Risk Management Practices and Performance of Construction Projects: Evidence from Selected Estate Management Companies in FCT Abuja (Published)
Increasing population in the city of Abuja instigate the need for more housing construction. While such may be necessary, it is also important to manage the risk involved. But the extent of impact of risk management on project performance has been obscured in literature. thus, this research will assess the impact of risk management on project cost performance with reference to selected house developer in Abuja city. A sample of 256 respondents was utilised and risk management measure in four standpoints: risk identification, risk assessment, risk response planning and risk monitoring & control. Multiple regression was vital for estimation. Results indicate that all the four variables are positive toward improving cost performance. In other words, risk identification, risk assessment, risk response planning and risk monitoring & control reduces cost by 26% to 45%, all things being equal. It was also noted that risk monitoring & control has the most influence of approximately 45% while risk response planning had the lowest influence of 26%, all things being equal. Therefore, the organisations should continue to improve in the aspect of risk management while sustaining tempo on training and retraining in this aspect.
Keywords: Cost Performance, Risk Assessment, Risk Identification, Risk Monitoring and Control, risk mitigation