Abstract:
Risk management framework in the construction project management sector is the
solution to a systematic step-by-step management of risks in organisations and
projects.
It is vital that all organisations become involved in the management of risks from top
management to the general labour force. This is the only way that organisations will
manage to handle risks effectively and eventually protect and increase the wealth of
enterprises.
A study was conducted to identify the existing risk management frameworks in
various institutions as well as the risks commonly encountered in the construction
related projects undertaken by engineering and construction project management
professionals and firms as well as other stakeholders. In addition, the study also
looked at the project management professionals in order to determine their levels of
competence and expertise to perform as project managers. The study also looked at
the effect that poor knowledge in project and risk management areas have on project
performance.
The aim eventually is to present a solution in the form of a risk managment framework that is balanced for small, medium and large organisations dealing with construction project management in South Africa.
