Risk-Based Life Cycle Costing Evaluation of Construction Projects in Nigeria

Nigeria’s building sector has several difficulties as a result of changing social dynamics, environmental issues, and unstable economies. A Risk-Based Life Cycle Costing (LCC) assessment approach is necessary to improve the sustainability and economic viability of building projects. The inherent complexity of construction projects has a higher risk of being completed late and going over budget. Construction investors in Nigeria make decisions primarily on financial variables related to cost and return, without considering project risks or life cycle costs. Based on this, we have developed this research to highlight additional variables and considerations to be taken into account when making investment decisions in the Nigerian construction sector. Construction projects become more robust and financially feasible when risk analysis is integrated into the LCC evaluation process. This guarantees that possible uncertainties and their effects on project costs are taken into consideration. Keywords: Life Cycle Costing, Evaluation, Construction Project, Risk, Nigeria