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ABSTRACT
Risk management has been one of the major concerns of executives and professionals immersed in projects in recent times, especially after the financial crisis that rocked the world in 2008. The results of ex-post assessments of project or even verification of loss business opportunities for organizations are clear indication that this evidence has become more severe. However, this study investigated project risk management so as to see if project risk management have the tendency to significantly improve productivity, reduction in costs associated with projects, employee safety as well as whether project risks management is appropriately and effectively practiced in the civil construction industry in Delta State, Nigeria. In order to do this, primary data (i.e. questionnaire) was the major instrument of data collection. Three hundred and forty-four (344) copies of questionnaires were administered to respondents who are employees of some selected civil construction companies in Delta State. Out of the 344copies of questionnaires administered to the respondents, two hundred and eighty-nine (289) were fully retrieved and completed. This formed 84.01% response rates. The data obtained from the two hundred and eight-nine (289) questionnaires were analyzed using descriptive statistics (e.g. percentages) and inferential statistics (Pearson Correlation and Analysis of Variance (ANOVA). The statistical analysis was performed via the Statistical Package for the Social Sciences (SPSS, 22.0 version). Based on the analysis of data, we found that project risks management significantly leads to improved productivity, reduced costs associated with projects and employee safety. Based on the findings, it was recommended among others that project risk management should be encouraged in the civil construction industry since it has the tendency to contribute to improved productivity, reduction in costs associated with projects as well as ensuring employee safety.
