Leo-Olagbaye, F and Odeyinka, H A (2020) An assessment of risk impact on road projects in Osun State, Nigeria. Built Environment Project and Asset Management, 10(5), pp. 673-691. ISSN 2044-124X
Abstract
Purpose: Road projects have been characterized by risk factors impacting project objectives. Thus, this paper focused on evaluating the effect of risk on cost and time performance of some selected road projects. Design/methodology/approach: Using the theory of two-dimensional nature of risk, a questionnaire was used to collect data from 146 stakeholders involved in road projects in Osun State, Nigeria. Secondary data regarding cost and time performance of 40 selected road projects were also collected. The data collected were used to determine significant risk factors and also to develop multi-linear regression models for evaluating risk impact on cost and time performance of road projects. Findings: Results showed that scope creep and design issues are major risk factors occurring on road projects and those political and economic factors provide higher order of impact. It further demonstrated the possibility of modelling risk impact on cost and time performance of road projects using significant risk factors. Practical implications: The knowledge of the identified significant risk factors provides invaluable information to stakeholders regarding what risk variables to focus attention on in road construction. The developed models are also potential practical tools for decision-making. Originality/value: The study provides a veritable tool for risk assessment that potentially helps with predicting risk impact on cost and time performance of road projects.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | cost performance; projects; risk impact; road construction; time performance |
| Index terms: | modelling, economic factor, road project, cost performance, risk assessment, time performance, decision-making, methodology, questionnaire, multi-linear regression, road construction, risk factor, scope creep, Nigeria, secondary data, risk impact |
| Subjects: | data collection methods, scope management, analytical methods, economics, civil engineering, research methods, infrastructure engineering, financial risk, Geography, economic concepts, decision analysis, project controls, statistical analysis, environmental hazards |
| Topics: | Sustainability, Risk Management, Research Practice, Project Management, Geographical Context, Engineering Principles, Cost Management, Time Control |
| Descriptive scope: | 5 PCTEA |
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