ABSTRACT

This study investigated the construction professionals and how they go about managing risks on construction projects by evaluating their level of adoption, what influences their adoption of risk management practices and their view of the effects of adopting inappropriate risk management practices.Fifty two (52) questionnaires were distributed and forty six (46) were retrieved and analyzed using mean score and percentiles. The findings revealed that the risk management practices adopted among the professionals are consulting experts, use of data from current and past projects, risk urgency assessment, risk avoidance, risk reduction, risk reassessment and risk register update. The research also established that the most significant factors influencing the adoption of risk management practices by professionals in Edo State are information/knowledge based factors and resource based factors. It is thus recommended that risk management be treated with utmost importance as it can have an effect on construction project delivery. Awareness needs to be created as to the importance of risk management and the effects of its inappropriate adoption. The professionals need to be enlightened on risk management practices. Resources should also be readily available so as to assist these professionals effectively manage risks.