PRACTICAL APPLICATION OF RISK MANAGEMENT TECHNIQUES IN INFRASTRUCTURAL DELIVERY: A CASE STUDY OF GHANAIAN CONSTRUCTION INDUSTRY
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Keywords
Risk Management, Uncertainties, Deterministic Methods, Expert Judgment, Knowledge Areas.
Abstract
Risk is seen as the chance of something happening that will have an impact on the achievement of the objectives of an organization or a project. Risk management is a key project management knowledge area and a tool applicable in management of project uncertainties. Project professional acquire knowledge through education or experience through practice. In their daily decision making process, practitioners rely on their expert judgment, past experience, intuition, acquired and accumulated knowledge and gut feelings to make decisions, the absence of risk management which possess a great level of uncertainty. The paper discusses some theories related to risk management, the risk management process
and unveils the extent of application of risk management techniques by professionals in the infrastructural and development industry to achieve project success. The research is based on the mixed method: qualitative and quantitative approach. Analysis of structured questionnaire distributed to professionals in the built environment indicates that some 71% of built environment professionals have no knowledge about risk management theories and techniques with only 6.2% of respondents have applied a risk management tool before in their professional practice. The paper concludes by recommending that some key project management knowledge areas be included in curricula of built environment programmes to
enhance professional responsibility through rather than relying on experience alone. Thus if the deficit in infrastructural development is to be closed, the key agents of infrastructural development must be abreast with effective technological knowhow through varying risk techniques.
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