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MANAGING PROJECT RISK IN A PERIOD OF ECONOMIC RECESSION IN NIGERIA
It is trite knowledge that organizations exist for a purpose; either to deliver service or achieve particular outcomes to enhance the welfare its stakeholders. In order to realize their planned objectives, the organizations embark on several projects. Sometimes some of these projects suffer some setbacks due to unforeseen circumstances. Some of these unforeseen may impact project outcomes by interfering with the scope, completion time schedules, planned project costs and quality delivery. It is these unforeseen in a project that constitutes the projects” risks; which according to Heinz (2010) refers to the uncertainty that surrounds future events and outcomes.
Environmental conditions and constraints within which business organisations operate are the major sources of the risks which not only create negative outcomes but positive ones as well.. it therefore stands to reason that the state of the economy within a business organization operates would certainly have significant impact on its project risks profile, nonetheless, in a recessionary economy.
An economy in recession is characterized by; sluggish demand, stagnant output, Business failures and increased unemployment – Chambers (1994). The challenge which an economy in recession poses to project risk management and how to weather the storm is the objective of this paper. Thus; are there risks that have become more critical as a result of recession in the economy, that require new skills and more attention to mitigate their impacts on project realization; or
has recession created more opportunities that need to be exploited by project risk managers
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SIMILAR PROJECT MANAGEMENT FINAL YEAR PROJECT RESEARCH TOPICS
1. ASSESSMENT OF PROFESSIONAL'S PERCEPTION OF KNOWLEDGE AND SKILLS REQUIREMENT OF CONTRACTORS FOR MASS HOUSING CONSTRUCTION» ABSTRACT Housing is an important indicator for determining the level of development of a society or country. Nigeria has high deficit of housing needs...Continue Reading »
2. EXPLORING OPTIONS FOR IMPROVING LIVELIHOODS AND RESOURCE MANAGEMENT IN NIGERIA COASTAL COMMUNITIES» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY Nigeria is endowed with a long coastline of about 960km, a large area of inshore waters, and a va...Continue Reading »
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY When asked to define "design error," not all disciplines in the construction process ag...Continue Reading »
» ABSTRACT Following widespread acceptance by researchers that the effects of qualitative/managerial construction time influencing factors need to be co...Continue Reading »
5. ASSESSING THE EFFECTIVENESS OF PUBLIC PRIVATE PARTNERSHIP (PPP) PROCUREMENT MODEL FOR INFRASTRUCTURE DEVELOPMENT IN NIGERIA» ABSTRACT Several researchers have identified the importance of managing stakeholders as major criteria for determining project success. Project succes...Continue Reading »
6. A GEOPHYSICAL INVESTIGATION USING SEISMIC REFRACTION METHOD TO DETERMINE THE CAUSE(S) OF ROAD FAILURE» CHAPTER ONE MEANING AND BASIC APPLICATION OF GEOPHYSICS 1.1 INTRODUCTION It is to be noted that the geophysical method of prospecting and delineation ...Continue Reading »
7. A STUDY INTO THE EFFECTS OF TIMELY DELIVERY OF CONSTRUCTION PROJECT ON ECONOMIC DEVELOPMENT OF NIGERIA» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY Time impacts are inevitable on construction projects, primarily because of the uniqueness of each...Continue Reading »
8. RISK IDENTIFICATION AND ASSESSMENT IN HOUSING DEVELOPMENT PROJECTS USING ANALYTICAL HIERARCHICAL PROCESS» ABSTRACT The construction industry and housing subsector is fraught with risks that have the potential of negatively impacting on the achievement of p...Continue Reading »
» CHAPTER ONE 1.0 Introduction It is quite obvious that every organization keeps materials which form one of the pivotal elements in the organization. A...Continue Reading »
10. PROJECT COST CONTROL IN THE NIGERIAN CONSTRUCTION INDUSTRY (A CASE STUDY OF EL-ALAN CONSTRUCTION COMPANY (NIGERIA) LIMITED)» CHAPTER ONE INTRODUCTION Background of the study Project cost controls in the Nigerian construction sector have always been under studied. On the cour...Continue Reading »