1

Statement of Authorship

Statement of Authorship This Research Project was completed as part of the B.Sc. (Hons) Degree in
Quantity Surveying at Liverpool John Moores University. This is my own unaided work. Where the
work of others has been used or drawn on then it has been fully attributed to the relevant source.

Signature:

Date:

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Contents

List of Figures.................................................................................................................... 5
Acknowledgments ............................................................................................................. 6
Abstract .............................................................................................................................. 7
Chapter One: Introduction ................................................................................................ 8
1.1. Background and Rationale............................................................................................ 8
1.2. Research Problem ...................................................................................................... 10
1.3. Problem Statement ..................................................................................................... 10
1.4. Aim ............................................................................................................................. 11
1.5. Research Objectives................................................................................................... 11
Chapter Two: Literature review ...................................................................................... 12
2.1. Introduction ................................................................................................................. 12
2.2. What is risk? ............................................................................................................... 12
2.3. Classification and types of risks .................................................................................. 13
2.3.1. Physical risk ............................................................................................................... 13
2.3.2. Risk of construction ..................................................................................................... 13
2.3.3. Risk of design ............................................................................................................. 14
2.3.4. Political risk ................................................................................................................ 14
2.3.5. Environmental Risk ..................................................................................................... 14
2.3.6. Financial risks ............................................................................................................. 14
2.4. What is risk management? ......................................................................................... 15
2.5. Key elements of risk management body of knowledge ............................................... 16
2.5.1. Risk management planning .......................................................................................... 16
2.5.2. Risk identification ........................................................................................................ 17
2.5.3. Qualitative risk analysis ................................................................................................ 17
2.5.4. Quantitative risk analysis .............................................................................................. 17
2.5.5. Risk response planning ................................................................................................ 17
2.5.6. Risk monitoring and controlling ..................................................................................... 18
2.6. Risk Awareness .......................................................................................................... 18
2.6.1. Risk management planning .......................................................................................... 19
2.6.2. Risk identification ........................................................................................................ 19
2.6.3. Qualitative risk analysis ................................................................................................ 19
2.6.4. Quantitative risk analysis .............................................................................................. 19
2.6.5. Risk response planning ................................................................................................ 19
2.6.6. Risk monitoring and controlling ..................................................................................... 19
2.7. Summary .................................................................................................................... 19
Chapter 3 - Research Methodology ................................................................................ 21
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3.1. Introduction ................................................................................................................. 21
3.2. Research Approach. ................................................................................................... 21
3.2.1 Research process ........................................................................................................ 22
3.3. Theoretical Approach. ................................................................................................. 23
3.3.1. Deductive theory ......................................................................................................... 23
3.4. Paradigm .................................................................................................................... 24
3.4.1. Positivism ..................................................................................................................... 24

3.5. Strategy of Inquiry....................................................................................................... 25

3.6. Data collection techniques. ......................................................................................... 25
3.7. Data analyzing techniques .......................................................................................... 25
3.8. Summary .................................................................................................................... 26
Chapter Four - Data Analysis and Discussion............................................................... 27
4.1 Introduction .................................................................................................................. 27
4.2 Analyzing the collected data ........................................................................................ 27
4.2.1. Overview .................................................................................................................... 27
4.2.2. Demographic data ....................................................................................................... 27
4.2.2.1. Educational Background and Year of Experience of the respondent .......................................... 28

4.2.3. Contextual Data ....................................................................................................... 29

4.2.3.1. Confidence on knowledge about risk management ............................................................... 29
4.2.3.2 Risk management studying.............................................................................................. 30

4.2.3.3. Qualification which taught risk management ........................................................................ 31

4.2.3.4. Total number of hours spent on and key areas that learned about risk management. ..................... 32

4.2.3.5. Mostly studied topic in risk management ............................................................................ 33

4.2.3.6. Number of hours spent on studying the mentioned topics in figure 4.6 ....................................... 34
4.2.3.7. Other Risk Management topics that have being learned, and hours ........................................... 34

4.2.3.8. Other topics respondents like to studied ............................................................................. 35

4.2.3.9. The best ways to increase risk management knowledge ......................................................... 36

Chapter 5: Conclusion and Recommendations............................................................. 38

5.1 Introduction .................................................................................................................. 38
5.2 Summary of the Study ................................................................................................. 38
5.3 Conclusion of the Study ............................................................................................... 40
5.4 Recommendations ....................................................................................................... 40
5.5. Limitations .................................................................................................................. 40
5.6. Further Research Studies ........................................................................................... 40
References ....................................................................................................................... 41
Annexures ........................................................................................................................ 44

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List of Figures

Figure 3. 1 Research process ....................................................................................... 23

Figure 3. 2 Deductive theory ......................................................................................... 24

