Risk Assessment Framework for Building Construction Projects’ in Developing Countries

Abstract

Economic growth and socio-economic development are particularly important for developing countries; and the construction industry plays a central role in driving both of these. The general situation observed currently in building construction in a developing country such as Nigeria is that the output of a construction company is usually characterisedby poor quality work, cost and time overruns. These characteristics originate because a number of risk factors have not been properly taken into consideration in the project planning and implementation stage. Therefore, a focus on risk management is necessary to improve the current project’s poor performance. This paper aims to establish an exclusive and comprehensible risk management framework which will improve the performance of building construction projects in developing countries. The improved performance will be in the form of achieving successful project delivery within the time frame, minimising cost overruns and optimising project quality.