken to examine the assessment of the survival practices of quantity surveying firms in a recessed economy. The study opened with chapter one where the statement of the problem was clearly defined. The study objectives and research hypotheses were defined and formulated respectively. The study reviewed related and relevant literatures. The chapter two gave the conceptual framework, empirical and theoretical studies. The third chapter described the methodology employed by the researcher in collecting both the primary and the secondary data. The research method employed here is the descriptive survey method. The study analyzed and presented the data collected in tables and the hypotheses were tested using the chi square to test hypothesis. While the fifth chapter gives the study summary and conclusion.
Conclusion
Based on the above findings pertaining to the objectives of the study the following conclusions are drawn. From the collected and analysed data, there is a significant difference in the view of the various categories of Quantity Surveyors as to the level of adoption of various survival strategies by Quantity Surveying Firms in Imo State and there is a significant difference in the view of the various categories of Quantity Surveyors as to the impact of the various survival strategies on the survival of Quantity Surveying Firms in Imo State.
Recommendations: (economic policy approaches)
The economic policies recommended are lessons derived from Japan economy, as shown below:
- The Central Bank of Nigeria should create a new department that will be responsible for financial stability and intervene on special occasions to keep the firms above survival level.
- An unnoticeable lesson derived from the developed countries is that individual families have diversified sources of income. It is therefore expedient that each quantity surveying firm in Nigeria should diversify its sources of income.
- The Imo state government should collaborate with foreign technical experts in other to learn from experiences and insights which will be used to develop policy frameworks for possible financial contingencies.
REFERENCES
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- Aruwa, S., (2004), Financing Options for Small and Medium Scale Enterprises in Nigeria, Niger Journal, ABU, Zaria, 1:2.
- Awosika, B. O., (1997) “Evolving a National Framework for the Emergency of a Strong and Virile Small and Medium Scale Industry Sub-Sector in Nigeria”.
- Aladekomo, F.O., (2003), The Small and Medium Enterprises’ (SME) Landscape: Environment, Government Policies, Programmes, and Institutional Support. A paper delivered at the two-day workshop on, Strategies for Operationalizing Small and Medium Industries Equity Investment Scheme (SMIEIS) in Nigeria.
- Aremu, M. A., (2004), Small Scale Enterprises: Panacea to Poverty Problem in Nigeria, Adeniran Adetayo Olaniyi, Adekunle Emmanuel
- Adewale, Adeleke Ibrahim Ayodele. (2017) “The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession” International Journal of European Studies. Vol. 1, No. 3, 2017, Pp. 60-71. doi: 10.11648/j.ijes.20170103.11
