A Study of the Role of Risk Management in Enhancing Project Success among Construction Companies in FCT, Nigeria
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A Study of the Role of Risk Management in Enhancing Project Success among Construction Companies in FCT, Nigeria
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
The construction industry is inherently exposed to various risks due to its complex, dynamic, and uncertain nature. Construction projects involve multiple stakeholders, large capital investments, tight schedules, and technical challenges, making them highly vulnerable to cost overruns, time delays, safety incidents, and quality defects (PMI, 2017; Hillson & Murray-Webster, 2011). As a result, effective risk management—particularly risk control strategies—is essential for achieving successful project outcomes.
Risk control strategies refer to the systematic processes used to identify, analyze, respond to, and monitor risks in order to minimize their negative impacts on project objectives (ISO 31000, 2018). These strategies include risk avoidance, risk reduction (mitigation), risk transfer (e.g., insurance and contracting), and risk acceptance. In construction, risk control involves practical actions such as safety planning, contract risk allocation, quality control, contingency planning, and continuous monitoring (Flanagan & Norman, 2013).
Project outcomes in construction are commonly measured in terms of time, cost, quality, safety, and stakeholder satisfaction (Atkinson, 1999; PMI, 2017). When risk control strategies are effectively implemented, projects are more likely to be completed within budget, on schedule, and to the required quality standards. Conversely, weak or absent risk controls often lead to project failure, disputes, accidents, and financial losses.
In Nigeria, and particularly in the Federal Capital Territory (FCT), Abuja, the construction sector plays a vital role in national development through infrastructure provision and urban growth. However, many construction projects in the FCT have experienced delays, cost overruns, abandonment, and quality problems due to poor risk planning and control (Olawale & Sun, 2010; Aibinu & Jagboro, 2002). This highlights the need to assess how risk control strategies affect project outcomes in construction companies operating in the FCT.
1.2 Statement of the Problem
Despite the strategic importance of risk control in construction project management, many companies in Nigeria still approach risk management in an informal or reactive manner. Risks are often addressed only after problems occur, rather than through proactive planning and systematic control strategies (Flanagan & Norman, 2013; Olawale & Sun, 2010).
In the FCT, several construction projects have suffered from schedule delays, cost escalation, safety incidents, and compromised quality. These problems are frequently linked to inadequate risk identification, poor risk allocation in contracts, weak safety management, and lack of continuous risk monitoring (Aibinu & Jagboro, 2002). As a result, project outcomes fall short of expectations, affecting client satisfaction and public confidence in the construction industry.
Although previous studies have examined general project risks in Nigeria, limited research has focused specifically on how risk control strategies influence project outcomes in construction companies in the FCT. This creates a gap in knowledge regarding the effectiveness of different risk control approaches in this context. This study therefore seeks to assess how risk control strategies affect project outcomes in construction companies operating in the FCT, Nigeria.
1.3 Aim and Objectives of the Study
Aim:
The main aim of this study is to assess how risk control strategies affect project outcomes in construction companies in FCT, Nigeria.
Objectives:
The specific objectives are to:
Identify the major risk control strategies used by construction companies in the FCT.
Examine the relationship between risk control strategies and project time performance.
Assess the effect of risk control strategies on project cost performance.
Evaluate the influence of risk control strategies on quality and safety outcomes.
Determine how risk control strategies affect stakeholder satisfaction and overall project success.
1.4 Research Questions
What risk control strategies are commonly used by construction companies in the FCT?
How do risk control strategies influence project completion time?
What is the effect of risk control strategies on project cost performance?
How do risk control strategies affect project quality and safety?
How do risk control strategies influence overall project outcomes?
1.5 Significance of the Study
This study is significant to:
Construction Companies and Project Managers: by providing insights into effective risk control practices that improve project performance (PMI, 2017).
Clients and Government Agencies: by promoting better value for money in public and private projects.
Policy Makers and Regulators: by supporting the development of risk management standards in the construction sector (ISO 31000, 2018).
Researchers and Students: by contributing to the literature on risk management and project success in Nigeria.
1.6 Scope of the Study
The study focuses on selected construction companies operating in the Federal Capital Territory (FCT), Nigeria. It examines risk control strategies related to cost, time, quality, and safety in building and civil engineering projects.
1.7 Operational Definition of Key Terms
Risk: The possibility of an uncertain event affecting project objectives.
Risk Control Strategies: Measures taken to reduce, transfer, avoid, or accept risks.
Project Outcomes: The results of a project in terms of time, cost, quality, and satisfaction.
Construction Company: An organization involved in building and infrastructure development.
FCT (Federal Capital Territory): The administrative capital region of Nigeria.
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