Abstract
In the area of project construction industry, risk management has become an indispensable index of concern which needs to be focused on in order to ensure effective and successful execution of projects in the construction industry. This paper focuses on risk management within projects construction field and also to find out the opinions and ideas on the significance of the construction projects risks, and also to explore the risk analysis, risk response techniques and strategies as well as risk management processes and practices in construction industry. The questionnaire prepared for the survey was distributed both via e-mail and by sending questionnaire link onto a WhatsApp platform group of the respondents and 85 member respondents results were analyzed in the form of bar charts, column chart and radar chart. The survey results revealed that majority of the total respondents are in the capacity or position as Project Managers and also have over 15 years working experience, and as well attained Master’s degree qualification. It was also revealed that risk events are usually responsible for the poor delivery and quality of work, accompanied with delays and other associated losses in project construction and also risks that are associated with high probability and high impact are required to undergo further analysis, including quantification and thorough risk management. The most frequently used risk response technique according to the respondents is through the issuance of performance bonds, warranties and guarantees and also the most frequently used risk analysis practice is the Project Documented knowledge and Review Analysis. Risk management in project construction is therefore a constant learning process to constantly improve upon practices in order to adapt and increase the process efficiency of dealing with risk in construction projects as well as its successful execution.
Highlights
Systemic project risk management has an effect on a projects success, It has been found that there is a strong relationship between the amount of risk management efforts undertaken in a project and the level of the projects success [1]
According to table 2 and figure 2 above, 7% of the respondents fall within the ages of 30-35 years, 20% of the respondents fall within the ages of 36-40 years, 26% of the respondents are within the ages of 41-45 years, 33% of the respondents fall within the ages of 46-50 years and 14% of the respondents are over 50 years of age
According to table 3 and figure 3 above, 4% of the respondents have less than 1 year working experience, 11% have from 1 to 3 years working experience, 13% have more than 3 to 5 years working experience, 16% have more than 5 to 10 years working experience, 21% have more than 10 to 15 years working experience and 35% of the total respondents have over 15 years working experience
Summary
Risk Management has been one of the major concerns of Executives and Professionals involved in executing Projects. It is recognized as one of the greatest needs in Project Management. There is the understanding that risk management will not remove all risks from the projects, but is of the purpose to ensure that risks are managed most effectively [4]. This improves the chance of successful project completion and reduces the consequences of those risks
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