THE NATURE AND MANAGEMENT OF RISK IN A CONSTRUCTION COMPANY SITES
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ABSTRACT
This study was carried out to examine the nature and management of risk in a construction company sites. Specifically, the study aims to find means of risk management that can be utilized by the network, make new suggestions on the use of these risk management methods, find the means to manage those risks that are the most effectively managed with the co-operation of several project actors, identify the risks that are caused by structuring the work in increasingly complex project networks. The purpose is to identify the risks in project networks, find existing methods for project risk management in construction project networks by interviewing central actors working on two different construction projects and study and explain some risk management means in project networks by the network governance theory. The study employed the survey descriptive research design. A total of 30 responses were validated from the survey. From the responses obtained and analyzed, the findings revealed that project risk management is the process of identifying, analyzing and responding to any risk that arises over the life cycle of a project, the process that project managers use to manage potential risks that may affect a project in any way, the practice of identifying, evaluating, and preventing or mitigating risks to a project and a process focused on risk events being identified and managed proactively, helps you lower the chances of failure. The study also revealed project network governance is steering and management strategies aimed at managing the complex problems in an interdependent setting with many different actors, interfirm coordination that is characterized by organic or informal social system, the governance of a network of networks and the network for the individual project. The study further revealed the project risks in networks is unexpected event that can affect your project, the potential of a project to fail, an uncertain event or condition that, if it occurs, has a positive or negative effect on a project objective and A risk register for each project to track the risks and issues identified. More so, the study revealed risks are managed in a project network is by avoiding, accepting , reducing and transferring. Finally, the study revealed co-operative ways exist to manage risks through loss prevention, Treat the risk, Monitor and Report on the risk . The study thereby recommend that It is noticed that construction project risks are manageable. Therefore, contractors should consider the benefits of managing construction project risks so that they will be able to acknowledge the importance of managing the construction project risks. They should implement the strategies to manage risks as discussed in this study on the real projects.
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