EFFECTIVE STRATEGIES FOR RISK MANAGEMENT IN LARGE SCALE CONSTRUCTION PROJECTS
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EFFECTIVE STRATEGIES FOR RISK MANAGEMENT IN LARGE SCALE CONSTRUCTION PROJECTS
ABSTRACT
Large-scale construction projects are inherently complex, capital-intensive, and exposed to numerous risks that can adversely affect cost, schedule, quality, safety, and overall project success. Effective risk management strategies are therefore essential to anticipate uncertainties, minimize losses, and enhance project performance. This study investigates effective strategies for risk management in large-scale construction projects, focusing on the identification, assessment, mitigation, monitoring, and control of major risks encountered during project execution. A descriptive research design was employed, and data were gathered from project managers, engineers, contractors, and other construction professionals through structured questionnaires. The findings reveal that proactive risk identification, comprehensive risk assessment techniques, stakeholder collaboration, adequate communication systems, and the adoption of digital project management tools significantly improve risk mitigation effectiveness. The study further shows that organizations that integrate risk management practices into their project planning and execution processes achieve better cost control, timely delivery, safety compliance, and overall project success. It concludes that effective risk management is critical for optimizing project outcomes and recommends capacity building for project personnel, adoption of technology-driven risk assessment tools, regular risk audits, and continuous updating of risk response plans to ensure resilience and improved performance in large-scale construction projects.
TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION
1.1 Background to the Study
1.2 Statement of the Problem
1.3 Objectives of the Study
1.3.1 General Objective
1.3.2 Specific Objectives
1.4 Research Questions
1.5 Research Hypotheses
1.6 Significance of the Study
1.7 Scope of the Study
1.8 Limitations of the Study
1.9 Operational Definition of Terms
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1 Conceptual Review
2.1.1 Overview of Construction Project Management
2.1.2 Concept of Risk and Risk Management
2.1.3 Types of Risks in Large-Scale Construction Projects
- Financial Risks
- Technical Risks
- Environmental Risks
- Safety and Health Risks
- Legal and Contractual Risks
- Socio-Political Risks
2.1.4 Risk Assessment and Analysis Techniques
2.1.5 Strategies for Risk Mitigation and Control
2.1.6 Integration of Technology in Construction Risk Management
2.2 Theoretical Review
2.2.1 Risk Management Theory
2.2.2 Systems Theory
2.2.3 Project Lifecycle Theory
2.3 Empirical Review
2.3.1 Evidence from International Studies
2.3.2 Evidence from African Studies
2.3.3 Evidence from Nigerian Studies
2.4 Summary of Literature Gaps
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Research Design
3.2 Area of the Study
3.3 Population of the Study
3.4 Sample Size and Sampling Technique
3.5 Instrument for Data Collection
3.6 Validity and Reliability of Instruments
3.7 Method of Data Collection
3.8 Method of Data Analysis
3.9 Ethical Considerations
CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND DISCUSSION OF FINDINGS
4.1 Data Presentation
4.2 Analysis of Research Questions
4.3 Test of Hypotheses
4.4 Discussion of Findings
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings
5.2 Conclusion
5.3 Recommendations
5.4 Contribution to Knowledge
5.5 Suggestions for Further Studies
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