Risk management practices of building construction project stakeholders in Tamale
Risk management is an emerging issue in the construction industry. Within the past two decades series of studies have been carried out to ascertain the practices adopted in various sectors and the construction industry as well. The aim of this study sought to examine the nature of risk management techniques among building construction project stakeholders in the Tamale Metropolis. The objectives of the study were to; identify risks factors associated with construction projects in Tamale; assess the awareness of risk among project stakeholders; and finally identifying the risk management techniques adopted. A questionnaire survey was used for data collection and both descriptive and statistical analysis were employed for analysis. Risk identification, risk treatment and risk monitoring and control were the practices of risk management mostly observed by the respondents. Moreover, it was realised that forty (40) out of the forty-one risk factors were significant such includes contractor financial difficulties, delay in payment, weather condition, price fluctuation, social and culture factors, vandalism amongst others. Finally, insurance, retention, bond were also identified as the most used risk mitigating strategies used in the Tamale Metropolis. Recommendations were made to Project Stakeholders to have a round table discussions and brainstorm the likely risk associated with a project before handing over site to the contractor; Project stakeholders should organize an in-house workshop for their workers to help them understand the risk management process so that they will know when a tagged risk is about to happen; Personnel with risk management background should be employed by Project Stakeholders to oversee the risk management process; and also further studies should be carried out in the two other Regional Capitals and specific projects to identify risk factors.
A dissertation submitted to the Department of Building Technology in partial fulfilment of the requirements for the award of degree of Master of Science in Construction Management, 2015
Risk management, Delay in payment, Risk identification, Insurance, Contingency