Impact of risk management techniques for project success in large scale construction projects in Sri Lanka

Abstract

In today's unpredictable times, effective management of project risks holds significant importance, particularly in the context of numerous unexpected events. Construction projects in Sri Lanka face various risks that can have detrimental effects on critical aspects such as time, cost, and quality. There is a pressing need to assess the critical risk factors specific to the Sri Lankan construction industry and recognize the significance of risk management in ensuring project success and its practical implementation. This study aims to identify and prioritize the key risk factors that impact the Sri Lankan construction industry. Additionally, it examines the risk management techniques employed in Sri Lankan contexts and their influence on project success. The research employs a mixed approach, including literature review, semi-structured expert review, and a questionnaire survey. Professionals involved in the study include project managers, engineers, quantity surveyors, and architects. The findings reveal that contractual and legal, resource-related, management, and environmental risks are the most critical risk categories affecting construction projects in Sri Lanka. A noteworthy preliminary conclusion drawn from this research is that effective risk management has a direct impact on project success, with the main obstacle being a lack of knowledge. Finally, the research provides recommendations for enhancing risk management practices.