Assessment of Risk Management in Nigeria Construction Industry

Abstract

Abstract

Ineffective risk management in the construction industry over the years has caused significant negative effects such as cost overrun, delay in completion time, low quality of end product, re-construction of work and project abandonment. The study was designed to assess risk management in Nigeria construction industry with a view to identifying and assess risk management tools used in the construction industry, know the level of usage of risk management tools in the construction industry and to assess the impact of risk management on cost and time performance of construction project. Data for the study were obtained through well-structured questionnaire administered to building professionals in Nigeria construction firms. The data were presented and analysed using descriptive statistics and inferential such as tables, percentiles and mean score index. Findings of the study revealed that brainstorming is the best tools to identify risk, sensitivity analysis as the best method of risk analysis, risk transfer as the most effective method of risk transfer while status meeting was seen as the most effective tools used in monitoring risk. The study recommended that risk management practise must be inculcated at the pre-contract state to increase the chance of project success, all stakeholder must be carry along in the process of managing the identified risk, organization should take all risk seriously no matter how small they are and that risk that cannot be managed by the organization should be transfer to the third party

Keywords: Construction, Risk, Performance and Industry, Management

Cite this Article

Adeyemo Dele Isaac. Assessment of Risk Management in Nigeria Construction Industry. Journal of Construction Engineering, Technology and Management. 2018; 8(2): 1–10p.