Effect of Project Risk Management on Successful Delivery of Vision City Project, Phase One
DOI:
https://doi.org/10.53819/81018102t2319Abstract
Risks in construction projects cannot be eliminated, however through proper risk management practices, the risks facing the construction projects can be minimized. The study entitled "Effect of project risk management on successful delivery of Vision City Project phase one” was guided by the following specific objectives: to find out the effect of project risk identification on successful delivery of Vision City project, to find out the effect of project risk response planning on successful delivery of Vision City project and to determine the effect of project risk monitoring and control on successful delivery of Vision City project. The study used descriptive research design and inferential statistics. The population of the study comprises of 188 employees of Vision City project and the sample size of the study is 188 employees of Vision City project. The study used universal sampling techniques because the sample size equal to the population of the study. Structured questionnaires were used to collect data and descriptive statistics using both quantitative and qualitative approach and correlation. Multiple linear regressions were used to analyse data. The findings revealed that project risk identification has significance positive role on successful delivery of Vision City Project as indicated by β1= 0.592, p-value=0.000<0.05. Project risk response planning has significance positive role on successful delivery of Vision City Project as indicated by β2= 0.146, p-value=0.018<0.05 and project risk monitoring and control has significance positive role on successful delivery of Vision City Project as indicated by β3= 0.219, p-value=.000<0.05. Risk identification had effect on successful delivery of Vision City project. Project begin with the unknown which means that risk identification has to be one of the most significant starting points, when using a risk management program. However, the risks have to be mitigated after they are identified to ensure that the effect on the organization is minimize. The study came into a conclusion that risk monitoring had important effects on successful delivery of Vison City project. Risk control/ loss control involves partnering with others to control the influence of risk or loss to the project. According to field data result, Vision City project as stated by its manager has reduced legal, labor, and other risks types by developing a joint venture with the main contractors whom participated in the execution of the project and they were all located in Rwanda. The study recommended that on project risk response planning, the study recommends involvement of all stakeholders with interest in building construction project and adoption of a wide range of responses to risks with emphasis on risk prevention. On project risk monitoring and control, the study recommends that risk be monitored and controlled more frequently to ensure success building construction project.
Keywords: Project Risk Management, Successful Delivery, Vision City Project, Phase One, Rwanda.
References
Adeleke, A. Q., Nasidi, Y., &Bamgbade, J. A. (2018). Assessing the Extent of Effective Construction Risk Management in Nigerian Construction Companies. Journal of Advanced Research in Business and Management Studies, 3(1), 1-10.
Ali, T. H., Stewart, R. A., & Qureshi, S. (2017). Evaluating risk management practices in the Pakistan construction industry: The current state of play. In Proceedings of the Fourth International Conference on Construction in the 21st Century: Accelerating Innovation in Engineering, Management and Technology.
Gateka, H., N. (2021). Effect of risk management on rabbit project success: a case of rabbit ltd Rwanda. International Journal of Management and Commerce Innovations Vol. 10, Issue 2, pp: (386-393),
Gitau, L. M. (2019). The effects of risk management at project planning phase on performance of construction projects in Rwanda. Jomo Kenyatta University of Agriculture and Technology, 1-76.
Munyangango (2022). Assessment of risk management and performance of construction projects in Rwanda: case of AFRIPRECAS. Brainae Journal of Business, Sciences and Technology
Reddy, A. S. (2019). Risk management in construction industry-a case study. International Journal of Innovative Research in Science, Engineering and Technology, 4(10).
Sibomana, Shukla and Oduor (2019). Effects of risk management methods on project performance in Rwandan construction industry: A case study of the multi-store constructions construction project of RSSB. Master's thesis, University of Agriculture and Technology (Kigali Campus), Rwanda.
Singh, M. K., Deep, S., & Banerjee, R. (2017). Risk management in construction projects as per Indian scenario. International Journal of Civil Engineering and Technology, 8(3), 127-136.
Ubani, C., Amade, E., Benedict, O., Aku, K., Agwu, A., & Okogbuo, F. (2019). Project risk management issues in the Nigerian construction industry. International Journal of Engineering and Technical Research, 3(1), 217-232.
