Project Proposal on Project Risk Management

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 Introduction

Risk management in large-scale projects has been an area of great concern. In most

modern countries, the construction industries serve as the main pillars of success. The demand

for construction and infrastructural developments has greatly increased globally due to rapid

economic developments. Factors such as increasing population, desire to create sustainable

living conditions and pressure on land have also greatly contributed to the rapid increase in the

demand for construction projects. However, at all the stages of such projects, there always exist

risks that if not identified, evaluated, and mitigated promptly would affect the success of the

project (Hesselund, 2022). To ensure that the success of a project is not affected, the risk

management process should be started as soon as the project’s life cycle begins (Kotlarsky et al.,

2020). In most projects, the initial stages are always marked uncertain occurrences which are

always risky. Due to the issue of risk management in projects, this research proposal aims to look

into some comprehensive risk management frameworks for large-scale projects, the impacts of

risk management practices on project success and the roles that risk management plays in

mitigating holdups and cost overruns in construction projects.

A Review of the Research Literature

Notably, there have been several challenges that face large-scale construction projects.

Ineffective management of risks has been a big problem, making this area of concern to be the

main rationale that underlies this research. From research and real-life scenarios, it is beyond

reasonable doubt that risk management plays an important role in project success. Unidentified

and poorly managed risks often cause projects to fail (Singh & Hong, 2020). Most of the risk

management practices that are being applied in various projects have ceased to be effective,

prompting the need to refine the practices to make them suitable for even larger projects.
Investors normally invest hugely in large projects with expectations of high returns. The projects,

due to their large nature, always involve very many processes which range from less complex to

highly complex (Wu et al., 2021). Because of the different aspects of such projects, there are

always so many risks that may be faced and that may eventually affect the overall success of the

project.

Certain issues in projects such as delays in project completion durations and completion

times are often attributed to inadequate risk management. Other issues including cost overruns

and even total failure of projects are also viewed to be a result of poor project risk management.

To avoid these highlighted issues, the managers of large-scale projects should always ensure that

potential risks are identified promptly and that better risk management practices are put in place.

Several challenges are unique to large-scale construction projects globally. The existing practices

that most of the risk managers in major construction projects have proven insufficient to

guarantee the successful completion of projects (Kerzner, 2018). Sadly, project risk management

comprises a lot of literature which are just words that don’t even find their application in most

complex and large-scale projects. With consideration to these, this research proposal aims to

relook at the current risk management practices employed in major projects and how some of the

practices deemed inadequate can be worked on to make them useful in even more complicated

projects. Other factors that this research will not overlook include those on the criteria applicable

for project success. In most construction projects, success can be ascertained and measured using

parameters such as the ability to meet the predetermined budgetary constraints and the ability to

achieve the planned outcomes (Singh & Hong, 2020). Through effective risk management, risks

that affect projects can be easily identified and mitigated.

 The process of risk management in projects can be divided into about four stages starting

with the risk identification complex (Wu et al., 2021). After risks have been identified, the

identified risks can be assessed to determine the degree to which they may affect the successful

completion of the project. After the assessment, the risks usually need proper mitigation and

post-mitigation monitoring to ensure that they completely are done away with. This research

aims to formulate a framework that can be used comprehensively for risk management purposes

in large-scale construction projects by both the stakeholders who put larger investments in the

projects and the project managers.

Research Methodology

This research will utilize methodologies that are based on research strategies that are

correlative or causal. A combination of both qualitative and quantitative techniques would be

ideal in the collection and analysis of data on risk management practices in complicated and

large-scale construction projects. The qualitative techniques will be of great importance in the

section of the research that would provide a comprehensive review of the literature. Through the

use of qualitative techniques in the section, it would be easy to identify the gaps that exist in the

literature as well as some trends that would eventually act as a strong theoretical background for

the research. The main concern of the qualitative approach would be to help in the evaluation of

certain causes and effects of a given phenomenon.

