International Journal of Construction Engineering and Management 2018, 7(1): 47-52 DOI: 10.5923/j.ijcem.20180701.05 Evaluating the Awareness Level of Risk Management amongst Construction Stakeholders in Nigeria EOE Nnadi 1,* , E. C. Enebe 2 , O. O. Ugwu 3 1 Quantity Surveying Department, Enugu State University of Science & Technology, Agbani, Nigeria 2 Building Department, Enugu State University of Science & Technology, Agbani, Nigeria 3 Department of Civil Engineering, Federal University Ndufu-Alike Ikwo, Abakaliki, Nigeria Abstract Objectives: To create increase the level of risk management awareness amongst construction stakeholders in Nigeria to enhance strong, vibrant and profitable industry. Methods/Statistical Analysis: Descriptive cross-sectional survey design was adopted while stratified random sampling was adopted to select stakeholders. Structured questionnaire and telephone interviews were adopted for data collection. Reliability of the instrument was established by applying split-half method after duly validation by experts in the field. Cross tabulation and chi-square was adopted to test the data, while the test to find out the strength of association between the variables was carried out using Phi and Cramer's V. Findings: The study identified the level of risk management awareness among stakeholders to be relatively low at 57.25% when compares to the colossal damages cause by risks in the industry. The finding collaborates previous work by [1] that all parties to a project should have a comprehensive understanding of the risks involved, and risk management procedures should be implemented throughout all the stages of a construction project. It also agrees with [2] work that surmised that risk may arise from that lack of knowledge; as risks are gaps in knowledge which we think constitute a threat to the project. The work goes further to ascertain the strength of association between stakeholders and their involvement in risk management which was discovered to be very weak. Moreover, the critical value of chi-square of 0.004 gotten was lesser than the observed value of chi-square p = 0.951. This shows that there is no statistically significant relationship between stakeholders and level of involvement in risk management hence improving previous work. Application/Improvements: The study has improved the level of risk awareness, essence of partnership among stakeholders to enhance efficient risk management and realization of project objectives. Keywords Awareness level, Construction industry, Project, Risk, Risk Management, Stakeholders 1. Introduction Risk and uncertainty often involve many participants in a project. Each participant uses his own methods of analyzing and managing his scope relevant risk items. For whatever method used, it should objectify and quantify the risk in a project and provide the measurable means of diversifying or sharing the risk among the project participants. The willingness of a participant to accept risks often reflects the professional competence of that participant as well as his tendency to risk. And, since usually each participant tries to minimize his own risk, conflict rises between the participants and sometimes this conflict can be detrimental to the project. The construction industry, perhaps more than most, is overwhelmed with risks. Thus, the industry demands systematic risk management approach. All too often, risks are either ignored, or dealt with in a completely arbitrary * Corresponding author: nadiezekiel@yahoo.com (EOE Nnadi) Published online at http://journal.sapub.org/ijcem Copyright © 2018 Scientific & Academic Publishing. All Rights Reserved way. [3] iterated that, it is highly risk prone, with complex and dynamic project environments creating an atmosphere of high uncertainty and risk. The industry is vulnerable to various technical, socio-political and business risks. Most of the decisions, including the simplest ones, involve risks [4]. Risk management is an important part of the decision-making process in construction and now widely accepted as a vital tool in the management of projects [5]. Investigating potential risks requires the collaboration of all disciplines contributing to the project. Technical, managerial, financial, and administrative departments of the participating firms need to cooperate to identify and respond to expected risk events. This integrative process needs practical experience to adapt the required environment [6]. Risk has huge and visible effect on final project cost, delivery time; quality of job done and sustainability. Nigerian construction industry is risk prone because most construction stakeholders rarely take adequate risk management measures. Contracts are awarded without proper evaluation in terms of the financial, equipment and expertise capacity of contractors. Some clients undergo the contractual process without sponsorship plan. These often result into poor cash