Risk Management Practices in Sri Lanka

Ayodeji E. Oke, Pelumi E. Adetoro, Seyi S. Stephen, Clinton O. Aigbavboa (), Lukman O. Oyewobi () and Douglas O. Aghimien
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Ayodeji E. Oke: Federal University of Technology Akure
Pelumi E. Adetoro: Malawi University of Business and Applied Sciences
Seyi S. Stephen: University of Johannesburg
Clinton O. Aigbavboa: University of Johannesburg
Lukman O. Oyewobi: Federal University of Technology Minna
Douglas O. Aghimien: De Mont Fort University

Chapter Chapter 7 in Risk Management Practices in Construction, 2023, pp 67-93 from Springer

Abstract: Abstract Risk management is considered an emerging concept in the Sri Lankan construction industry. It is gradually gaining prominence because of rising construction activity, increased complexity and sophistication in construction projects, and strong market competition. This chapter addressed risk concepts and identified the risks associated with construction projects. It also highlighted the risk management processes and the tools that can be employed to execute each phase. It was concluded that there was a certain constraint to the application of risk management in Sri Lanka, as most clients were not proficient about risk management benefits and felt that contractors and consultants have the obligation to bear the risk effects by their own cost. Also, clients that were willing to actualize risk management practices in their projects were not prepared to spend extra cost in implementing risk management process.

Keywords: Construction risk; Project risk; Project success; Risk actualization; Risk practice; Risk management (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/978-3-031-35557-8_7

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