Assessment of Financial Risk Factors in Adoption of Building Information Modelling for Construction Projects in Abuja.

Abstract

Building Information Modelling (BIM) is a reliable information data base in form of a 3D digital prototype graphics that represents in details the total life cycle of a facility. Literature revealed that the process of implementing new technology involves numerous challenges, and the performance of new technology can be weakened by unidentified risk factors during implementation. This study assessed the financial risks in adoption of BIM for construction projects in Abuja. Literature reviewed revealed 8 benefits and 8 financial risk factors of BIM respectively. This forms the basis for adopting a structured questionnaire that was administered using simple random sampling to a sample frame of 81 professionals at building design firms in Abuja. The three most important benefits of BIM were identified as ‘Visualization’, ‘Estimating is improved through the ability to model project options before and during Construction’ and ‘The quality level of the finished projects is improved as the quality of data in BIM models is maintained by its users. It is therefore recommended that identified risks some of which include high cost of software and high cost of hardware upgrade should be fully understood by consultants, contractors and all BIM practitioners in the construction industry. It is also recommended that a systematic analysis of financial status and capability to identify the changes needed to facilitate BIM implementation in the construction industry should be undertaken.