Evaluation of qualitative risk analysis techniques in selected large construction companies in Nigeria

Abstract

Purpose -The purpose of this paper is to evaluate the adoption of qualitative risk analysis techniques (QRAT) on construction projects in Nigeria with the aim of providing better understanding on the state of these techniques. Design/methodology/approach -A questionnaire survey and an in-depth interview were employed in gathering data for the study. The paper assessed the level of knowledge, awareness, utilization success and the factors affecting the utilization of qualitative risk analysis techniques. The primary data employed were obtained by using a multiple-choice questionnaire administered to the selected large construction firms in Nigeria. Findings -The result of the study revealed a low level adoption of QRAT, thus preventing the Nigerian construction industry from taking full advantage of QRAT in the analysis of risks inherent in construction projects. Also checklists, flowchart and assumption analysis were the commonly used QRAT in the study area. Furthermore, inadequate training and record keeping on risk management contributed largely to the factors affecting the utilization of QRAT on projects. Research limitations/implications -Multiple-choice questionnaires administered to the respondents (architects, quantity surveyors, builders, structural engineers, civil engineers, mechanical and electrical engineers) were limited to the selected large construction firms in the category D of the Nigerian Federal Tender Board. Practical implications -The construction sector has not taken full advantage of QRAT in the analysis of risks inherent in construction projects. This has been responsible for cost and time overruns usually recorded. Analysing risks will help the stakeholders in assessing degrees of project complexity and better manage the potential risks that might be induced to different levels of construction projects in Nigeria in order to achieve hitch free construction project delivery. Originality/value -This empirical inquiry provides strong evidence on the state of qualitative risk analysis techniques of construction projects in Nigeria. The findings provide insightful perspectives to understand construction project QRAT in its entirety. For stakeholders, understanding and addressing the complexity help to improve project planning and implementation.

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Identifying the Critical Risks in Railway Projects Based on Fuzzy and Sensitivity Analysis: A Case Study of Belt and Road Projects

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Métodos Quantitativos para Gestão de Risco em Projetos: Uma Revisão da Literatura

“…No caso de projetos, o risco caracteriza-se pela incerteza relacionada ao resultado de um efeito. Como exemplos, podem-se citar questões como cronograma e custo do projeto, as quais podem, por diversas razões, apresentar resultados positivos ou negativos (ADEDOKUN et al, 2013;CAGLIANO;GRIMALDI;RAFELE, 2015;FOCACCI, 2017;PARKER et al, 2013;PMBOK, 2013).…”

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