| dc.description.abstract | Construction industry plays a central role in economic and social development of Sri Lanka. As construction projects are
inherently risk prone, risk management is a key area in construction project management. Risks can impact project
scope, budget, timeline, and resources. Despite its importance, not many studies in the area are available in Sri Lankan
context. With objectives of studying risk parameters and risk factors affecting construction projects in Sri Lanka,
identifying existing risk prevention and mitigation measures, and recommending appropriate strategies to improve
current risk management practices, this study considered the perspective of construction contractors. Study sample was
selected from contractors registered in Construction Industry Development Authority (CIDA) using stratified random
sampling method. Data was collected via a structured questionnaire. Industry professionals were interviewed to obtain
feedback on risk parameters and risk factors most relevant for Sri Lanka. All categories of contractors identified financial
risks as the most critical. By referring to Risk Assessment Matrix, criticalness of risks and urgency for taking appropriate
actions can be identified. For small scale contractors, the extreme risks included cost overruns, delayed payments and
poor resource management, which indicated need for immediate improvements. For large and medium scale
contractors, impact and frequency of all risk factors were found to be in high and moderate region, which require
improvements at some point. Applying best practices of similar previous projects was considered as the highest ranking
risk preventive measure, while improving coordination among all parties concerned and effective supervision were
identified as the best mitigation measures. | en_US |
