| Abstract: | This study is to evaluate and analyze the existing risk management practices employed by
ECWC in their construction projects in order to identify areas of improvement and develop
strategies that effectively mitigate cost overruns utilizing descriptive research design method.
Primary data was gathered from 46 senior professional team members engaged in planning
designing and executing construction projects in transport infrastructure, water
infrastructure & Building & housing Construction sectors under ECWC using purposive
sampling to target specialized employees. A survey was conducted by using 41 structured
close ended Likert scale questions which were analyzed using SPSS version- 20 & Relative
Importance Index (RII). The findings revealed that the risk management process within
ECWC is in its initial stages, indicating that there is a certain amount of risk assessment in
each project and there is also department that is responsible for risk management work.
However, by strengthening the risk management strategy, the company should work on risk
analysis, monitoring processes, implementation of mitigation strategies, communication
practices, and integration of risk management with project planning. In addition the above
result show inadequate risk management strategy has led to cost overrun for construction
projects under ECWC. Finally the research identifies the top five critical risk factors for
construction projects covered by the ECWC are: "Delay in payment to
supplier/subcontractor; inadequate pre-construction site study; cash flow and financial
difficulties faced by contractors; fluctuations in the cost of material; high cost of machinery;
fluctuations in the money exchange rate." |
