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MANAGING PROJECT RISK IN A PERIOD OF ECONOMIC RECESSION IN NIGERIA
1.0 INTRODUCTION
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
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1. 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 »Item Type & Format: Project Material - Ms Word | 69 pages | Instant Download | Chapter 1-5 | PROJECT MANAGEMENT DEPARTMENT
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2. MODELLING BUILDING CONSTRUCTION DURATIONS IN NIGERIA
» ABSTRACT Following widespread acceptance by researchers that the effects of qualitative/managerial construction time influencing factors need to be co...Continue Reading »Item Type & Format: Project Material - Ms Word | 115 pages | Instant Download | Chapter 1-5 | PROJECT MANAGEMENT DEPARTMENT
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3. ASSESSMENT OF FACTORS AFFECTING COST PERFORMANCE OF CONSTRUCTION PROJECT IN NIGERIA
» Chapter one Introduction 1.1. Background of the Study Construction industry has complexity in its nature because it contains a large number of parties...Continue Reading »Item Type & Format: Project Material - Ms Word | 63 pages | Instant Download | Chapter 1-5 | PROJECT MANAGEMENT DEPARTMENT
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4. 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 »Item Type & Format: Project Material - Ms Word | 134 pages | Instant Download | Chapter 1-5 | PROJECT MANAGEMENT DEPARTMENT
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5. 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 »Item Type & Format: Project Material - Ms Word | 65 pages | Instant Download | Chapter 1-5 | PROJECT MANAGEMENT DEPARTMENT
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6. INVESIGATION INTO THE DESIGN ERRORS AND ITS IMPACT ON INITIAL COST OF CONSTRUCTION PROJECT
» 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 »Item Type & Format: Project Material - Ms Word | 111 pages | Instant Download | Chapter 1-5 | PROJECT MANAGEMENT DEPARTMENT
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7. INFLUENCE OF PUBLIC PROCUREMENTSYSTEM ON CONTRACT PERFORMANCE OF PUBLIC BUILDING PROJECTS DURING IMPLEMENTATION
» ABSTRACT Public procurement system account for significant percentage of GDP and has a directimpact on Kenya economy. Indeed, the Nigerian government ...Continue Reading »Item Type & Format: Project Material - Ms Word | 108 pages | Instant Download | Chapter 1-5 | PROJECT MANAGEMENT DEPARTMENT
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8. IMPACT OF COST CONTROL TECHNIQUES ON CONSTRUCTION PROJECT DELIVERY IN NIGERIA
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY It is a known fact that the Nigerian construction industry continues to occupy an important posit...Continue Reading »Item Type & Format: Project Material - Ms Word | 86 pages | Instant Download | Chapter 1-5 | PROJECT MANAGEMENT DEPARTMENT
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9. 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 »Item Type & Format: Project Material - Ms Word | 91 pages | Instant Download | Chapter 1-5 | PROJECT MANAGEMENT DEPARTMENT
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10. APPRAISAL OF STAKEHOLDER MANAGEMENT PRACTICE IN TERTIARY EDUCATION TRUST FUND (TETFUND) CONSTRUCTION PROJECTS
» ABSTRACT Several researchers have identified the importance of managing stakeholders as major criteria for determining project success. Project succes...Continue Reading »Item Type & Format: Project Material - Ms Word | 90 pages | Instant Download | Chapter 1-5 | PROJECT MANAGEMENT DEPARTMENT