Managing technical risk in Ghanaian Construction Projects
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Date
2015-03-24
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Abstract
Many previous studies have been conducted within the field of risk management but each
presents a different approach to this concept. Not much has been done on managing technical
risk which in most cases is the root of majority of risk found in the construction industry and
runs through the project life cycle. As part of a much larger project aiming to articulate and
manage key risks associated with construction projects, this research seeks to identify,
prioritize and develop a risk checklist of major technical risk that have the ability to greatly
endanger the success of Ghanaian projects. A qualitative approach was employed to develop
an initial understanding of sources and types of risk considered as technical in the
construction industry which served as a base for further decision making. Thirty three (33)
key risks were identified under four categories thus: feasibility stage, design stage, tendering
stage and construction stages, based on which questionnaires were developed and
administered randomly to 50 experts in the construction industry in Western and Central
Regions of Ghana. These questionnaires consisted of two sections, section one gather
information on the respondent while section two ask respondents to review and indicate the
likelihood of occurrence and impact of the risks. A likert scale was used to rank these risks
as high, medium and low for likelihood of occurrences of risks and the level of impact of
each of the risk base on cost, time and quality of the project as high, medium and low. Data
from the questionnaires were analyzed using average means and significant index methods.
The research found that all the 33 identified risks affected both projects cost and time, whilst
only 25 affected quality of projects. It was evident from the ranking of these risks that the
impact of risks on projects varies from one objective to the other.
Description
A thesis submitted to the School of Graduate Studies
Kwame Nkrumah University of Science and
Technology Kumasi in partial fulfillment
of the requirements for the degree of
Master of Science In
Construction Management