IMPACT OF RISK MANAGEMENT PRACTICE ON SUCCESS OF ROAD CONSTRUCTION PROJECT

Author:

Number of pages: 3467-3475
Year-Number: 2021-54

Abstract

Risk management is defined as process of identification of risk factors, their assessment as well as prioritization of risks along with economical application of resources to minimize and control the occurrence of the risk events. The overall aim of this study is to analyze the practice of risk management along with its impact in urban road construction in Sindhupalchowk district with the perspective of global pandemic of coronavirus disease (COVID-19). This research is conducted through questionnaire survey to collect the primary data. Response obtained from respondents is rated on a 5 point Likert scale and analyzed through MS Excel. The output regarding the impact is achieved through hypothesis testing using regression analysis between the three independent variables i.e. risk identification, assessment and response and ten success criteria obtained through top ten risk factors. It is found that risk management practice has significant impact on nine out of ten success criteria. Risk Identification and Assessment is found to have no impact on project within estimated budget however Risk Response strategy has significant impact on project within estimated budget criteria.

Keywords

Abstract

Risk management is defined as process of identification of risk factors, their assessment as well as prioritization of risks along with economical application of resources to minimize and control the occurrence of the risk events. The overall aim of this study is to analyze the practice of risk management along with its impact in urban road construction in Sindhupalchowk district with the perspective of global pandemic of coronavirus disease (COVID-19). This research is conducted through questionnaire survey to collect the primary data. Response obtained from respondents is rated on a 5 point Likert scale and analyzed through MS Excel. The output regarding the impact is achieved through hypothesis testing using regression analysis between the three independent variables i.e. risk identification, assessment and response and ten success criteria obtained through top ten risk factors. It is found that risk management practice has significant impact on nine out of ten success criteria. Risk Identification and Assessment is found to have no impact on project within estimated budget however Risk Response strategy has significant impact on project within estimated budget criteria.

Keywords