Open AccessAssessment of management strategies for residual on-site related risk factors in educational institutional building projects
Author(s) -
O. A. Adaralegbe,
Akintayo Opawole,
Kahilu KajimoShakantu
Publication year - 2021
Publication title -
iop conference series. earth and environmental science
Language(s) - English
Resource type - Journals
eISSN - 1755-1307
pISSN - 1755-1315
DOI - 10.1088/1755-1315/654/1/012024
Subject(s) - brainstorming , cost overrun , risk management , risk analysis (engineering) , descriptive statistics , risk assessment , risk management plan , sample (material) , business , operations management , residual risk , computer science , it risk management , engineering , marketing , finance , statistics , construction industry , construction engineering , chemistry , mathematics , computer security , chromatography , reliability engineering
The magnitude of variance between the projected and actual performance parameters could sometimes be very high, especially in projects which involve huge elements of risk. To avert this unfortunate experience, there is need for the adoption of efficient risk management strategy. This paper therefore presents the report of an investigation conducted on strategies adopted for managing site related risk factors which impact on the educational institutions’ building projects performance. A structured questionnaire was used to collect primary and archival data from 52 building contracting organizations who were in involved in the tertiary education building projects in Ekiti State, Southwestern Nigeria. A total of 39 valid questionnaires received were used for the analysis. Data obtained were analyzed using iinferential and descriptive statistics. Expected monetary value, risk break-down model and human reliability assessment were identified to have higher efficiency for reducing project completion time overrun. Meanwhile, sensitivity analysis, risk break-down structure and brainstorming were found to provide better degree of effectiveness for curtailing cost overrun. Key lesson learnt from the study is that practitioners can gain profound insight into onsite related risk management strategies suitable for building projects. The relatively small sample adopted limits the generalization of the findings. Notwithstanding, the study highlights implications for design of formalized risk management strategies specific to site operations in building projects.