Figure 4. 1 Educational Qualification / Figure 4. 2 Year of Experience.................................... 28

Figure 4. 3 Confidence level ..................................................................................................... 29
Figure 4. 4 Study of Risk Management ..................................................................................... 30
Figure 4. 5 Qualification which taught risk management ........................................................... 31
Figure 4. 6 Total number of hours spent on and key areas ....................................................... 32
Figure 4. 7 Mostly studied topic in risk management ................................................................ 33
Figure 4. 8 Number of hours spent on studying the key knowledge elements. .......................... 34
Figure 4. 9 Other topics respondents like to studied ................................................................ 35
Figure 4. 10 Studies of Management of risks .......................................................................... 36

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Acknowledgments

The outcome of this research is the result of many people’s support. Especially, I
thank all those who participated to this research and who spent very important time
and effort to give knowledge to this research project.

I would like to give my great and heartfelt thanks to my research supervisor Mr.
Suranga Jayasena for his exceptional supervision and motivation to successful
completion of this project. Also, it has been a grateful privilege and work with and an
honor to study under his direction. I also want to thank him for his friendship and his
empathy.

Special thanks of gratitude to head of department Mr. Thilanka Wijesinghe for

supporting me and I grateful to express my gratitude to SLIIT's Quantity surveying
department and LJMU University for the excellent service.

I would like to express my special thanks of gratitude to my parents for their love
and support throughout this heavy process. Thank you both for giving me strength
to reach and chase my aim. And also, I would never forget to thank for all the help
given by my colleagues and collage staff.

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Abstract

Construction industry is a vast industry which is spread worldwide. It has a long-

term history and it began back in ancient days. The uniqueness of this industry has
created great creations for the world. It is an industry that is developing to the
present day. Because of this development this industry becomes the heart of the
world economy as well. After the civil war this industry also becomes the most
developing industry in Sri Lanka. Furthermore, this is a very complex industry and
also very risky. In this case, different kinds of risk can be occurred in this industry.
Therefore, risk management is a crucial thing to consider for a project’s success. In
construction projects, risk management comes under project manager’s
responsibilities. Therefore he/she should have proper knowledge about the risk
management field. Therefore, research aim is to recognize the level of risk
management knowledge among construction project managers in Sri Lanka. In this
research quantitative method is being used to fulfill the data. A Questionnaire
survey was done using 25 project managers in Sri Lankan construction industry.
Literature review was done to investigate the key elements of risk management
body of knowledge and acquisition process of those elements. After that,
questionnaire was conducted to find the level of acquisition of these elements by
project managers in construction projects in Sri Lanka. According to the findings of
the research many gaps were found related to the project manager’s knowledge
level and also the key elements of knowledge about risk management. Therefore,
the increment of knowledge during the educational period is considered as an
important matter to deal with.

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Chapter One: Introduction

1.1. Background and Rationale

Industry of construction is an old human movement (Chi-Chang and Swenson,

2020). In this industry people use the natural resources at their disposal to build
objects such as private shelters, roads or public buildings that are useful to them.
When turning back to see the history of construction, it has a long-term history. It is
started in old occasions when people stared to fabricate their own shelters, for
example they started to construct their cottages using natural resources. Because of
development is closely linked to human life, construction industry is closely linked to
human life. Therefore, construction has been closely connected to human life since
the starting of the Stone Age.

Modern construction industry is a large and most popular industry in the world (Kıral
and Kural, 2014). This industry plays crucial role in developing countries like Sri
Lanka. Construction projects start in complex and dynamic conditions and it bring
together many parties (Madushanka and Tilakasiri, 2020). This is a very complex
industry compared to other industries and it also, of the construction projects
increase the interest in the risk management because of this complexity (Dario,
2017). Because of the complexity always we have to face different risks in
construction industry.

There are risks from start to end of the project. The risks of projects vary in many
ways. There are different risks affect to project in before construction, construction
stage and after construction stage (Rehacek, 2017). There are different types of risk
in this industry. It can be shared in project different ways such as time risk, cost risk,
construction risk, social risk etc. According to the Perry and Hayes (1985), mainly
financial risk, risk of environmental, risk of design and construction risk can be
affected to the project (Perry and Hayels, 1985). These risks effect to the
construction project different ways (Rehacek, 2017). Most of the time it affects to the
cost and the time duration of the project. Not only that, it also affects the project
quality as well. In this case risk management is a crucial part of the any construction
project because it is necessary to completion of the project under given quality, cost
and time (Madushanka and Tilakasiri, 2020). Also, to mitigate these risks there are
lot of techniques used in construction industry.

