Risk Identification Techniques in Residential Property Development for Sustainability in Port Harcourt

Abstract

Risk influences the failure and success of a development even if some development fails and succeeds regardless of how these risks are tackled. Every developers aim is tomaximize return and obtain end users satisfaction; although residential property developments have faced several risks during the development processes. Therefore the aim of the study is to access the risk identification techniques in residential property development processes for sustainability of development in Port Harcourt metropolis, Rivers State, Nigeria.  The study adopted explanatory and exploratory case study research design. Both qualitative and quantitative data were collected using simple random sampling and purposive sampling respectively.  A total number of 80 questionnaires were distributed, 60 were retrieved representing 75.0% response rate and 10 (ten) interviewee were sampled. Data collected was analysed with descriptive statistical tool of simple percentage and frequency analysis.

The finding of the study reveal and confirmed that nine techniques are the techniques to be used in identifying risk in residential property development processes for sustainability they include: experience with similar projects; brainstorming; questionnaire; interview; checklist; expert system; Monte Carlo; Delphi Techniques; and Scenario analysis.  The study therefore reflects that the understanding of risk identification techniques must be brought to the awareness of residential property developers, professionals and governments in order to assist in decision making and to eliminate residential property development failure.