Risk management in the construction industry: Analysis of critical success factors (CSFS) of construction projects in Nigeria
There are several risks associated with construction projects; hence, the need to manage construction projects risks effectively. Critical success factors (CSFs) are factors that influence the success and promote the achievement of a project objective. The concept of CSFs for construction projects has been widely researched in developed countries; but, with little research effort in developing countries including Nigeria. Thestudy examined CSFs of construction projects and theirapplication in the Nigerian construction industry. Survey research method with a structured questionnaire, focusing on 42 success factors, was used to collect data from participants. Exploratory factor analysis was carried out in three phases based on the study‟s research questions. The first phase of the analysis revealed that the concept of CSFs, project management tools and methodologies are observed to a reasonable extent by construction professionals in Nigeria. The second phase revealed eight categories of construction projects‟ CSFssimilar to those in literature in the Nigerian construction industry. The results of the last phase analysis suggested that the relevance of CSFs varies from one phase of construction projects to another. The implication for practice is that it is imperative for those involved in managing construction projects in Nigeria to identify and determine CSFs of all projects at the planning stage to ensure that necessary measures are adopted to monitor and manage the project, thereby enhancing overall success of the project.
Keywords: Risk management, Critical success factors (CSFs), Construction industry, Nigeria.