AN ASSESSMENT OF DECISION MAKING ON CONSTRUCTION RISK MANAGEMENT IN LAGOS STATE

AUTHOR: AKINOLA, VICTORIA OLUFUNKE

DEPARTMENT: BUILDING

AFFILIATION: NNAMDI AZIKIWE UNIVERSITY, AWKA

Construction projects are capital intensive and risk laden; and contractors only make use of intuition or guess work in allocating contingencies for the presumed project risks. Hence this study assesses the implication of risk factors associated with decision alternatives on project with a view to manage the inherent risks to adverse severe loss. The study adopted questionnaire survey on the targeted population of indigenous contractors operating in Lagos state under the umbrella of FOCI and employed probabilistic simple random sampling technique. The questionnaire was structured to obtain information on major forms of risks associated with construction project and the effects of decision alternatives on risk management techniques. One hundred and seventy one questionnaires were sent out and one hundred and forty six were retrieved and analyzed representing 85.38%. The data collected were analyzed using both descriptive and inferential statistics. The descriptive statistics entails percentage and pie-chart while the inferential statistics entails mean interval score (MIS), relative importance index (RII), chi-square and multiple regression analysis. The hypothesis was analyzed using ANOVA techniques and T-test. The analyzed data shows that financial and economic risk, delay risk, subcontractor related risk, safety and social risk and contractual and legal risk were prominent among the major forms of risks associated with construction project. The regression model indicated that there is significant and positive relationship between risk control measures and risk analytical techniques with coefficient ranging from 0.425 to 0.775.The study concluded that decision making on risk analytical techniques requires systemic overview of risk management process to avert cost and time overrun and recommended among others that contractors should embrace risk analytical models in making decisions on risky project and make adequate provision to incorporate construction related risk factors in the bid estimates.

TO VIEW THE FULL CONTENT OF THIS DOCUMENT, PLEASE VISIT THE UNIZIK LIBRARY WEBSITE USING THIS LINK, http://naulibrary.org/dglibrary/admin/book_directory/Thesis/11644.pdf

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