Effective risk management practice and project success : the case of a water utility’s construction projects

Abstract

Failure to complete projects can significantly put an organisation’s competitive advantage, its strategic position, and competitive survival in jeopardy. The study sought to establish the effectiveness of applying project risk management tools and techniques at Rand Water, a state-owned entity. A quantitative approach with a survey research strategy was used in this study and 63 of the total population of 69 responded to the questionnaire that was issued. The Rand Water case study findings suggest that, in order to reduce project failure, one of the tools being utilized in managing projects is effective project risk management. In addition, the findings indicate that executive management must continue to apply project risk management tools and techniques coupled with regular project team training.