Risks Identification and Estimation in Public Private Partnership (PPP) Housing Projects in Nigeria
1Yakubu N. Sanda 2Natalia A. Anigbogu 2Yohana D. Izam 3Joshua S. Mangvwat
1Department of Estate Management, Faculty of Environmental Sciences, University of Jos, Nigeria)
2Department of Building, Faculty of Environmental Sciences, University of Jos, Nigeria
3Department of Quantity Surveying, Faculty of Environmental Sciences, University of Jos, Nigeria
Email: sanda_yakubu@yahoo.com; natashaanigbogu@yahoo.com; ydmizam@gmail.com; mangvwat@yahoo.com
ABSTRACT
The first step in developing a sound risk management plan is to identify risks and determine their potential impact on project objectives. However, one of the most difficult activities in project management is determining what those risks are, and how they should be prioritised. This study examined risk identification and estimation in PPP housing projects in Abuja, Nigeria. Data was obtained through questionnaire survey and the information was analysed using mean rating and charts. The study suggests that both private and public parties should be responsible for identifying risks; personal and corporate experience, brainstorming and experts’ interviews were the techniques frequently used in risk identification; risk analysis is mainly done by in house staff who lack the basic knowledge of risk management; and the techniques frequently used in risk analysis were return on investment, probability analysis and internal rate of return. The study recommended inclusion of risk management in the curriculum of institutions responsible for training project managers and encouraging construction firms to employ the services of experts risk analysts in risk identification and estimation in their respective organisations so as to enhance the process towards effective risk management in construction projects.
Keywords: Risk, identification and estimation, PPP, housing, Nigeria
