Abstract
M.Phil. (Engineering Management)
It is the viewpoint of this research that risk is an integral part of the project tasks in the construction industry, with the main goal being to minimize the impacts of the risks to more viable levels. Based on the feedback received from the interview, risk management is believed to have an impact on the outcome of the project. It can therefore be concluded that there exist a cause-and-effect relationship between the outcome of a project and managing risk. The nature of the outcome is primarily based on the effective and efficient management of the risk that are identified. Secondly the outcome is also based on the proper risk management process that is followed.
The aims and objects of this research, is to review risk management on each phase of the project lifecycle. The project lifecycle will be followed; this involves the initiation, planning and execution and closeout phases This will be followed by the exploration of project risks and their potential complications and problems that could be encountered thorough the project life-cycle. The potential complications may negatively affect the project budget, schedule and quality if they are not identified, monitored, controlled and managed. However, many projects tend to fail due to mismanagement of the aspects of the projects.
Subsequently project management functions and process will be investigated to aid the research in achieving its aims. This has the potential to also highlight why project management is favoured world-wide in many disciplines as a go to for the management of a range of projects. The tools and techniques that have been developed to aid project managers in managing projects from their inception to the end of their lifecycles will be explored. Finally, recommendations to further improve project success by utilising project risk management are made.