Assessment of Project Risk Management Practices: The Case of Hawassa Industrial Park
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Date
2023-10
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Addis Ababa University
Abstract
The development of industrial parks in Ethiopia has been underway for some time. The risk to the project is forthcoming and cannot be prevented. In the case of large projects like IPs, there is usually a serious focus on the risk factor for project management. Since it is anticipated that international companies will operate in the parks, effective project management will be central to them. Hawassa industrial park is challenged by numerous uncertainties which may negatively affect its accomplishments and result in huge difficulties in the process of achieving its pre-planned goals. The purpose of this study was to investigate the current risk management practices and the risk management system that is adopted by the Hawassa industrial park. In the methodological aspects of this study, the researcher applied the descriptive research approach. The sampling technique i.e., simple random sampling; was also used as this helps to collect the appropriate intended data under study as well as it is ideal where the resources, for instance, time and budget are limited. Finally, 110 participants were identified to take part in the current study. In accordance with the study objectives to be addressed by this project work, Likert-scale type self-administered questionnaires were developed and distributed to all the participants. From all participants (110), 90 questionnaires were returned from the industry park CEOs, team managers, and supervisors. The entire survey was investigated by applying SPSS v27 and using the 5-Point Likert Scale. Secondary data which is also important like primary data were gathered. For the collection of secondary data, the researcher employed a literature review of website articles, organization reports and related printed materials. The results demonstrate inadequate experience and practice of project risk management process in the manufacturing projects. The execution and utilization of remarkable project risk management has not watched and an incredible consideration not given. Subsequently, the study suggested that every concerned parties like project owners, project managers, chiefs, project participants, experts and policy makers should comprehend the significance of project risk management for the thriving of industrial parks and should utilize legitimate risk management process and methods in the industrial parks
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