| Abstract: | Risk management is one of the nine key knowledge areas highlighted by the Project
Management Institute (PMI). It involves anticipating unforeseen circumstances that may
arise beyond the project manager's control at the project's outset. The construction
industry is naturally laden with risks that can threaten the success of projects, especially in
road construction initiatives carried out by private firms. The research was done at private
firm called Viva Engineering PLC, a grade one engineering company, to assess existing
project risk management practices at its two road construction projects. The study used a
mixed-methods approach, integrating qualitative and quantitative research techniques with
concurrent design research methods. In conducting the study, primary and secondary data
are collected using structured survey questionnaires, interviews and other published
materials. Census sampling technique was used, sample of 20 participants from the total
population of 20 found 18 from two projects and two from the headquarter. Descriptive
statistics were used to analyze the data gathered. The findings of the paper revealed that
though Viva engineering PLC has a company policy to guide and direct managing risks the
existing practice is way far from the standard stipulated in the company guidelines and
procedures and to the industry level. Both the quantitative and qualitative analysis findings
shows that the company lacks proper risk management in all risk management process
from risk identification, analysis, risk response planning to risk control and monitoring
stage. The study finds also financial, socio-political, construction, right of way, and
material risks are the top risks of high probable occurrence and high impact on the project
quality, cost and completion time. The study suggests and recommends that, in order to
bring the gaps on project risk management practices and improve its performance in future
projects, the company should build a company culture that considers risk management
practices, gives attention to risk management by assigning a risk management department
at the head office level and a responsible team at the project, allocating fair resources both
financially and man power and create awareness, give trainings,.. etc. |
