Impact of Risk Factors on Construction Projects' Completion Cost in Nigeria
Impact of Risk Factors on Construction Projects' Completion Cost in Nigeria
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Date
2021-04-16
Authors
ISHAQ, Z. H. ABUBAKAR, M. MUHAMMAD S. LAWAL, Y.S. IBRAHIM, A.M.
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Abstract
Construction projects are prone to a number of risks due to their complexity, dynamic nature,
capital intensive nature and involvement of many stakeholders. These risks if left unntanaged will
negatively influence the completion cost and other primary objectives of construction projects.
Numerous studies have been conducted globally to determine the potential risks that negatively
impacts construction projects; however, the risks aren 't alike across all the regions and the
potential degree of impact may changes with time. This study assessed the impact of risk factors on
completion cost of construction projects in Nigeria. Data was collected using structured
questionnaires administered to / 92 construction practitioners using convenience sampling
technique. Descriptive statistics (mean and standard deviation) were used to analyse the data. The
study found 'inadequate cost estimate ' (MS - 4.39), 'risk incurred due to bribery and corruption '
(4.30), 'increase in prices of materials ' (4.25), 'increase in cost of labour " (4.11), 'poor cash flow
management' (4.04) 'mistakes/errors in design ' (4.04) and 'mistakes during construction ' to be the
topmost risk factors that impact on project completion cost. The study concludes that 'economic',
'financial' and 'contract administration and project management' related factors group are those
with high impact on project completion cost.
Description
1Department of Building, Ahmadu Bello University, Zaria, Kaduna, Nigeria.
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Citation
LAUTKC1I Journal of Civil and Environmenlal Studies DOI: 10.36108/laujoces/1202.60.0270 Volume 6, Issue 2