Assesment of Risk Management Practices and Construction Project Performance: Contractor’s Perspective
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Date
2024-06-27
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A.A.U
Abstract
This study explores the effects of risk management practice on construction project performance within the Ethiopian context. Despite the crucial role of risk management in ensuring project success, the construction industry in Ethiopia faces challenges in cost and schedule management, partly due to ineffective risk mitigation measures. Utilizing a quantitative methodology, the research examines responses from primary contractors in Ethiopia. Employing an explanatory research design, the study seeks to establish causal links between risk mitigation strategies and project performance. Data was collected through a self-administered questionnaire from 94 participants through purposive or selective sampling techniques. The study assesses factors such as contract selection, initial budget and schedule planning, contingency allocation, subcontractor selection, and coordination with local authorities and health initiatives. Quantitative analysis, which is descriptive analysis, is employed to evaluate the impact of each risk management practices. The results indicate that early planning of budgets and schedules significantly improves project performance, while safety-related strategies and contract selection show minimal influence. The study concludes by advocating for well-prepared initial resource allocation plans and suggests the necessity for further research to delve deeper into the effects of risk management strategies on project success.