Evaluation of quantitative risk analysis techniques in selected large construction companies in Nigeria

Purpose – The purpose of this paper is to evaluate the adoption of quantitative risk analysis techniques (QRAT) on construction projects in Nigeria with a view to providing better understanding on the state of these techniques. Design/methodology/approach – Questionnaire survey was employed in gathe...

Full description

Saved in:
Bibliographic Details
Published in:Journal of facilities management 2013-09, Vol.11 (4), p.354-368
Main Authors: Adedokun, O.A., Ibironke, O.T., Dairo, D.O., Aje, I.O., Awodele, O.A., Opawole, A.D., Akinradewo, O.F., Abiola-Falemu, J.O.
Format: Article
Language:English
Subjects:
Construction industry
Critical path
Decision making
Decision trees
Expected values
Fuzzy sets
Probability distribution
Property management & built environment
Real estate & property
Risk assessment
Risk factors
Sensitivity analysis
Simulation
Studies
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Purpose – The purpose of this paper is to evaluate the adoption of quantitative risk analysis techniques (QRAT) on construction projects in Nigeria with a view to providing better understanding on the state of these techniques. Design/methodology/approach – Questionnaire survey was employed in gathering data for the study. The paper assessed the level of knowledge, awareness, utilization, success and the factors influencing the adoption of QRAT. The primary data employed were obtained by using multiple-choice questionnaire administered to the selected large construction companies in Nigeria. Findings – The result of the study revealed a low level adoption of QRAT, and this inhibits Nigerian construction industry from taking full advantage inherent in QRAT. Also, it prevents the analysis of risks peculiar to construction projects. Furthermore, inadequate training and record keeping on risk management were identified as significant factors affecting the adoption/utilization of QRAT on construction projects. Research limitations/implications – Multiple-choice questionnaires administered to the respondents (architects, quantity surveyors, builders, structural engineers, civil engineers, and mechanical and electrical engineers) were limited to the selected large construction companies in the category D of the Nigerian Federal Tender Board. Originality/value – This empirical inquiry provided strong evidence on the state of QRAT of construction projects in Nigeria. The findings revealed insightful perspectives to understand construction project QRAT in its entirety. For stakeholders, understanding and addressing the complexity help to improve project planning and implementation.
ISSN:1472-5967
1741-0983
DOI:10.1108/JFM-11-2012-0053