A risk-responsive framework for green retrofit projects in Sri Lanka

Abstract

Purpose The purpose of this paper is to evaluate the risks associated with green retrofit projects in Sri Lanka in order to develop a risk responsive framework. Design/methodology/approach The survey method under the quantitative approach was selected as the research methodology as this research is required evaluating the risks associated with green retrofit projects. Both preliminary survey and the main questionnaire survey were conducted to collect the data. The survey data were evaluated and analysed by using mode value as a descriptive statistical analysis technique, and the risk rating matrix. Findings The overall results of risk assessment deliberated that there are ten “critical” risk factors, such as construction cost, inflation, energy saving uncertainty, warranty risk, delay in project completion, productivity and quality risks, requirement of permits and their approval, design changes, damage to structure or property and procurement delay influencing green retrofitting. Finally, a risk responsive framework was developed by proposing suitable strategies for mitigating the risks associated with green retrofitting. Practical implications The developed framework can be used as a basis to mitigate the risks associated with green retrofitting projects. An abundant upgrade of existing high-rise buildings into green can be reached. Originality/value A little attention paid on green retrofitting and the absence of proper risk management strategy for green retrofit projects in current practice have made this research a paramount need and a focal point.