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Management of risk is one of the crucial areas in construction projects and
important part of the project management (Ray, 2017). It has dissimilar different
things to different kinds of projects. For big projects, strategies of risk management
can incorporate definite and broad arranging for each risk to make sure minimize
strategies is in place in the event of problems. For small projects, management of
risk might mean a simple, list of high, low and medium priority risks (Ray, 2017). But
nowadays, people are interested in risk management because of the project’s
complexity. Also, risk management is important because it mainly affect to the
project cost and profit. It is a combine of analyzing, identifying, and responding to
risks about the project (Serpella et al., 2014). The major point of the risk
management is identification and reduces risk for success of the project and to
achieving its goals (Maytorena et al., 2004). This is a difficult thing to do in
construction projects. Therefore, improve knowledge about management of risks is
vital in projects of construction.

The process of risk management is divided to three main parts as following,

identifying risks, monitoring, controlling (Banaitiene, 2012). The most important
activity of this risk management process is identifying risks. Because it is a process
of identifying types of risk impact to the construction project (Maytorena et al.,
2004). Also, it can gain start to end project information. Therefore, this is important
part in risk management process. Monitoring risk in construction project is the
important part because it can be affected to cost and time duration of the
construction project (Ray, 2017). Therefore, monitoring identified risks are important
thing to carry out construction project. Risk controlling is a last part of the processes
of risk management. Risk controlling is important to construction projects to reduce
the project losses.

Managing the risk is depending on the project manager’s responsibility. He/She has
to manage all the risk start to end of the project. Project managers should have
knowledge about the management of risk and he should have experience of the
industry. According to the Madushanka and Tilakasiri, in Sri Lanka there is a lack of
knowledge about the management of risk. Lack of knowledge about managing risk
is the main thing for risk arises. There are key elements of risk management body of
knowledge to increase the knowledge. Project managers should go with the
knowledge areas and they should have fulfilled the knowledge about management
of risks. According to the previous researches they use different technique to
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minimize the construction project risks. But construction professionals do not have
good knowledge about risk management. In this case this research is focused
about identifying the level of risk management knowledge among construction
project managers in Sri Lanka. Also, what are the main things to consider when risk
management in construction project.

1.2. Research Problem

Lack of Risk management knowledge of construction project managers in Sri

Lanka?

1.3. Problem Statement

Construction projects are large in under normal conditions and not able to be relied
on and in many ways default to understand. In this case, they are covered to greater
risks connected to economic, political and environmental conditions than other
categories of construction projects. (Emad and Zakatiya,2006). If there is not good
risk management done in project can arise project delays, increase project final cost
etc. This is a problem in worldwide not only in Sri Lankan construction projects also
have these problems. Therefore, risks are the most familiar challenge in projects
face. The main problem is to increase risk is less knowledge about how to deal with
risks.

Therefore, proper risk management techniques and proper knowledge are needed
to reduce the risk effects. This comes under project manager’s responsibility
(Bosse, 2020). Many studies have been conducted on the basis of risk
management, but not much research has been conducted based on the project
managers' knowledge of risk management. In this case this research focused on the
level of risk management knowledge based on project managers in Sri Lanka.

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1.4. Aim

To find the level of risk management knowledge among construction project

managers in Sri Lanka.

1.5. Research Objectives

1. Identify the key elements of risk management body of knowledge

2. Identify the knowledge acquisition process of those key elements
3. Find the level of acquisition of those elements by project managers in Sri
Lankan construction projects.

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Chapter Two: Literature review

2.1. Introduction

With globalization, risk has become an essential part of life going forward. Risk is
everywhere in day today life. One of the major risks involving areas is the construction
industry. (Szymansky,2017). Construction is an industry of high complexity and high risk
from the beginning of the project to the end of the project. Therefore, risk can arise any time
of any construction project. It can arise in different phases like design stage, tendering
stage and operational stage of the project. Specially, risk affect to the productivity, quality,
cost and the performance of the project. Therefore, management of risk as an important
tool to overcome risk of construction and get the better of the above project challenges
(Perera and Rameezdeen, 2014). Also, it is essential to achieve project objectives and
ensure timely implementation. (Al-Ajmi and Makinde, 2018). The success of the
construction project, especially the timely completion, adherence to a specific budget and
the achievement of the required performance, would depend on the ability, knowledge and
skills of each party in the risk management field (Perera and Rameezdeen, 2014).

Management of risk has long been associated with the construction industry. This will
protect the companies involved in the construction industry from various emergencies
(Dionne, 2013). However, the Industry of construction is making very slow progress in
realizing the advantage of risk management. Also, in Sri Lanka risk management was not
satisfactorily established due to different things (Perera and Rameezdeen, 2014).

