The Poor Quality Of Risk Management - 3062 Words

CHAPTER 1 1.1 INTRODUCTION In the past few years, there has been a considerable amount of interest shown by the construction industry in terms of risk management techniques used. The significance of proper risk identification and management has reached across the broad underwriting lately, in that its essential in that amid the early phases of examination of the project. It is of direct assistance in establishing project constraints and provides useful data to assist the choice between projects. Risks in building projects are treated with little care by contractors and if they are not treated accordingly over the time period, it could contribute to the project in a negative way. Risks are seen as a probability of occurrence of a†¦show more content†¦Today it is virtually certain to be inadequate. Failure to some projects have been attributed to lack of proper risk management strategies. There is therefore a need to understand these issues, that is, the risks when constructing residen tial buildings. This project will look at risk management strategies used by contractors in Lagos state, Nigeria. Risk Management Strategies seek to ensure that all goes according to plan and project objectives are achieved. 1.2 AIM The main aim of this project is to carry out a study of the nature of risk associated with residential building construction work and strategies used by contractors curtailing effects of risk on selected sites of Lagos state. 1.3 OBJECTIVES The objectives are: 1. To identify nature of risks associated with residential building construction within Lagos State. 2. To evaluate risk management strategies used by building contractors in Lagos state. 3. To analyze risks analysis techniques used by these professionals in the construction industry. 4. To identify the best practice of Risk Management strategies initiated at different stages in the project life cycle. 5. To provide recommendations for project managers of residential building project based on best practice. 1.4 PROJECT DELIVERABLES The project deliverables are: 1. A literature review covering the nature of risks associated with residential building construction and risk management used within Lagos State. 2. An analysis of risks analysis