An Assessment of Risk Management Factors Delaying Construction Project in Nigeria
Journal Title: Journal of Economics, Finance and Management Studies - Year 2022, Vol 5, Issue 07
Abstract
Risk management is a field that exists within the subject area of project management deals with the identification, monitoring and mitigation of risks. It is seen as the effect of uncertainty on objectives so this process serves as an optimization of the project delivery process to ensure that the project objectives are achieved. Risk results from a variety of factors like design problems, technological complexity and lack of experienced personnel. Managing these risks involves contemplating actions or measures. The study aimed at assessing risk management factors delaying construction project in Nigeria. The objectives were to examine the factors that influence the development of risk management in the construction industry and identify the level of knowledge, experience and barrier to risk management practice. The research approach adopted for this study was quantitative design. To cover the study area effectively, a field survey was utilized inform of a structured questionnaires for the major study population and anchored with semi-structured interviews for the secondary population and other relevant secondary data. 70 Professional Project Managers were sampled from different construction firm. Hence, 70 questionnaires were administered while 40 questionnaires were properly filled and returned for collation represents 57.1% response rate. Statistical tools was used for the study. The result confirms showed that Change in climactic condition is the major factor that influences the development of risk management in Nigerian construction industry. Result also suggests that majority of the respondents upheld the relevance of risk management practice in project management. The implication is that most though Professional Project Managers understood the relevance of risk management in the construction industry, they should always make provisions for uncertainties through effective risk management strategies.
Authors and Affiliations
Stanley Chika Nwaogu, Okedinachi Samuel Chime, Jonathan Ikechukwu Odu
Keywords
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- EP ID EP708872
- DOI 10.47191/jefms/v5-i7-27
- Views 127
- Downloads 0
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