Effect of Risk Management on Success of Workers Affordable Properties Ltd (2017-2022)

Abstract

Projects are always prone to uncertainties and risks and failure to effectively manage the associated risks appropriately results to failure of the projects in terms of delay in completion (Jean, 2015). Globally, regionally and locally various studies have been conducted on the risk management practices on performance and success of projects. The specific objective of the study are to examine the effect of risk identification on success of Workers Affordable properties Ltd, to determine the effect of project analysis on success of Workers Affordable properties Ltd, to investigate how project risk response planning affects success of Workers Affordable properties Ltd and to evaluate how Project risk monitoring and control affects the success of Workers Affordable properties Ltd. This research adopted descriptive and correlative study design where descriptive statistics was applied to analyze data from questionnaires and interview guides. The collected data was collected through primary data comes which data was composed of information got from questionnaires and interviews held with selected respondents while the secondary data of this research was extracted from different text books, and other previous research documents in the same field. The results revealed the effect of risk management on the success of Workers Affordable properties Ltd. The results evaluated by R-squared and modified R-squared, show that risk management for 75.0% of the total success variation. The coefficient for Risk Identification" is β=0.398, t=7.335, p<0.05. These statistics indicate that risk identification significantly and positively affects the success of Workers Affordable Properties Ltd. Regarding Project Analysis, the coefficient is β=0.409, t=5.964, p<0.05, For Project Risk Response Planning," the coefficient is β=0.441, t=3.496, p<0.05. These statistics indicate that project risk response planning has a statistically significant positive effect on the company's success. Finally, Project Risk Monitoring and Control" has a coefficient of β=0.340, t=2.670, p<0.05. These results indicates that project risk monitoring and control significantly and positively affect the success of Workers Affordable Properties Ltd. The study recommends more stakeholder engagement in project risk management to ensure more productive identification of project risks. The study established that the analysis tools utilized were only moderately effective and viable in risk analysis.

Key words: Risk, Management & Success