Evaluation of Risk Factors Impacting on Construction Project Performance in Abuja.

Abstract

Nigerian construction industry plays an important role in terms of meeting the country’s infrastructure and economic development. Construction is been considered to be also a risky business due to its complexity and position to national growth domestic product of any country- especially developing countries. Risk in construction industry is perceived to be an occurrence that has impacts on major objectives of any project with respect to cost, time and quality. This has led to an investigation to discover the risks factors impacting on construction project performance with a view of suggesting strategies for mitigating the risk factors. The study employed quantitative research technique and relies on questionnaires survey to understand the perception of stakeholders and their mitigating strategies of each risks factors as an instrument for data collection. A statistical tools (means items scores and standard deviation) were used to identified and ranked the most critical risk factors that has effect on construction project performance. The top major risk factors that impact on cost are finance, credit facilities and economy policy. While those that top the time are: Finance, Security and design; Design, political and economic are for quality. For each of the identified risks, practical mitigation measures were provided and evaluated. It is been suggested that when mitigating a specific risk, the measures with higher effectiveness should be given a higher priority. Taking into account the higher criticalities of higher risk hierarchy levels, the mitigation measures should also be prioritized by the higher risk hierarchy level.