General Introduction

Ayodeji E. Oke, Pelumi E. Adetoro, Seyi S. Stephen, Clinton O. Aigbavboa (), Lukman O. Oyewobi () and Douglas O. Aghimien
Additional contact information
Ayodeji E. Oke: Federal University of Technology Akure
Pelumi E. Adetoro: Malawi University of Business and Applied Sciences
Seyi S. Stephen: University of Johannesburg
Clinton O. Aigbavboa: University of Johannesburg
Lukman O. Oyewobi: Federal University of Technology Minna
Douglas O. Aghimien: De Mont Fort University

Chapter Chapter 1 in Risk Management Practices in Construction, 2023, pp 3-6 from Springer

Abstract: Abstract The construction industry is complex in nature, and understanding all activities within the industry can be challenging. This is because of the unique approaches, methods, and techniques that relate to each project. Lately, there have been some arguments by some parties about referring to it as an industry or as a sector since it consists of many other industries (Ofori, 2015). This complexity, therefore, gives rise to numerous risks, which have effects on the quality, cost, time, and overall performance of projects. Loosemore et al. (2006) corroborated this by highlighting some of the effects of unmanaged risks on construction projects, which include uncertainties in project outcome, financial problem, liabilities, and ineffectiveness in decision-making. The construction sector is a key contributor to any country’s economic and social growth. Therefore, there is a need to effectively manage risk to ensure timely completion of construction projects in good quality and within the proposed budget, resulting in swift and profound infrastructural development.

Date: 2023
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DOI: 10.1007/978-3-031-35557-8_1

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