Risk Factors affecting construction project performance: the case of Residential real Estate Development Projects in Flintstone
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Date
2023-08
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Addis Ababa University
Abstract
Real estate development is considered as one of the sectors with transaction of billions of Birr in the market in Ethiopia. Real estate contributes to the economy of the country and in alleviating housing problems. However, real estate development in the country is facing different problems. Problems that exist in the real estate development make the business environment susceptible to uncertainty. This paper is aimed at identifying and examining the risk factors affecting construction project performance of residential real estate development projects and their impact on it.. Both primary and secondary data were used in the study. The primary data was collected through questionnaires and informal preliminary interviews. The annual reports, manuals, directives, and procedures issued by the real estate were used as secondary data sources. To define and select the population of the study, random sampling method was employed for this research. It has one dependent and four independent variables, which are the project performance, finance and Economy risk, Contractual and legal risk, resource risk and design risk, respectively. The design and approaches of the research is explanatory and quantitative. The researcher distributed 133 questionnaires and collected 124 samples from the entire population by using random sampling (stratified) and descriptive & inferential data analysis methods. The study's findings revealed that all predictors have a significant relationship with project performance. This study's findings indicate that the four identified independent factors affect project performance by 69.8 percent. For improvement purpose, the researcher recommended that Flintstone Company should work towards minimizing the probability of occurrence of these factors. Developers are recommended to continuously identify and analyze possible risks to cope with the dynamic nature of the business and such projects, so that they could successfully deliver housing units to their clients
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Keywords
project performance, Real estate