Impact of Project Risk Management on Project Success in Electrical Power Projects

Abstract

The study tries to find out how PRM impacts project results in the electrical power sector and lists the obstacles organisations meet when managing risks.

This research obtained information from power project staff by interviewing 113 individuals using a quantitative approach. A survey approach, where questions were answered on a Likert scale, was followed to obtain insights about the way PRM practises are seen and how they affect cost, time and quality.

It was discovered that practising PRM well is strongly tied to achieving success in the project. Research using statistics discovered that there are strong connexions between the PRM process and the key factors of success: managing expenses well (r = 0.695), efficient organisation of workforce (r = 0.727) and high quality (r = 0.735). Firms that introduced clear PRM processes had higher chances of reaching their objectives in cost, time and quality when there were tech upgrades or changes in regulations.

The framework suggested is aimed at addressing the distinctive requirements and challenges faced in generating electricity. It underlines that a well-established risk culture in the organisation, use of advanced tools and identifying and managing risks are important.