Exploring project risk management practices of Ghanaian building contractors.
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Risk management concept has been on the top of current research in the construction industry lately. Project managers are mostly concerned and being tagged to manage risks on the construction site. Hence, the gap in literature led to the aim of this study which is to explore project risk management practices of Ghanaian building contractors. Adopting quantitative research approach and purposive sampling technique, the targeted audience was sampled. The data obtained was analysed using Statistical Package for Social Science (SPSS) and Microsoft Excel 2016. After sending 52 questionnaires out, 41 of them were retrieved representing 78.5% response rate. The variables were strategically analysed using Relative Importance Index and descriptive statistics. After analysis, it was identified that financial risks are the highest identified risk with construction projects in Ghana, while legal risk was the least identified risk in construction projects. Effects of risk on construction projects were also identified to encompass making better decisions based on accurate information and risk enables contracts to be fairly negotiated, bids to be submitted at the right price, and sensitivity to be appreciated. More so, the study also identified referring to previous and ongoing similar projects for accurate, producing a proper schedule by getting updated project information as the best strategies for managing risk on construction sites. The study recommended that there should be training of the stakeholders in the construction industry towards risk and its management and also contractors should look at integration of various expert risk management system with other schedules and systems they are already operating.
A thesis submitted to the Department of Construction Technology and Management, College of Art and Built Environment in partial fulfilment of the requirement for the Degree of Master of Science
Risk, Construction Project, Stakeholders, Ghana