THE NATURE AND MANAGEMENT OF RISK IN A CONSTRUCTION COMPANY SITES
Managing risks in construction projects has been recognized as a very important management process in order to achieve the project objectives in terms of time, cost, quality, safety and environmental sustainability. The main objective of this study is to assess the management of risks in construction projects and specific objectives are: to identify types of risks in construction projects, to evaluate the level of risks in construction projects and to suggest measures for managing risks in construction projects. The research design adopted in this study is descriptive, designed to obtain views from contractors. Sampling technique used was random sampling. Data collection techniques used were literature review and questionnaire, while method used for data analysis were Likert scaling using mean index formula and risk matrix analysis. Findings indicate that the types of risks found are classified into several categories which are financial risks, physical risk, construction risks, design risks, political risks, legal – contractual risks and environmental risks. The risks exist in both building and civil project. Vulnerable risks are financial risks, construction risks and physical risks. The level of risks is catastrophic in most of the financial risks while others are moderate. In construction and physical categories the level in most risks is high while others are moderate. Finally, measures for managing risks in construction projects were pointed out which are; Ensuring the adequacy of project funding, obtaining more geotechnical information, conducting constructability reviews, Set realistic contract performance times, work and rework cost information, introducing phased pricing, pre-plan for permits, Utilities and zoning, pre-define rates, use experienced project personnel.
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