Abstract:
This study aspires to have a good risk management plan to minimize the effects of risks factors in
construction projects in Osun state. The major risk factors were identified and the degree of impact
on the identified risk factors was determined. The methodology adopted was the survey type which
involved the design of a questionnaire. The population for the study was seventy (70) companies
handling different construction projects within Osun State. Out of the 70 copies of questionnaire
distributed 52 copies representing 74.29%, were properly filled and returned, these were then used
for the analysis of the study. The analysis was done using the Likert Scale which is a psychometric
response scale often used in questionnaire and its is widely used in survey research. The attributes
used were the probability level of occurrence, donated by A and the degree of impact or the level
of loss if the risk occurs donated by B. these attributes were used to get the risk significance. The
analysis of the results began with answering of the research questioned through Ducan’s Multiple
Range Tests. The hypotheses of the study were then tested using Analysis of variance (ANOVA)
method of analysis while the level of significance was set at 5%. The outcome of the study revealed
that the degrees of impact of main Financial Risks and Management Risks are not significantly
related while the degrees of impact of main Legal and Political risks are significantly related. For
the significantly related factors, it implies that if one of the risks is adequately addressed, its impact
might be felt in another. The study equally recognized the possibility of interference between
identified market and technical risk factors. In conclusion, construction of any projects requires
adequate planning. This will help to take into consideration some certain factors that may slow
down the implementation of the projects. Eight sources of risks were identified. The study made
adequate effort to identify sub-risk factors under each of these sources. The identified ones of those sub-risk factors are those found to possess much threat to project construction. Thus, it was advised
that significant effort should always be made to address them any time they are noticed.
