Assessing Stakeholder Contributions to Risk Management in Real Estate Construction Projects in Owerri, Imo State

Abstract

This study evaluates stakeholder contributions to risk management in real estate construction projects in Owerri, Imo State. Construction projects frequently encounter risks that impact cost, time, quality, safety, and overall project delivery. The study specifically identified the common risks encountered in real estate construction projects and examined the roles of stakeholders in identifying, assessing, and mitigating these risks. A descriptive survey design was adopted. Data were collected using structured questionnaires distributed to 340 respondents, including property developers, contractors, and building material sellers in Owerri Municipal, Owerri North, and Owerri West. Analysis was conducted using frequencies, percentages, mean scores, and the Relative Importance Index. Results indicate that the primary risks affecting real estate construction projects in Owerri are inadequate funding, use of substandard materials, material price fluctuations, design errors, delays in approvals, disputes and litigation, flooding, poor workmanship, and health and safety risks. Inadequate funding exhibited the highest mean score of 4.23 and a Relative Importance Index of 0.85, demonstrating its significant impact on project performance. The findings further show that stakeholders play a critical role in risk management through effective communication, regular site supervision, training and capacity building, adherence to safety measures, project planning, and collaboration. Among these, effective communication ranked highest, with a mean score of 4.30 and a Relative Importance Index of 0.86. The study concludes that proactive stakeholder engagement is vital for mitigating construction risks, enhancing project outcomes, reducing waste, and fostering sustainable real estate development in Owerri.