2.2. What is risk?

Usually risk can be defined as the negative or positive digression of a variable from its
expected gain. In commonly, risk is recognizing only as a loss. (Schieg,2010) In this case
risk can arise in any construction project. According to Szymanski, “risk is inherent to every
project”, especially in the construction industry. Therefore, management of risk is a crucial
thing in all construction projects. (Al-Ajmi and Makinde, 2018) However, the difference
between risk and uncertainty should be distinguished. In 1921 Frank Knight said that
measurable uncertainty which is the risk is different from immeasurable risk.
(Szymansky,2017) From the later part of the twentieth century risk was associated mainly
with financial risk control. But with time other areas of risk was taken into consideration.
Usually risk is categorized as risk of cost, time and quality but as this is a broad discipline
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there can be various types of risks a such as risk of financial, risk of time, technical risk,
market risk, natural/ risk of environmental, and external risks (Szymanski, 2017).

2.3. Classification and types of risks

Risk classification is an important part in risk management. Over time, different people used
different nails to classify risk (Ally, Fadhili). According to the Perry and Hayes they promote
the list to classification the risks, they show it as a risk of physical, design risks, risk of
construction, political risks, risks of financial, contractual risks, and risks of environmental
(Perry and Hayes,1985). Also, in 2001 Chapman categorizes it in to four parts and Shen
categories in to six parts. Furthermore, according to Artto and Kähkönen it is divided into
the four parts like pure risks, financial risk, business risk and Political risk (Artto and
Kähkönen,1998). So, there are different ways can be used to arrange risks associated with
construction projects. According to above mentioned comments, risk is divided into six main
categories like physical risk, construction risk, design risk, political risk, financial risk and
environmental risk.

2.3.1. Physical risk

Physical risk depends on the physical nature of the project. This type of risk cannot control
the physically (Enshassi and Jaser, 2008). As an example, we can see bad weather (Acts
of gods), unforeseen circumstances. Risks like weather changes cannot be controlled or
avoided. But if project managers are aware of the risk, precautions can be taken prior to the
risk occurrence so that do not affect the work.

2.3.2. Risk of construction

Risk of construction is the risk that arises in construction stage of the project. Risks during
this stage affect cost, time and quality during the construction phase. Because of this
reason this is a critical factor (Ally, Fadhili). For this reason, more attention should be paid
to this risk. There are different types of risks occurring in this stage. Possible equipment
failure that will affect labor productivity, Failure to do work, poor relationships between
construction professional, poor workmanship, soil conditions, insufficient on-site
investigation, insufficient information in documents, unforeseen problems, Lack of
availability of labor for both manual work and management etc. (Enshassi and Jaser, 2008).
Therefore, it is crucial to have a clear awareness of the upcoming risks. This can be
obtained by proper site investigations and case studies prior to the commencement.

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2.3.3. Risk of design
Design risk can greatly influence the success or else of projects (Liu et al., 2017). This is a
highly possible risk in design stage. There are lot of risk can occur in the design stage of the
construction projects (Emad and Zakatiya,2006). It if lack of data and imperfect design
information, the late verification of risk and approval of the design etc. (Ally, Fadhili).
Likewise, Designs must be pre-approved by every needed authority. Also, it is important to
find solutions to the risks that may occur before proceeding with work.

2.3.4. Political risk

Doing business in construction in emerging markets presents a number of new challenges
and risks for every company together with political risks. Therefore, risk managers must
address themselves with the political risks of emerging markets. (Enshassi and Jaser,
2008). According to the Enshassi and Jaser there are some political risks in construction
projects. Law change, failure to comply with country or organization regulations, permitting
requirements, and approval procedures etc. Political risks are uncontrollable to a greater
extent. But it is important to have a clear understanding about the prevailing political
situation before designing a work. This can be done by visiting the necessary law parties
and getting advices on the issues.

2.3.5. Environmental Risk

Risk of environmental are a significant and growing problem for the Industry of construction.
Although, most of construction companies believe that only exposure to the environment is
associated with environmental works, they actually exist in all aspects of the construction
company's practice. By taking environmental risks into account, the contractor can be
significantly reduced, minimized or eliminated (Ally, Fadhili). According to the Enhassi and
Jaser whether, waste treatment, Ecological damage, pollution are environmental risks.
Environmental impact assessments should be done in the designing stages of a project to
obtain a clear awareness about the risks that may occur during construction and specially to
identify the long-term effects by the project

2.3.6. Financial risks

If there any risks depend on money, those can be called as a financial risk. Risk of financial
can be showed as the likelihood that the actual results of the investment will not be as
expected. Sometimes investment can lose when construction going on it is a financial risk

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(Ally, Fadhili). These are some financial risk in construction projects cash flow problems,
loss because of the contractor’s fault, bidder fail to enter in to the contract, insufficient
insurance, low payment for variations etc. Financial risks can be identified by having a
thorough knowledge about the economy of the country as well as the entire world.
Moreover, maintaining a proper record on cash flow helps in getting awareness on the
upcoming risks.

