Risk Management in Initial Phases of Construction Projects

Abstract

The presence of risk in projects has a significant effect of construction projects objectives in terms of cost, time, quality and specification. With rapid increase in the size and complexity of construction projects so does the risks associated with these projects increase and this has led to the need to find ways to effectively manage the associated risk so that project managers can take sound decisions. How these risks are managed in projects to a large extent depends on the nature of project that is been executed, the severity of identified risks and its overall impact, therefore selecting appropriate risk management method is important. The research is about risk management in initial phases of construction project. An in depth understanding of this phenomenon would contribute to a more effective and efficient risk management which would assist to more projects to be delivered on time. This study involved review of literature by various authors, 4 managers working with Setraco Nigeria limited were interviewed and 100 questionnaires sent out current and past employees of the same company with a minimum of 4 years experience working on construction projects or risk management related field. The findings of this research show the importance of implementing risk management processes at initial phase of construction projects and recommendations on improving the quality of risk management in projects.