Impact of Project Risk Management Practices on Project Success in Large-Scale Construction Project

Abstract

The study investigates Project Risk Management (PRM) implementation effects on large-scale construction project achievements, particularly in Pakistan and other developing countries. The study analyses structured frameworks of PRM to identify their effects on project results for cost management and project duration along with quality assurance.

Respondents completed 164 surveys, which, along with interviews with 23 participants, including project managers, engineers and risk specialists, constituted the research design. The analysis through SPSS showed an average strength of positive link (r = 0.608) between organizations implementing successful PRM practices and achieving desirable project results. The NVivo program helped identify three main project challenges regulatory ambiguities, environmental barriers, and problems with stakeholder coordination as people faced regulatory ambiguities alongside environmental barriers and problems with stakeholder coordination.

The value of public relations management is acknowledged by firms across the industry, yet implementation varies because of cultural barriers as well as employee training problems and inadequate technological utilisation. The study examines promising software solutions, including Building Information Modelling (BIM), predictive analytics and IoT-enabled risk monitoring, to boost PRM success rates. The study presents final recommendations to advance PRM adoption standards based on ISO 31000 and PMI PMBOK and stakeholder alliances and development programmes. The research enhances scholarly understanding of construction project success by investigating how PRM contributes effectively.