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An Investigation Into Risk Management Practices Amongst Quantity Surveyors In The Construction Industry Of Nigeria
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1.7 SCOPE AND LIMITATION OF STUDY
This research study
will focus on risk management practices adopted by quantity surveyors
in Uyo Local Government area of Akwa Ibom State, Nigeria. All findings
and recommendations from the study are limited to findings and
recommendations based on the chosen sample size.
In carrying out this
study, the researcher was faced with time and finance constraints, as
lectures did not give room for more time to extend the research time
frame. Finance on the other hand made printing, transportation to cover a
wider area difficult.
1.8 DEFINITION OF TERMS
RISK- This is the potential of losing something of value, weighed against the potential to gain something of value.
RISK
PERCEPTION- Risk perception is the subjective judgment people make
about the severity of a risk, and may vary person to person
PRACTICE-
is the act of rehearsing a behavior over and over, or engaging in an
activity again and again, for the purpose of improving or mastering it,
as in the phrase "practice makes perfect
QUANTITY SURVEYOR- a
Quantity Surveyor (QS) is a professional working within the construction
industryconcerned with construction costs and contracts.
CONSTRUCTION-
In the fields of architecture and civil engineering, construction is a
process that consists of the building or assembling of infrastructure.
Far from being a single activity, large scale construction is a feat of
human multitasking. Normally, the job is managed by a project manager,
and supervised by a construction manager, design engineer, construction
engineer or project architect.
RISK MANAGEMNENT- is the
identification, assessment, and prioritization of risks followed by
coordinated and economical application of resources to minimize,
monitor, and control the probability and/or impact of unfortunate events
or to maximize the realization of opportunities.
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