2.4. What is risk management?

Management of risks can be defined as the procedure of eliminating, reducing and

controlling risk, maximizing benefits, and preventing harm caused by speculative exposure.
Furthermore, management of risk in the context, management of construction project is a
comprehensive and standardized way of identifying, responding and analyzing to risks in
order to reach objectives of the project (Banaitiene and Banaitis, 2010). The objective of
management of risk is to increase the potential for success and decrease the likelihood in
future losses. Risks that become problematic can negatively impact time, cost, quality and
system performance. (Ranong and Phuennggam,2009). Management of risk include
different things like, Identification of avoid measures to prevent the risk or decrease its
effects, Follow-up project phase, start further research aimed at reducing unpredictability
through better details, Set and manage risk adjustments in programmers and cost
calculations (Perry and Thompson, 1992).

Management of risks obviously has great benefits for all Projects. It's not just a way to
ensure projects are finished on time and on budget. It can get benefits like, allow decision-
making be more methodical and less subjective, can get to know the project better by
looking for risks and by thinking about reaction scenarios, can improve experience and
communication in collaboration, can show the responsibility of the organization to
customers (Perry and Thompson, 1992).

Effective risk management does not necessarily mean that the risk can be removed
completely. In the present economy to gain profits the companies should have to face some
risk. Therefore, risk management which comes under the responsibilities of a project
manager, is the most important task of the position holder. (Serpella, et al,2014) Because of
the complexity of the project, managing the risk in construction projects is not an easy thing
to do. It requires proper method, Awareness of risk, specialized knowledge and experience.
(Serpella, et al, 2014)

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2.5. Key elements of risk management body of knowledge

Management of risks is the hardest feature of project management. Also, Project

management performance has a major impact on the success of the construction project.
The project manager must be able to realize and recognize the main reasons of risk and
monitor them all round the project to their outcome. Risk management of the project is a
frequentative process. This activity is important when applied in systematic manner
throughout the life process of a construction project, from the planning phase to finish
(Banaitiene and Banaitis, 2010). Therefore, the states the Project Management Institute
says, management of risks is one of the nine areas of knowledge they promoted.
(Banaitiene and Banaitis, 2010) In this case project managers should improve their
knowledge about the risk management. There are many knowledge areas that are available
for project managers to improve their knowledge. Process of risk Management categorized
into the six main steps as management planning of risk, identification of risk, qualitative risk
analysis, quantitative risk analysis, response planning of risk, monitoring and controlling of
risks (Banaitiene and Banaitis, 2010). These main steps are the most important steps of
body of knowledge of risk management as well. Therefore, project managers should
consider about this step to improve their knowledge about the risk management. Most
important thing is self-training can increase the knowledge about the risk management.
(Jen, 2012).

2.5.1. Risk management planning

This is an important factor of the project managers body of knowledge is risk management
planning. Good risk management plan helps to project manager to handle the risk in the
construction project. Also, this helps to identify how assess the risk and how often plan for
risk (Parker and Mobey,2004). There are four ways to play with a risk accepting, avoiding,
mitigating, and transferring in the that four ways (Watt, 2020). Avoiding the risk is best thing
to do. If you can prevent that, it certainly won't hurt your project. But it may not be an option
in this project. If avoiding risk is not a best option mitigating is the best way to deal with.
This means that you must take some action that causes the least harm to your project etc.
so these are the knowledge areas the project managers must know in planning stage of the
management of risk (Watt, 2020).

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2.5.2. Risk identification
The most important stage of management of risk is identification of risks. This is another
important part to the project managers should concern about. They should have proper
knowledge about identifying risk in projects. Risk identification helps to which risks can
affect the project and documents their characteristics. This step identifies and identifies
potential risks that are very common and other very common events. Risk is investigated by
studying the activities of organizations in all directions and trying to present new risks that
will arise in the future as a result of changes in the external and internal environment.
(Ranong and Phuennggam,2009) Normally, in identification period previous project risk was
concern. But there are many risks can arise in new project. Therefore, having a good
knowledge and good experience helps to identify the risk.

2.5.3. Qualitative risk analysis

Analysis of qualitative makes it possible to identify important risk factors. The aim is to
compile a list of the most important roots of risk and a description of their possible outcome,
including an initial estimate of their potential impact on time and cost calculations (Perry and
Thompson, 1992). Many managers accept that this initial qualitative analysis is important
and brings significant benefits in terms of understanding the project and its possible
problems (Perry and Thompson, 1992). Also, qualitative analysis of risk includes assessing
the probability and impact of various risks, and identifying risks to improve project
performance by identifying high priority risks (Nadaf, et al, 2018) This is another important
thing in project managers knowledge areas. This is also an important factor in improving
project managers' knowledge and skills of risk management.

