NEXUS BETWEEN RISK MANAGEMENT AND PROJECT SUCCESS: AN EMPIRICAL EVIDENCE FROM ENGINEERING SECTOR OF PAKISTAN
This paper aims at identifying various risk management techniques being adopted by the engineering consultancy sector of Pakistan and to examine their impact on project success. Five risk management(RM) practices including, risk identification, risk assessment, risk controlling, risk reporting and risk monitoring were chosen. Adopting the deductive approach, hypotheses were developed and a questionnaire survey was undertaken to record responses of the employees working in the engineering consultancy sector. The primary data were collected from 110 engineers and managerial level employees of the selected firms which were further analyzed through appropriate statistical tools with the help of software ‘Statistical Package for Social Sciences (SPSS), version 23. As a result of the analysis, it was found that the impact of risk controlling, risk monitoring and risk reporting was significantly positive on project success. However, the impact of risk identification and risk assessment was not significant. This paper is likely to help engineering consultancy firms in understanding the impact of existing RM factors on project success and enable them to take remedial measures for improving the overall risk management system. Other organizations and academia may also benefit from the findings of this study.
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