THE SPECIFIC RISK MANAGEMENT PRACTICES USED BY CONSTRUCTION FIRMS IN ABUJA, NIGERIA

Abstract

The study aimed to assess the project risk management (PRM) practices utilized in the construction of high-rise buildings in Abuja and evaluate their direct impact on achieving project success (measured by time, cost, quality, and structural safety). This study employed a descriptive and correlational survey design within a quantitative framework. The population consists of construction professionals actively involved in the delivery of high-rise buildings. The primary instrument is a self-administered structured questionnaire. Descriptive Statistics: Mean scores, Standard Deviation, are used to rank the most critical risk factors and success criteria. The study shows that site inspections and checklists, SWOT analysis, documentation reviews and brainstorming and expert judgment were found to be moderately risk identification practices for the specific risk management practices used by construction firms ranked the most in the study area.. Also, the study shows that risk avoidance, risk transfer and risk mitigation was found to be moderately risk treatment and response practices for the specific risk management practices used by construction firms in the study area. The result also shows that risk registers, periodic risk audits and early warning systems were found to be moderately risk monitoring and control practices for the specific risk management practices used by construction firms in the study area respectively.It is recommended that management formalizes the risk management lifecycle by integrating risk registers and periodic audits into the mandatory project reporting structure, ensuring these are not treated as optional tasks but as essential decision-making tools. By providing targeted technical training on proactive response strategies like risk transfer and mitigation, firms can transition from a reactive moderate engagement to a robust, integrated risk culture that consistently protects project objectives.