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An Evaluation of Risk Factors Affecting Performance of Construction Projects in Southwestern Nigeria

FEATURED PAPER

Taiwo Arowojolu-Alagwe

and

Bolanle Felicia Adegoke

Department of Quantity Surveying

Federal Polytechnic

Ede, Osun State, Nigeria.

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ABSTRACT

In virtually all construction projects there is risk of one form or the other. Too often, the inability to accurately predict these risks and deal with them leads to challenges for the project team and stakeholders. The objectives of the research are to assess the level of awareness of the stakeholders of the associated risks in construction project; identify and examine the risk factors associated with construction project; examine the impact of risk factors on performance of a project in terms of cost, time, and quality; and to determine the relative of each factors identified. The self-administered questionnaire to obtain relevant data was adopted. Sixty-two (62) professionals in the construction industry were sampled in the study area. Data were analysed with the use of non-parametric and parametric statistics. The study revealed that approximately half of the stakeholders are aware of the inherent risk factors. It was discovered that there is a relationship between attention given to risk factors and performance of projects.

Key words: Risk, Uncertainties, Nigeria, Construction Projects

1.      INTRODUCTION

Technically, risk is the probability that a harmful events arising from exposure to a biological, chemical or physical agent, which may occur under specified condition and is a universal phenomenon that poses a problem to individuals in nearly all walks of life (Richardson, 1992; Odeyinka, 1993; and Onyeador and Ukwuoma, 2006). Construction works are not exemption, in fact, the distinguished characteristics of construction projects make it a unique one. Miller and Lessard (2001), observed that construction projects are characterised as very complex project, where uncertainty come from various sources, even though, there are diverse objectives of the participants in the industry. To a person acquainted with the workings of the construction contracts the problem posed by risk, resulting in cost and time over could be understood (Odeyinka, 1993). Risk is said to emanate from changes in requirement of clients, poor estimates, design errors, omission, and misunderstanding, poorly defined or understood roles and responsibilities and insufficient skilled staff.

This study is based on the assumption that by identifying the factors both internal and external factors, determining which risk are likely to affect the project, documenting the characteristics of each will enable the participants to better handle risk factors. This will consequently affect the performance of the project by maximizing the result of positive events and minimizing the consequence of the adverse effect.

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About the Authors

flag-nigeriapmwj15-oct2013-Arowojolu-AUTHOR IMAGE 150x192Taiwo Arowojolu-Alagwe

Ede, Osun State

Nigeria

Taiwo Arowojolu-Alagwe is an alumnus of Federal University of Technology, Minna, Nigeria and a diplomate of Tower College of Technology, London, UK. He is currently an LLM student of Robert Gordon University, Aberdeen, Scotland. He is an AACEi, Morgantown, USA Certified Cost Engineer and Incorporate Builder (ICIOB) of Chartered Institute of Building (CIOB) UK. He has more than a decade post-graduation experience working with client organisation, contracting, academic and consulting establishments. He has worked in Africa and Arabian Gulf Region. He can be contacted at [email protected].

Bolanle Felicia Adegoke

Ede, Osun State

Nigeria

Bolanle Felicia Adegoke is a quantity surveyor who rose to the pinnacle of the profession through the dint of hard work. She is an Alumnus of Enugu State University of Technology, Enugu, Nigeria; Federal University of Technology, Akure, Nigeria and The Polytechnic, Ibadan. The author and lecturer of repute is happily married to Adegoke Oluseyi PhD of Obafemi Awolowo University, Ile-Ife, Nigeria.