2.5.4. Quantitative risk analysis

Analysis quantitative of risks is the process of mathematically exploring the cumulative
impact of identified individual project risks and other sources of unpredictability on the
overall objectives of the project. It contains more advanced techniques and methods to
investigate and analyze the risks of construction projects. Usually it involves more complex
analytical methods that often require computer programs. The use of quantitative risk
analysis makes it possible to model the showing of a construction project and quantifies the
probability of the appearance of identified risk factors and their possible impact (Banaitiene
and Banaitis, 2010). The purpose of quantitative analysis of risk is to determine the impact
of the recognized risks on the overall objectives of the project. (Bansal, 2019). Usually it
involves more sophisticated analysis techniques often requiring computer programs.

2.5.5. Risk response planning

Responses planning to risks are the choice of an appropriate reduction strategy negative
impact of the risk (Chou and Wang, 2003). It mentions to how the risk is to be managed by
17
handover it to another party or by retaining it. This is methods that use in risk management
and also the knowledge area that project managers should improve about risk
management. This method uses to reduce the threats of the project. In this case project
managers need to be aware of the content (Miller and Lessard, 2001). The goal of this
method is the objective is to implement project objectives at minimal cost and take action to
minimize its threats (Fang, et al, 2013).

2.5.6. Risk monitoring and controlling

Risk identification, planning, and tracking new risk is involves to the risk monitoring and
planning. This method helps to minimize the risks identified throughout the project (Slincu,
et al,2013) controlling risk is depend on the context of risk analysis. According to the
Schieg, there are four strategies of risk controlling. It is Avoidance, Decrease, passing on
risk and Bearing the risk by oneself (Schieg,2010). This includes tracing existing risks,
recognizing new risks, monitoring the effects of previous risk management activities and
evaluating the effectiveness of present risk management processes.

2.6. Risk Awareness

Risk awareness is an important factor for project managers when managing construction
projects. It is the identification of risks and active procedure of deducting or removing these
risks. To increase risk awareness in a project, manager must have the knowledge of this
(Bosse, 2020). According to the Jen, there is a no proper definition about the risk
awareness. It can define “Risk awareness is raising awareness of existing risks, their
possible consequences and how to manage them” (Jen, 2012). It is a thing about the risk
management knowledge. In this case increasing the knowledge and the risk awareness of
the project manager has a chance of project success. Increased risk awareness among
project managers has many benefits like can increases identification, increased experience
and increased performance etc. furthermore, Project managers must have experience,
technical ability, risk tolerance, communication skills. However, to increase risk awareness,
training, mentorship, lessons learned, status meetings, coaching, Probability Impact (PI)
Matrix can be used. (Jen, 2012).

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2.6.1. Risk management planning
The knowledge of risk management planning can be acquired through having a good
module in study programmes. It must be taught in every educational qualification level, so
that the necessary knowledge is gained via study rooms.

2.6.2. Risk identification

The knowledge on risk identification can be successfully obtained via case studies. Similar
case studies give knowledge about the risks that have a possibility to occur.

2.6.3. Qualitative risk analysis

Knowledge on Qualitative risk analysis can be obtained via past projects and interviewing
the responsible officers in completed projects. This is mainly obtained via experience.

2.6.4. Quantitative risk analysis

Similar to the qualitative risk analysis, the knowledge on quantitative risk analysis must be
also acquired through own experiences as well as by studying the previous projects.

2.6.5. Risk response planning

In order to have a good knowledge on how to respond a risk, it is important to have
workshops or practical sessions in course modules. This is mainly because the way to
response comes along with the experience.

2.6.6. Risk monitoring and controlling

To have a thorough knowledge on risk monitoring and planning it is important to have a
separate module in study programmes on how to keep qualitative and quantitative records
on risks and controlling them.

2.7. Summary

Construction is a highly risk industry in world wild, because the industry is a very complex.
So, projects manager has to manage all the risk of the projects until the end. The process of
risk management identifying, analyzing and mitigating project risks and identifying mitigation
measures for any project (Schieg,2010). If the good risk management has not been done
project will be complex and ineffective. To manage risk project manager has more
experience of the industry and it requires proper method. Risk management is difficult part
to the project manager to continue the project because he has to identify the all the root
causes of the risk and he has to get actions to these areas. Most of the construction

19
projects risk management methods is used less because people have less knowledge
about this field. There are many knowledge areas available to project managers to improve
their knowledge as well as their awareness. To acquire these bodies of knowledge the
project managers need to update their knowledge and improve the skills through training,
and other mechanisms which can be provided by their companies to them such as coaching
programs, mentorship programs, seminars, status meetings etc.…

20
Chapter 3 - Research Methodology

3.1. Introduction

This chapter regards methodology of the research which is used throughout the
research. The main components of this chapter are the research design approach,
theoretical approach, the paradigm, the strategy of inquiry and the research method
used for this research. Research methodology in fact is the most important part of
any research which determines the quality and validity of the results and
conclusions drawn from the result of the data analysis. According to Igwenagu,
Research methodology “is the systematic, theoretical analysis of the methods
applied to the field of the study”. (Igwenagu, 2016) Methodology can be described
as the general research strategy that the researcher decides to use for his/her
research.

