Assessment of risk management techniques of construction companies in Ghana: A case study of the Pokuase interchange and local roads project
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Date
2021-06-15
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Abstract
Risk management (RM) has become an important part of the management processes for any
project. Project risk management is one of the nine most critical parts of project commissioning.
This indicates a strong relationship between managing risks and a project success. While RM is
described as the most difficult area within construction management, its application is promoted
in all projects in order to avoid negative consequences. The circumstances within the construction
industry has led to the adoption of risk management and analysis. Risk is one of the key factors
that can positively affect working effectively inside the firm if it was practiced in the proper way.
By doing such, an organization can achieve capital value of rareness and capital value of
limitability through which the firm can build stronger competitive advantage by developing,
maintaining and retaining core competencies. By gathering relevant research data, this study aims
to assess risk management techniques of construction companies in Ghana. Three objectives were
set for which literature review was conducted. it includes: key risk factors involved in construction
projects, the methods of mitigating occurrence of risk in the Ghanaian construction companies,
and the significance of risk management on construction project performance. Quantitative method
was adopted in which survey questionnaires were administered to respondents to gather primary
data. The analysis was carried out using mean scores and standard deviation. The findings of the
research indicated that risk management is of numerous relevance to construction projects success.
It was recommended that project stakeholders should engage in more detail planning of projects
and also plan alternative approaches to counter uncertainties. Moreover, project stakeholders
should ensure that there is adequate and comprehensive training and skills enhancement of project
participants. Also there must be effective and appropriate quality assurance in all project activities
and preventive maintenance in all construction processes.
Description
A dissertation submitted to the Department of Construction Technology and Management, College of Art and Built Environment in partial fulfillment of the requirements for the Degree of Master of Science
Keywords
Risk management, Construction companies, Risk techniques, Construction project