THE ROLE OF RISK MANAGEMENT IN PROJECT MANAGEMENT
- Project Research
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- Recommended for : Student Researchers
- NGN 5000
Abstract: This study explores the role of risk management in project management, aiming to: 1) identify common project risks and their impacts, 2) evaluate the effectiveness of different risk management strategies, and 3) recommend best practices for risk mitigation. A survey design was employed to collect data from project managers and team members, providing a wide range of insights. The sample size of 380 respondents was derived using Taro Yamane’s formula, ensuring a 95% confidence level and a 5% margin of error. The case study focused on the financial services sector in Lagos, where risk management is crucial for project success. The reliability coefficient score of the survey instrument was 0.86, indicating high reliability. Findings revealed that systematic risk identification and proactive risk mitigation strategies significantly enhance project outcomes. It is recommended that organizations integrate risk management into their project planning processes and provide regular training on risk management practices.
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