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AN APPRAISAL OF FACTORS MILITATING AGAINST THE EFFECTIVE IMPLEMENTATION OF FORMAL RISK MANAGEMENT TECHNIQUES IN PROJECT DELIVERY IN ABUJA, NIGERIA.

 Format: MS-WORD   Chapters: 1-5

 Pages: 1-107   Attributes: DOWNLOADABLE

 Amount: 3,000

 Nov 09, 2022 |  06:25 pm |  18


 

AN APPRAISAL OF FACTORS MILITATING AGAINST THE EFFECTIVE IMPLEMENTATION OF FORMAL RISK MANAGEMENT TECHNIQUES IN PROJECT DELIVERY IN ABUJA, NIGERIA.

 

1.1 Background to the Study

Despite its numerous challenges, it is the Construction Industry that shapes the development parameters of any nation (Zeiss, 2007). So a firm grasp of the nature and effects of key issues affecting the Industry is always the beginning of developmental wisdom.


The  construction  industry  is  bedeviled  with  global  climate  change, aging  infrastructure, shrinking  workforce,  declining  productivity and information  island  (Akintoye and  Macleod, 1997; El-sayeh, 2008; Smith, 1999 Zeiss, 2007; Hillson, 2002; Wang et al., 2004). Gandu and Musa-Haddary (2007) in their work mentioned high risks and uncertainties as additions to these problems.


In Nigeria, in particular, experts on management studies have lamented the complete neglect of formal risks management principles in the management of most construction projects (Akintoye and Macleod, 1997; Smith, 1999; Kartam and Kartam, 2001; Aina and wahab, 2011). Why most firms opt for the use of informal principle to the detriment of the formal and most beneficial ones is a puzzle that requires an organized study. In an assessment of some special challenges facing the  Nigerian  construction  industry,  Odonkor  (2011)  ranked  poor  risk  understanding  and management as the most unappreciated. 


The nature of this risk challenges as Odonkor (2011) partly observed lies in the failure to employ formal Risks Management Techniques available. Risk is inherent in construction projects whether in Nigeria or elsewhere. Risks are associated with fear of the unknown. Whether such fear is for positive or negative outcome, it matters little than the realization that the likelihood exists for the outcome to deviate from the planned and expected objectives.


Risk  events,  as  most  experts  agree,  are  not  just  hazardous  events  with  some  degrees  of uncertainties but events that “may be avoided through preemptive action” (Smith, 1999). This forms the working understanding of the type of challenges that are considered to be within what can be termed risk problems (David and Anthony, 2010).


The extent of application of risk management techniques by contractors especially, was found to differ in various construction industries across the globe. Laryea and Hughes (2009) found that most countries in the Middle East and some part of Africa do not utilize project risk management techniques in the delivery of construction projects. Akintoye and McLeod (1997) found that low usage of formal risk management techniques was essentially due to lack of knowledge and doubts on the suitability of the techniques to real life situations. This was supported by the findings of Shen et al., (2001). 


Kartam and Kartam (2001) however attributed the low usage of risk analysis techniques to subjective judgment and contractor’s reliance on their experience and intuition. Laryea and Hughes (2009) attempted to find how contractors’ in Ghana include risk in their bid prices. The research showed that besides having risk allowances as lump sums or percentage allowances, the method used is neither scientific nor informed by any empirical evidence.


In Nigeria, Ojo (2010) found that `design changes and inadequate specifications were the risk factors with most impacts on construction sites but the study did not highlight any Project risk management (PRM) technique used by Contractors to respond to such risks. Another research carried out in Nigeria on this subject was on the evaluation of key risk factors and the measures to mitigate their effects on construction projects (Dada et al., 2007). Though the research found financial, political and physical risks as the most significant, the use of contingency sum and insurance cover were adjudged to be the most effective means of mitigating risk.


Bashir (2011) carried out an appraisal of risk management practices in a Redevelopment project in  Yankari  Games  Resort  in  Bauchi  state.  Conducting  the  study  from  the  perspectives  of contracting organization using interview and content analysis he found a high utilization of informal risk management techniques even though the contracting organization that participated in the project were aware of formal risk management techniques. The question then is what factors are militating against the effective utilization of formal risk management techniques in project delivery?

 

1.2 Statement of the Problem

Previous  research  has  found  that  jointly  implementing  formal risk  management  techniques (FRMT) is beneficial because it is associated with predicting a project success (Rejda, 2008). (Odonkor  and  Kwaku,  2011;  Flyvberg  et  al.,  2002). Unfortunately,  most  contracting organizations utilize informal techniques (Laryea and Hughes, 2009;Ojo, 2010; Dada, 2010; El sayegh, 2008).


Consequently, it has contributed to the prevalence of abandoned projects with Nigeria topping abandoned project chart in the world.  This was a declaration during an interactive session on public procurement (PPA, 2007) in Abuja as reported in Blue print newspaper (2013).







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