Risk Identification Tools and Techniques in Sri Lankan Construction Projects

Abstract

In today's world, risk management practices play a critical role in construction projects. This paper aims to look at the tools and techniques used in Sri Lankan construction projects for risk identification. Risk identification is one of the most important processes in the risk management process. The study was conducted under a mixed methodology. Data was collected using a questionnaire survey among construction projects in Sri Lanka to determine the study's findings. The purposive selection approach was used to pick 100 samples, and the construction projects were divided into four categories: road construction projects, irrigation construction projects, commercial construction projects and industrial construction projects. The Statistical Package for Social Sciences (SPSS) and Microsoft Excel 2016 were used to measure the rate and frequency of risk and risk detection tools and techniques with the help of Mean Item Score for the aim of data analysis (MIS). According to this detailed study and analysis, the most common risks in Sri Lankan construction projects are time, financial, health, safety, personnel, and environmental risks. The most commonly used risk identification tools and techniques in Sri Lankan construction projects are past experiences, document analysis or review, expert system / expert judgment, checklists, and SWOT analysis. Furthermore, too many assumptions, time and cost constraints, a risk-averse attitude, a lack of information, a lack of management support, a lack of knowledge, and insufficient planning approach, imagination, and identification quality are all common challenges in identifying risk in Sri Lankan construction projects. Finally, this research will assist risk management practitioners in identifying the appropriate tools and techniques for identifying risk in Sri Lankan construction projects and the hazards that are always present in these projects.