Study on risk management practices of the central Expressway construction project in Sri Lanka

Abstract

The Central Expressway (CE) construction project in Sri Lanka aims to enhance the transportation network and stimulate economic growth but faces risks like delays, cost overruns, and compromised quality. This study fills a literature gap on practical risk management practices in Sri Lankan infrastructure by examining the CE project's RMP. Drawing on Chapman and Ward's and Hillson and Murray-Webster's frameworks, it assesses risk identification, assessment, and mitigation, integrating covariate variables. Using a quantitative approach with a survey of 191 stakeholders and SPSS analysis, the study tests hypotheses on risk management's impact on project performance. Results show that risk identification, mitigation, and stakeholder engagement significantly influence performance, explaining 78% of its variance. Effective risk assessment recognizes technical, financial, environmental, and geopolitical risks. Timely mitigation minimizes delays and cost overruns. Stakeholder engagement, especially in decision-making, is crucial for success. The findings suggest a dynamic risk management approach, enhanced stakeholder engagement, and comprehensive contingency planning. This research advances the theoretical understanding of risk management in large-scale projects and offers practical insights for project managers and policymakers. However, the work is not done. Future research should explore comparative analyses across projects and industries to identify transferable practices to improve risk management effectiveness and promote sustainable development in Sri Lanka, emphasizing the urgent need for continuous improvement in risk management practices