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The impact of effective risk management on project success.

Kishk, Mohammed; Ukaga, Chioma

Authors

Mohammed Kishk

Chioma Ukaga



Contributors

A. Dainty
Editor

Abstract

Project success is the satisfaction of stakeholder needs and is measured by the so-called success criteria as identified at the start of the project. The conventional view of project success based on cost, time and quality is no longer sufficient. The main objective of the research work that underpins this paper was to investigate the impact of effective risk management processes on project success. In this paper, two case studies of already executed projects have been considered to analyse the impact of their risk management processes on the project outcome. Project A had no visible risk management process implemented therefore all the risks identified at the definition stage occurred during the project execution. Project B on the other hand, had some risk management process implemented but the project still overran schedule due to lack of continuity in the risk management. Both projects incurred huge amounts of lost earnings for the organisations due to their schedule overrun. It has been concluded that the cause of the projects failure can be directly related to the extent of risk management undertaken. Besides, the level of risk management process undertaken during a project impacts directly on the success or otherwise of the project. Furthermore, effective risk management should be continuously undertaken throughout the project lifecycle to enhance project success.

Citation

KISHK, M. and UKAGA, C. 2008. The impact of effective risk management on project success. In Dainty, A. (ed.) Proceedings of the 24th Association of Researchers in Construction Management (ARCOM) annual conference, 1-3 September 2008, Cardiff, UK. Reading: ARCOM [online], volume 2, pages 799-808. Available from: http://www.arcom.ac.uk/-docs/proceedings/ar2008-799-808_Kishk_and_Ukaga.pdf

Conference Name 24th Association of Researchers in Construction Management (ARCOM) annual conference
Conference Location Cardiff, UK
Start Date Sep 1, 2008
End Date Sep 3, 2008
Acceptance Date Sep 30, 2008
Online Publication Date Sep 30, 2008
Publication Date Dec 31, 2008
Deposit Date Jan 15, 2014
Publicly Available Date Jan 15, 2014
Publisher ARCOM Association of Researchers in Construction Management
Pages 799-808
ISBN 9780955239014
Keywords Project management; Project success; Risk management
Public URL http://hdl.handle.net/10059/923
Publisher URL http://www.arcom.ac.uk/-docs/proceedings/ar2008-799-808_Kishk_and_Ukaga.pdf

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