This paper is part of the International Journal of Applied Research in Business and Management (ISSN: 2700-8983), Volume 6, Issue 1, published in 2025.
Authors
Bokang Sithole, Charles Tony Simphiwe Ngwenya
Abstract
This study investigates the practical implementation and effectiveness of risk management tools and techniques in construction projects, with a particular focus on how organizational culture influences their success. Through qualitative research, including semi-structured interviews with professionals in the construction industry, the study explores the challenges and best practices in risk identification, assessment, and mitigation. Findings reveal that traditional tools such as checklists, risk registers, and brainstorming remain widely used, though their application is often limited by a lack of formal education and training in risk management. While quantitative methods, such as Monte Carlo simulations, are recognized for their predictive capabilities, they are underutilized, particularly for non-financial risks. The study highlights significant gaps between theory and practice, particularly in the integration of advanced data-driven approaches, which could improve the accuracy of risk assessments for high-risk tasks. Furthermore, the research identifies the absence of structured knowledge transfer mechanisms as a barrier to effective risk management. The study concludes that while risk management frameworks are theoretically sound, their practical implementation is often hindered by organizational barriers, including inadequate training, poor communication, and the failure to incorporate emerging technologies. The results suggest that future research should focus on developing standardized, technology-integrated risk management frameworks and fostering a culture of continuous improvement to enhance project success.
Suggested Citation (APA 7th)
Sithole, B., Ngwenya, C. (2025). Unpacking the Influence of Risk Management Culture within the Built Environment Projects. International Journal of Applied Research in Business and Management, 6(1). https://doi.org/10.51137/wrp.ijarbm.2025.msut.45698