In this project, the literature review shows an extensive set of data to identify risks of
construction, risk management and an important knowledge area of risk
management body of knowledge. Therefore, a gap was identified in the
investigation by evaluating available literature. The main target of this section is to
explore systematic methods to achieve the aim through identified gaps. Also, in this
research, it intends to use the quantitative methodology.

3.2. Research Approach.

The research design is a plan designed by the researcher to carry out his/her
research in an organized manner. For this, the researcher can use an approach
which is practically applicable to the nature of his/her study.

Mixed method, quantitative method and qualitative method are the mostly use
research approaches methods. A qualitative approach involves gathering and
investigating non-numerical data to recognize the concept, ideas or experiences.
This can use to get information about problems or new research ideas (Azorin and
Cameron, 2010). Quantitative approach is a method that used in collecting
numerical data. It can be used to review the findings of a study in numbers and

21
arrive at conclusions using the statistics. Mixed method is an approach to research
that combines or combines qualitative and quantitative forms.

In this research, it has been selected the quantitative approach to analyze various
relationships using numbers and charts. According to objectives in this research,
types of construction risk, key elements of risk management knowledge, level of
acquisition of those elements by project managers knowledge acquisition process of
those key elements is important to identify. Therefore, quantitative approach is the
best approach to this research studies to achieve the target.

3.2.1 Research process

Beginning of the research consists of a literature survey. In the literature survey,

various sources are explored regarding the knowledge body of risk management in
construction projects. This was carried out with journal articles, online reports,
books and relevant sources. The questionnaire was then developed based on the
results of a literature survey. With the survey of questionnaire identification of the
project managers’ acquisition of risk management key knowledge areas were
completed.

A pilot test has been done to determine the fidelity of the questions that developed.
Five construction professionals were selected to the pilot test and after that
questions were finalized considering the errors identified by the responses of pilot
test. Finally, survey data were collected using questionnaires and recommendations
were given based on the finalized data.

However, the problem is identified as there is quite low amount of success is

present in risk management of construction projects in Sri Lanka. These processes
are used to find the level of knowledge among construction project managers in Sri
Lanka.

22
Figure 3. 1 Research process

3.3. Theoretical Approach.

A theory can be definitions, concepts and existing theories formed by scholars

regarding various disciplines. The theoretical approach is the theories and analytical
models that the researcher has decided to use for the research by reviewing
available theories and concepts in literature. The literature survey is the foundation
to the theoretical approach of a study.

3.3.1. Deductive theory

The two main types of theoretical approaches that are used in research are the
Inductive and the Deductive approaches. In this research the deductive method is
used which is different from the inductive method where a theory is formed at the
end starting from observations. In the deductive approach one deducts through
reasoning which is at first general and becomes ore narrow and specific at the end.
This method is sometimes called the ‘top-down’ approach or the ‘waterfall’
according to the diagram. (Burney and Saleem, 2008)

23
 Figure 3. 2 Deductive theory

3.4. Paradigm

According to Kuhn, (1970) research paradigm is a set of usual beliefs and

agreements shared between scholars about how a problem should be recognizing
and addressed. Sometimes this way of thinking or common beliefs change from
time to time causing a paradigm shift. In educational research there are three main
approaches namely positivism, interpretivism and critical theory.

3.4.1. Positivism

Positivist research normally uses numerical data as this particular research has
chosen. The quantitative data collected by data collection is therefore used to
formulate answers for the research questions and create theories from them.
(Alharthi and Rehman, 2016). In this research the positivist Paradigm is used. Data
is mostly collected in numerical form and this data is used to deduct conclusions by
making confirmations using the deductive theory or the top-down approach.

24
3.5. Strategy of Inquiry

Strategy of inquiry is the way in which the researcher is going to find answers to
collected data from his/her sample. For this, researchers can use interviews,
surveys, questionnaires. These encounters can be face to face with the
respondents and also with the development of technology in today’s world various
strategies are available for researchers to use to collect their data.

Surveys are a form of an observational study where the questions are asked from a
number of people and the researcher or the surveyor does not manipulate or
influence the answers of the respondents.

