The multiplier effect of the construction industry to both developed and developing countries cannot be overemphasized. The 2012 construction sector review purports that the UK construction industry has an annual turnover of more than £100 billion and accounts for 10 per cent of the country’s GDP. In contrast Nigeria, which is urbanising at one of the fastest rates in the world, contributes only 3.2 per cent in terms of Gross Domestic Product. In turn, the population for the study was determined using stratified random method of sampling. The units of analysis in this case study are contractual interfaces and organisational structure, of which there can be hundreds in a typical case Drawing on principles of grounded theory, interview transcripts were analysed through a combination of content analysis and graphical representation of contractual and organisational structures. Clients and consultants were found to be risk averse even though they claimed to have formal written procedures for risk management. Their awareness of the importance of risk management in construction business is more of lip services. A graphical representation of the Nigerian contractual structure, supply chain and value chain was achieved. Consequently, a conceptual model is developed for enshrining risk management techniques in developing countries. The micro and macro implication of the prescribed model is subject to its testing and validation.

Quantity surveying is concerned with controlling and managing construction projects. The construction in building construction projects in South East is faced with uncertainties. With construction targets not being met and high rate of abandoned construction projects, there is great need for proper risk assessment and implementation. Managing risks in construction projects have been recognized as a very important process in order to achieve project objectives in terms of time, cost, quality, safety and environmental sustainability (Mills, 2001). Project risk management is an iterative process: the process is beneficial when is implemented in a systematic manner throughout the lifecycle of a construction project, from the planning stage to completion.

Risk management has become an integral process in managing construction projects. Construction project activities are to be well calculated in-order for the deliverable to be of great use and benefit to its stakeholders. To complete most construction projects on time, minimizing cost and wastages proper risk management techniques must be employed (Tchankova, 2002). According to Mills (2001), systematic risk management is expecting the unexpected or in other words it is a tool which helps control risks in construction projects and its objective is to introduce a simple, practical method of identifying, assessing, monitoring and managing risk in an informed and structured way.

Normally, in risk management process, the first steps will involves risk identification process which includes the prioritization process in order to identify and rank the risk based on its impact and seriousness. Risk that will have a greater impact on a project normally will be handled first and low impact risk will be handled later.

Construction project team consist of professional such as the architect, engineer, and the quantity surveyor that will help to assist and advice the client in order to meet all the project objectives in term of time, quality and cost. Awareness and knowledge on risk management is very crucial so that they will deal with the risk properly which will directly leads to project success. Due to this scenario, this research aims to identify the level of awareness of construction professional specifically Nigerian quantity surveyors towards risk management. Apart from that, it will also aim to identify how risk management being implemented in the construction in building construction projects in South East and also the potential barrier and challengers in the implementation of risk management specifically from the quantity surveyor's point of view.

Embarking on a construction project involves taking risks, as the construction in building construction projects in South East is not risk-free. No matter how small or simple is the project it is still can go wrong as soon as the two parties, the employer and the consultant signed a contract they have taken onboard the risk (Sawczuk, 1996). The individual in the construction industries that undertake various activities are heterogeneous since client, consultant and consultants have different roles and objectives (flanagan, 1995). Risk management in Nigerian construction industry is actually not widely being practiced.

According to Burchett (2009), Risk in construction, however cannot be eliminated, but it can be minimized, transferred or retained. However, the industry has a very poor reputation for managing risk, with many projects failing to meet deadlines and cost argents (Mills, 2001). In practice, normally in order to deal with the unexpected event, there will be an allocation about 10 percent from the estimated cost of the proposed construction project as a contingency sum. Earlier observation shows that the risk management process is not widely being implemented in Nigerian construction industry. For this reason, this research seeks to identify the barriers and challenges for the implementation of risk management in the construction in building construction projects in South East.

1.3 Objectives of study
1. To review existing risk management models with the aim of identifying a framework for mitigating peculiar risk management techniques in Nigeria.

2 To identify all challenges stakeholders contend with in the construction in building construction projects in South East.

3 To conduct a quantitative assessment of consultants risk management techniques in Nigeria.

4 To conduct a case study of an ongoing project in the construction in building construction projects in South East to better understand the dynamics of uncertainty.

1.4 Research questions
Based on the purpose of this study, the following research questions have been formulated in the following pattern:

1. What are the risk management techniques of consultants in a peculiar environment like the construction in building construction projects in South East?

2. To what extent will known risk management techniques influence competitive risk management techniques in the construction industry?

3. What factors influence the attitudes of stakeholders in these dynamic environments?

4. What is the role of power relations in the construction supply chain?

5. Is power an opportunity cost to competitive advantage in the construction in building construction projects in South East?

Findings of this study will aid Nigerian quantity surveyors in appreciating the importance of adopting proper risk management techniques in their daily jobs. Since risk management is not widely being adopted in Nigerian construction industry, this research will help to promote the practice of risk management among the industry's players.

In addition to this, being an inter-discipline type of research, both the consultants and consultants and also the industry as a whole may benefit from the outcome of the research and have better understanding on risk management.

This research study will focus on risk management techniques adopted by quantity surveyors in South East, Nigeria. All findings and recommendations from the study are limited to findings and recommendations based on the chosen sample size.

In carrying out this study, the researcher was faced with time and finance constraints, as lectures did not give room for more time to extend the research time frame. Finance on the other hand made printing, transportation to cover a wider area difficult.

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Item Type: Project Material  |  Size: 47 pages  |  Chapters: 1-5
Format: MS Word  |  Delivery: Within 30Mins.


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