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An Investigation Into Risk Management Practices Amongst Quantity Surveyors In The Construction Industry Of Nigeria
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According to Burchett (2009), Risk in construction, however cannot be
eliminated, but it can be minimized, transferred or retained. However,
the industry has a very poor reputation for managing risk, with many
projects failing to meet deadlines and cost argents (Mills, 2001). In
practice, normally in order to deal with the unexpected event, there
will be an allocation about 10 percent from the estimated cost of the
proposed construction project as a contingency sum. Earlier observation
shows that the risk management process is not widely being implemented
in Nigerian construction industry. For this reason, this research seeks
to identify the barriers and challenges for the implementation of risk
management in the Nigerian construction industry.
1.3 OBJECTIVES OF THE STUDY
The
aim of this research is to investigate the practice of risk management
amongst the construction practitioners specifically the quantity
surveyor in the Nigerian construction industry.
In order to achieve the aim of the study, specific objectives for the study are:
To evaluate the quantity surveyor's level of awareness and acceptance on Risk Management practice.
To identify the current practice of risk management amongst Quantity Surveyors’.
To
examine the barriers and challenges to the implementation of risk
management in construction project from the quantity surveyor's point of
view.
1.4 RESEARCH QUESTIONS
What is the quantity surveyor's level of awareness and acceptance on Risk Management practice?
What is the current practice of risk management amongst Quantity Surveyors’?
What
barriers and challenges face the implementation of risk management in
construction project from the quantity surveyor's point of view?
1.5 RESEARCH HYPOTHESIS
Ho:
Awareness and acceptance of risk management practices do not aid
quantity surveyors in attaining contruction project objectives
Hi: Awareness and acceptance of risk management practices aid quantity surveyors in attaining construction project objectives
1.6 SIGNIFICANCE OF THE STUDY
Findings
of this study will aid Nigerian quantity surveyors in appreciating the
importance of adopting proper risk management techniques in their daily
jobs. Since risk management is not widely being adopted in Nigerian
construction industry, this research will help to promote the practice
of risk management among the industry's players.
In addition to this,
being an inter-discipline type of research, both the consultants and
contractors and also the industry as a whole may benefit from the
outcome of the research and have better understanding on risk
management.
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