Appraisal of Risk Management Approaches in Construction Businesses: Implications for Multidisciplinary Construction Teams in Enugu State

Abstract

Risk management is a systematic means of recognizing, evaluating and handling danger in order to provide required information to decide on appropriate risk factor reduction strategies for effective job performance. This study appraised the risk management approaches in construction businesses, with a focus on multidisciplinary construction teams. A survey of90 construction business managers was conducted, with 78 construction professionals (28 engineers, 28 builders, 12 architects, and 10 quantity surveyors) responded, providing relevant data. The data collected were presented in tables and analyzed using descriptive frequency index (FI), severity index (SI), important index (Imp.I) and relative importance index (RII) models. The study identified material resources, design and drawing/planning, and labor as the major risk factors in construction businesses. The results also showed that the principal risk factor centers on risks that are likely to cause delay in construction projects. The study recommends risk management approaches, including green construction practices, regular site meetings, timely submission and facilitation of prompt approval from authorities, and proper project planning, specification, and scheduling. The findings of this study have implications for multidisciplinary construction teams, policymakers, and construction industry stakeholders.