EXAMINING PROJECT MANAGEMENT PRACTICES AND THEIR IMPACT ON PERFORMANCE IN SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) IN BENIN CITY

ABSTRACT

This study examined the relationship between project management practices and the performance of small and medium enterprises (SMEs) in Nigeria. Employing a survey research design, the research focuses on SMEs in Ugbowo, Benin City, with a population of 17,526 and a sample size of 391 respondents, selected using a simple random sampling technique. Data were collected using self-administered questionnaires and analysed using descriptive statistics for frequency counts and percentages, alongside Ordinary Least Square (OLS) regression analysis for hypothesis testing. The findings reveal significant positive relationships between project schedule management, project cost management, project communication management, and SME performance, while project risk management shows an insignificant relationship. The study recommends that SMEs invest in robust project planning and scheduling tools, prioritize budget planning and cost control measures, and focus on effective communication strategies within their projects. Additionally, businesses should develop risk management plans and invest in employee training and development. Regular reviews and adaptations of management practices are also advised to maintain competitiveness and achieve better project outcomes.