Case studies will be considered as the main quantitative technique in the research.

Diverse case studies on larger and more complicated projects would be used to provide insights

into risk management scenarios in some large construction industries and how the cases in the

scenarios can help guide the actual practices in project risk management. To identify cases that

would be of great significance to the research, purposive sampling techniques will be

recommended. In the research, various types of data about risks in various levels of projects, risk

management practices, and even data on the implications of the risks on project completion will

be collected. Various data collection tools like surveys, interviews, and document analysis will

be very useful in collecting data. The tools will aim at obtaining raw data or information from

people like project managers and stakeholders.

In the project, data will be analyzed thematically, and a consideration will be made on

whether it would be most appropriate to represent the analyzed findings by the use of tables and

charts. With the use of the research objectives, it would be very easy to interpret. A good

interpretation of the data would be a great boost to the general risk management practices in the

construction industry.

Ethical Considerations

In this research on risk management in large-scale construction projects, generally

accepted ethical practices will be taken into consideration. Some of the ethical norms that will be

given higher priority include participant confidentiality and informed consent of all those who

will participate in the research study. This will be best achieved by ensuring that respondents'

data and feedback are anonymously identified in the research with not even a trace of the

respondents’ information that can be used for identification purposes in the research documents.

In the research, all information that pertains to the purpose of the research and how the data

collected in the research will be used shall be disclosed. This will be a step that will help narrow

down the potential for conflicting interests. The research will ensure strict adherence to all the

relevant ethical guidelines. Additionally, all the willing participants will be notified about their

freedom to exit the research at any point in time without being penalized.
 Work Plan

The proposed research will be conducted over about 24 weeks. The research will be

conducted with the guide of a detailed plan to ensure the meeting of set targets and the easy

identification of deviations that may need control interventions. In the first 4 weeks, the main

focus will be on developing a comprehensive framework with the aid of the information obtained

from the reviewed literature. In the next 5-12 weeks, there will be a review and selection of case

studies that provide suitable case scenarios about complicated large-scale construction projects.

Actual data collection will also be done during this period. The most preferred respondent will be

the project managers, the stakeholders in the mega construction projects, and even the

contractors where necessary. The period between week 13 and week 16 will be used for the

analysis of the collected data to extract meaningful information about the research subject matter.

A report on the findings of the research will then be drafted and compiled between week 17 and

week 20. During this period, feedback and reviews from peers will be welcomed because the

feedback would be meaningful in the revision of some aspects of the report. Lastly, between

week 21 and week 24, the final report will be prepared and presented for evaluation.

Conclusion

This proposal has highlighted some of the main aspects that the research on project risk

management would cover. The main aspects that will be covered include the development of a

comprehensive risk management framework for large-scale projects, the assessment of the

consequences of risk management actions on project success and the roles that risk management

plays in mitigating impediments and cost overruns in construction projects. Since Risk

management in large-scale projects has been an area of great concern, the research would

provide findings that would help in addressing the overmentioned issues.

 References

Hessellund, R., B. (2022). Civil Engineering - Risk Management & Uncertainty – Version 1.2.

[Reading] 6-10 March 2017: VIA University College, Denmark.

Kerzner, H. (2018). Project management best practices: Achieving global excellence. John Wiley

& Sons

Kotlarsky, J., Sen, S., & Budhwar, P. (2020). Extending organizational boundaries through

outsourcing: toward a dynamic risk-management capability framework. Academy of

Management Perspectives, 34(1), 97-113.

Singh, N. P., & Hong, P. C. (2020). Impact of strategic and operational risk management

practices on firm performance: An empirical investigation. European Management

Journal, 38(5), 723-735.

Wu, Z., Nisar, T., Kapletia, D., & Prabhakar, G. (2021). Risk factors for project success in the

Chinese construction industry. Journal of manufacturing technology management, 28(7),

850–866.