Project Risk Management Practices of Selected Chinese Building Contractors in Ethiopia
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Date
2018-06-06
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Addis Ababa University
Abstract
This study pursued to examine the extent of application of project risk management practices such as risk identification, risk analysis, risk response strategies, risk monitoring and use of risk management tools regarding two Chinese building contractors in Ethiopia, namely CSCEC and China Wu Yi. Hence, the study was designed to assess risk management practices applied in these building companies in Ethiopia. Primary data including survey questionnaire and semi structured interview were used for the purpose of the study. The questionnaire was distributed to 30 participants and collected for quantitative analysis. The interview was held with six key informants of which four of them were tape recorded and two of them were note taken. Descriptive statistics in the form of percentages and mean score were used to analyze the quantitative data; the interview data was transcribed verbatim and analyzed qualitatively. Findings from the study revealed that risk management practices have been applied moderately in the sample projects. However, most of the findings indicated that the companies more likely relied on intuition and past experiences rather than using well established risk management processes. While there are plenty of risk management practices, tools and techniques available in literature, many projects implementation teams did not often use them. From the analysis of the data collected, it was proved that risk identification and risk management strategies were comparably the predominant risk management practices in the companies whereas risk analysis and risk monitoring were considered as the least used practices. Finally, due to the low application of risk management practices on the projects, the study concluded that there should be a need to create more awareness on project risk management practices. Additional tools and risk management practices need to be developed and tested to determine which tools works best in the different scenarios and environments of the companies.
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Keywords
Risk management, Risk management process, Risk management practices