Framework for Mitigating the Impact of Risk in the Management of TETfund Building Projects Between 2012 – 2022 In South East, Nigeria
- Post by: airjournals
- March 11, 2024
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Authored by
Nebo Ikechukwu Justus, Prof. A. O. Nwagbara, & Nnadi, E. O. PhD
Department of Quantity Surveying, Enugu State University of Science and Technology
| Abstract This research investigates the significant risk factors affecting Tertiary Education Trust Fund (TETFund) building projects in Enugu, Anambra, and Imo states of South East Nigeria, spanning from 2012 to 2022. Through factor analysis, six principal risk components were identified: Design development, employer change, planning, construction, financial and economic, and environmental and economic risks. Each component was characterized by specific factors contributing to project delays and complications. The findings underscore the critical importance of addressing these risk factors to ensure the timely and successful completion of TETFund projects. Drawing from the identified risk components, a comprehensive framework for mitigating project risks is proposed. This framework emphasizes proactive risk management strategies, including systematic risk identification, assessment, and allocation throughout project phases. Key elements of effective risk response, such as proper planning and scheduling, clear communication channels, and adequate resource allocation, are highlighted. The study underscores the necessity of early risk allocation during contract formation and emphasizes stakeholder collaboration in risk mitigation efforts. The proposed framework provides practical insights for project managers, policymakers, and stakeholders involved in TETFund building projects. By implementing the recommended risk management strategies, project stakeholders can enhance project outcomes, minimize delays, and mitigate potential challenges such as contract overrun, time overrun, abandonment, disputes, and litigation. Ultimately, this research contributes to enhancing the efficiency and effectiveness of TETFund project management practices in South East Nigeria. Keywords: TETFund Building Projects; Risk Mitigation; Factor Analysis; Project Management |
Citation: Nebo, I. J., Nwagbara, A. O. & Enadi, E. O. (2024). Framework for Mitigating the Impact of Risk in the Management of Tetfund Building Projects Between 2012 – 2022 In South East, Nigeria. Contemporary Journal of Management 6(1), 80-91. https://doi.org/10.5281/zenodo.10802890
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