Studies on exploring the project execution risks in the real estate business in Ghana

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Ghana is one of the developing countries that has embraced the real estate industry as a means to improve its housing sector of the economy. Over the years, the real estate industry has been faced with a myriad of risks during project execution. Hence, the aim of the research study was to explore the project execution risks in the real estate industry in order to efficiently outline measures to mitigate them. Through an in-depth literature review, the concept of project execution risks, the causes of these risks, the adverse impact of these project execution risks and efficient mitigative measures were ascertained. The model was tested vis-à-vis data obtained from a field research when a total of 60 questionnaires were administered to professionals; site supervisors, site engineers, project managers, project sponsors, architects and subcontractors in the real estate industry. A total number of 50 responses were obtained representing a response rate of 83.33%. Some of the results obtained from the analysis of stakeholders responses agreed with the qualitative research made. The research work was limited in scope such that, only a handful of real estate firms in Accra were sampled using purposive and snowballing sampling techniques. This renders it inappropriate to generalize the results for the entire real estate industry in Ghana coupled with the fact that, it was hectic getting subcontractors and professionals off their working hours to respond to the questionnaire which may also affect the results. However, recommendations were made for future study to the effect that, research should be made on implementation of risk management and its impact on project success in the real estate industry in Ghana.
A thesis submitted to the Department of Construction Technology and Management, College of Art and Built Environment in partial fulfilment of the requirements for the Degree of Master of Science
Real estate industry, Project execution risk, Impact, Implementation,