The construction industry is highly risky and clogged with many uncertainties especially with the continued surging of COVID-19 pandemic. Evidence abounds on the severity of the impact leading in increase in project abandonment, cash inflow and jobs losses. The purpose of the research is to examine the impact of risk management on project performance of construction industry in Nigeria. A quantitative research design was used and adopting a descriptive study for more in-depth into the risks and risk management issues in the industry. Survey questionnaires used in collecting data from 84 sample respondents. Data generated were analysed using simple linear regression model. The results revealed that risks (internal and external) and risk management significantly impacted on project performance. The research paper, therefore, presents the result of study conducted among the major stakeholders (contractors, consultants, and the client) of projects in Abuja, Lagos and Portharcourt all in Nigeria. In addition, the result revealed that the major problem of the construction industry in risk is the lack of a regulatory framework to be imbibed and implemented by the companies and firms in the industry. The framework is to be created and monitored by the Bureau of Public Procurement (BPP) and the monitoring process is to include risk audits, risk reassessment, risk technical performance, reserve analysis and status meeting. The study contributes to better management of risks in the construction industry to reduce impact on project performance.
| Published in | Science Journal of Business and Management (Volume 9, Issue 3) |
| DOI | 10.11648/j.sjbm.20210903.20 |
| Page(s) | 224-230 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2021. Published by Science Publishing Group |
Risk Management, Internal Risks, External Risks, Project Cost, Project Schedule, Project Scope
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APA Style
Abdulkarim Ahmed Bukar, Umar Abbas Ibrahim. (2021). Investigating the Impact of Risk Management on Project Performance in Construction Industry: Evidence from Nigeria. Science Journal of Business and Management, 9(3), 224-230. https://doi.org/10.11648/j.sjbm.20210903.20
ACS Style
Abdulkarim Ahmed Bukar; Umar Abbas Ibrahim. Investigating the Impact of Risk Management on Project Performance in Construction Industry: Evidence from Nigeria. Sci. J. Bus. Manag. 2021, 9(3), 224-230. doi: 10.11648/j.sjbm.20210903.20
AMA Style
Abdulkarim Ahmed Bukar, Umar Abbas Ibrahim. Investigating the Impact of Risk Management on Project Performance in Construction Industry: Evidence from Nigeria. Sci J Bus Manag. 2021;9(3):224-230. doi: 10.11648/j.sjbm.20210903.20
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Download@article{10.11648/j.sjbm.20210903.20,
author = {Abdulkarim Ahmed Bukar and Umar Abbas Ibrahim},
title = {Investigating the Impact of Risk Management on Project Performance in Construction Industry: Evidence from Nigeria},
journal = {Science Journal of Business and Management},
volume = {9},
number = {3},
pages = {224-230},
doi = {10.11648/j.sjbm.20210903.20},
url = {https://doi.org/10.11648/j.sjbm.20210903.20},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjbm.20210903.20},
abstract = {The construction industry is highly risky and clogged with many uncertainties especially with the continued surging of COVID-19 pandemic. Evidence abounds on the severity of the impact leading in increase in project abandonment, cash inflow and jobs losses. The purpose of the research is to examine the impact of risk management on project performance of construction industry in Nigeria. A quantitative research design was used and adopting a descriptive study for more in-depth into the risks and risk management issues in the industry. Survey questionnaires used in collecting data from 84 sample respondents. Data generated were analysed using simple linear regression model. The results revealed that risks (internal and external) and risk management significantly impacted on project performance. The research paper, therefore, presents the result of study conducted among the major stakeholders (contractors, consultants, and the client) of projects in Abuja, Lagos and Portharcourt all in Nigeria. In addition, the result revealed that the major problem of the construction industry in risk is the lack of a regulatory framework to be imbibed and implemented by the companies and firms in the industry. The framework is to be created and monitored by the Bureau of Public Procurement (BPP) and the monitoring process is to include risk audits, risk reassessment, risk technical performance, reserve analysis and status meeting. The study contributes to better management of risks in the construction industry to reduce impact on project performance.},
year = {2021}
}
TY - JOUR T1 - Investigating the Impact of Risk Management on Project Performance in Construction Industry: Evidence from Nigeria AU - Abdulkarim Ahmed Bukar AU - Umar Abbas Ibrahim Y1 - 2021/09/07 PY - 2021 N1 - https://doi.org/10.11648/j.sjbm.20210903.20 DO - 10.11648/j.sjbm.20210903.20 T2 - Science Journal of Business and Management JF - Science Journal of Business and Management JO - Science Journal of Business and Management SP - 224 EP - 230 PB - Science Publishing Group SN - 2331-0634 UR - https://doi.org/10.11648/j.sjbm.20210903.20 AB - The construction industry is highly risky and clogged with many uncertainties especially with the continued surging of COVID-19 pandemic. Evidence abounds on the severity of the impact leading in increase in project abandonment, cash inflow and jobs losses. The purpose of the research is to examine the impact of risk management on project performance of construction industry in Nigeria. A quantitative research design was used and adopting a descriptive study for more in-depth into the risks and risk management issues in the industry. Survey questionnaires used in collecting data from 84 sample respondents. Data generated were analysed using simple linear regression model. The results revealed that risks (internal and external) and risk management significantly impacted on project performance. The research paper, therefore, presents the result of study conducted among the major stakeholders (contractors, consultants, and the client) of projects in Abuja, Lagos and Portharcourt all in Nigeria. In addition, the result revealed that the major problem of the construction industry in risk is the lack of a regulatory framework to be imbibed and implemented by the companies and firms in the industry. The framework is to be created and monitored by the Bureau of Public Procurement (BPP) and the monitoring process is to include risk audits, risk reassessment, risk technical performance, reserve analysis and status meeting. The study contributes to better management of risks in the construction industry to reduce impact on project performance. VL - 9 IS - 3 ER -
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