Is Standard desired in Feasibility and Viability Study? A Pursuit for Nigerian Estate Surveyors and Valuers.
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Date
2017-12
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Publisher
The Nigerian Institution of Estate Surveyors and Valuers
Abstract
Globally, the drive for standards and harmonization which are commonly accepted and applicable in professional practices has been the watchword for transparency, consistency, rationality, comparability and uniform performance measures. The word standard in its technical connotation entail quality control principles put forward by professional regulatory bodies on how best to undertake professional work to a global acceptable level and its adherence distinguishes professional from non-professional in field of practice. In Nigeria, Nigerian Institution of Estate Surveyors and Valuers (NIESV) the professional body saddled with responsibility of estate surveying and valuation practice has standards and guidance notes published in 2006 on valuation, but there was no any noted standard structure set for members for preparation of the feasibility and viability study. This paper therefore attempts to establish the need for setting minimum standards for the conduct of ‘feasibility and viability studies’ to pave way for best practice that will allow consistency in evaluation approach across a wide range of investment appraisal in Nigeria. Questionnaires were served on head of practice of 203 Estate surveying firms, among the 324 registered estate surveying firms in Lagos (from a total of 775 of such in Nigeria). 93 questionnaires were successfully eventually administered representing 45.81% retrieval/response rate. Data gathered were analyzed using descriptive statistics, relative importance index and severity index. The findings indicated that there is a significant difference and no correlation in feasibility reports prepared from one firm to another and that standardization will ensure acceptability, reliability and build confidence in clients patronizing estate surveyors in feasibility and viability assignment, portray NIESV and her members as an organized professional body/members by way of uniform presentation of job format. In conclusion, the paper recommended the combination of estate surveyors in academics, estate surveyors in practice, professional body (NIESV) and regulatory body (ESVARBON) as standard setters for feasibility and viability study, while NIESV should ensure awareness creation and compliance by members.
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Keywords
Estate Firm,, Feasibility and Viability Study,, NIESV,, ESVARBON,, Standard