Author(s): Yakubu Abdulai, De-graft Owusu-Manu
Project risk management is a useful tool for planning and controlling cost, time and quality as well as achieving the best performance of a construction project. Usually, construction projects face a lot of risk and uncertainties, which puts construction projects at the risk of cost, time overruns as well as low-quality delivery. The research aimed to examine the effects of the application of risk management tools and techniques on the performance of construction projects performance in terms of time, cost and quality within the Tamale metropolis. The study employed quantitative research methods. One hundred and nine (109) survey questionnaires were designed and administered face to face to contractors, site managers and project managers in the Tamale metropolis and a total number of ninety-six (96) were recovered representing a response rate of 88.07%. The data gathered were organised and analysed using descriptive statistics, factor analysis and regression analysis. The study found that risk management practices within construction projects are not actively conducted. Also, the study found that project professional utilised qualitative tools and techniques then quantitative tools, in that decision-making process is centred at the top-level management. The study found that selecting risk management tools and techniques have a positive influence on project performance. The study recommend that decision making should be decentralised to enhance effective implementation and easy understanding of risk strategy, goal and objectives, duties and contents of the service and feasibility of the project. This will go a long way to help in eliminating future disputes and variations between parties during the construction stage. It is therefore recommended that project professionals undergo holistic risk management pieces of training, seminars and workshops to enable them to acquire all necessary knowledge and skills required to understanding quantitative tools and techniques and its smooth implementation.