LEVEL OF RISK MANAGEMENT PRACTICE IN NIGERIA CONSTRUCTION INDUSTRY- FROM A KNOWLEDGE BASED APPROACH

This paper discourses the problems associated with risk management practice in Nigeria construction projects with the use of knowledge-based approach, and proposes a methodology based on a one-fold arrangement which includes the modelling function of the risk management, its evaluation, comparative effectiveness, desired quality and the availability of a best practices model. One-fold approach is part of a research effort that is still in progress.  A major preliminary conclusion of this research is the fact that risk management in construction projects is still ineffective and low practices in developing countries like Nigeria as a case study.  The main cause of this research is the lack of knowledge. It is expected that the application of the proposed approach will allow clients, contractors and consultants to develop a project’s risk management function based on best practices, and also to improve the performance of this function. In order to improve effectiveness of construction project, it should become part of a strategic plan of the organization.

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