Abstract:
Construction projects can be complicated and involve a number of risks and uncertainties which can lead to project risks and causes of a construction project’s failure to achieve predefined objectives. A properly implemented risk management process will enhance the
successful completion of building construction projects and thereby making the project more profitable. Risk management is an important part of construction management; various techniques have been developed for use in the management of risks in
construction. However, these techniques are limited to addressing risks relating to only
cost, schedule or technical performance individual or at best a combination of cost and
schedule risks and yet a risk-based decision support tools are not available to adequately address risks relating to cost, schedule and quality together in a coherent framework. This study aimed at assessing the awareness and usefulness of APRAM, as it is a newly
developed model/technique for managing construction project; risks relating to time, budget and quality simultaneously, as to enhance better management of construction
projects. A quantitative approach was adopted for this study, and further strengthened with a well-structured questionnaire to construction firms in Abuja and Kaduna. The
research employed descriptive statistics, tables, pie charts, mean score ranking and
percentages in the presentation, analysis and discussion of results. Findings confirmed
that there is a significant increase in the level of understanding of risk management. Also, some of the identified risk analysis techniques are very much known and aware of than others, with no awareness of APRAM in the Nigerian Construction Industry. It was recommended that there should be an increment of awareness of risk management knowledge as it will further help in the implementation of risk management practices. Also, there should be an awareness creation of risk analysis techniques as it is a means of managing construction risks effectively and efficiently. This can be done through
knowledge-based and expertise training in schools, workshops and seminars.
