Project Risk Management and its Application into Dubai's Fast Track Projects
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Date
2019-03
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The British University in Dubai
Abstract
This thesis has been designed to analyze the risk management of fast track projects in construction sector of UAE economy. The primary objective here is to find out the risks which are likely to be faced by fast tracked projects, analyze the risks so identified to understand their impact and how the same must be dealt with by the project managers to minimize their overall impact. Based on the analysis and the understanding of the risks, a precise and effective risk management strategy is also proposed to be adopted by the project contractors and project managers. Approximately 30 questionnaires were submitted to respondents who were chosen from the industry. The survey responses were then summarized and analyzed using different statistical tools for recommending a risk management framework.
While primary data collection was done through survey mechanism, the secondary data collection was done through collection of data from sources such as government sources, publications made by researchers, website publications and books etc. Analysis made into the data collected shows that risks can arise from both internal and external sources and it was found that even though there is the presence of a good knowledge base in relation to risks but more needs to be done to effectively manage the overall risk management of fast-tracked projects. It was also observed that poor risk management and lack of risk recognition led to bad or poor risk mitigation in a no of projects which led to delays and cost escalations. It is however learnt that managers working in fast tracked projects were well aware of the risk impacts and a better top management recognition of the risk and integration of risk management into project plans would makes sure the risks are well managed and their impacts negated. It is also leant that if risk mitigations measures were undertaken at the right time and projects managers use the findings of the study and work on a pro-active basis for the risk management process, the same can result in higher profitability and ensure better competitive advantage for the contractors and project teams in the long run.
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Keywords
project risk management, fast track projects, construction sector, project managers, United Arab Emirates (UAE), risk management framework, UAE economy, competitive advantage