In this research a questionnaire survey was used which consists of eleven

questions and each question was designed to collect data in order to achieve the
research objectives of this study.

3.6. Data collection techniques.

The purpose of the Data collection technique is to use a more practical, time saving
and easy way to collect correct data from the sample. (Goundar, 2012)
Questionnaire surveys can be either paper based or web based or electronic based.

Here, the researcher uses Google documents to collect data from the respondents
who are project managers related to construction projects in Sri Lanka. These
Google forms are electronic based and it does not influence the answers of the
respondents. The questionnaire survey is given to 25 respondents who work in the
construction field of project management and their answers were to be statistically
analyzed.

3.7. Data analyzing techniques

The collected data are analyzed based on their percentages in the collection of
basic data. Other numerical data were analyzed as average values. For example,
the learning hours of risk management topics were analyzed as average values.
The data representation was done via graphical methods for further clarification.
25
The last question was the only question that has to be analyzed with descriptive
methods.

3.8. Summary

In this chapter an introduction to what research methodology it was given in the

beginning. The research design approach was identified as the quantitative method
and the research process was explained using a flow chart. The theoretical
approach of the study was then described as a deduction theory research which
uses the positivist paradigm to draw conclusions and observations. The strategy of
inquiry and techniques that is going to use were explained in detail.

26
Chapter Four - Data Analysis and Discussion

4.1 Introduction

This chapter is based on the findings that are obtained in the data collection.
Questionnaire survey was sent to 25 personnel who are experts in the field. The
obtained raw data are analyzed with the aid of pie charts for graphical
representation. The survey was done to find out the knowledge and confidence
about the risk management in construction industry with the professionals. The
collected data paved the path to reach a conclusion by discussing the findings of the
questionnaire survey.

4.2 Analyzing the collected data

4.2.1. Overview

Based on literature review related to the management of risk in construction industry

data collected. Risks types, and key elements of risk management body of
knowledge was identified. Furthermore, through the literature review collected the
data of acquisition process of key knowledge areas. Finally, it was needed to find
the acquisition level of those key elements by Sri Lankan construction industry
Project managers. Therefore, questionnaire survey was conducted. Relevant
information from 25 projects managers were obtained to carry out this project.

4.2.2. Demographic data

In this research, demographic data gives an idea about the professional

qualifications of the personals that provide the data for the survey. To get an idea,
the educational qualification and the experience in the field was identified.

27
4.2.2.1. Educational Background and Year of Experience of the respondent

Figure 4. 1 Educational Qualification Figure 4. 2 Year of Experience

Survey was limited to project managers, figure 4.1 shows out of 25 respondents 18
persons were bachelor degree holders while one personal had a masters’ degree
holders. Six respondents were diploma holders. When considering the years of
experience in the field, 4.2 figures shows the only 3 people had experience below 5
years. Six respondents had experience for 5-10 years while 11 respondents were
having 10 -15 years of experience. Three personnel were having experience of 15-
20 years and 2 personals were having experience more than 20 years. Considering
all the data collected, it can be said that all the respondents were responsible
personnel in field who are having a good knowledge about the subject.

28
4.2.3. Contextual Data

Contextual data refers to the data that includes the subject matter which is to be
analyzed in order to achieve the research objectives.

4.2.3.1. Confidence on knowledge about risk management

Figure 4. 3 Confidence level

The response to the question about the level of confidence was limited to
intermediate levels. 14 personals were quite confident about the knowledge while
11 personals were somewhat confident. No one responded to the question as not
confident. Moreover, no one responded as fully confident. As the personals are
professionals in the field it is a good sign to have no response as “not confident”.
But no one being fully confident is a sign that the risk management knowledge even
among the professionals in the field is not enough.

29
4.2.3.2 Risk management studying

Figure 4. 4 Study of Risk Management

All the respondents answer the question by telling that they only learned Risk
management as a part of a subject module. Although there were several bachelor
degree and master degree holders were there among the respondents, no degree
has been taught risk management even as a subject module. This is a considerable
hole in the educational system which leads the way to having not fully confident
project managers to risk management field.

30
4.2.3.3. Qualification which taught risk management

Figure 4. 5 Qualification which taught risk management

Out of 25 respondents, 15 personals have studied the risk management in degree

programme while other 10 personals have studied risk management in the diploma
programme. This indicates that in Sri Lanka, the risk management is only taught in
basic levels of studies. The studies are not carried up to master degree programs
and the charted programs.

31
4.2.3.4. Total number of hours spent on and key areas that learned about risk
management.

Figure 4. 6 Total number of hours spent on and key areas

By taking the average of the collected responses, the average learning hours that
are being allocated for learning risk management can be identified as 10 hours. The
key areas were identified as risk management planning and mitigatory measures.
Although a diploma or a degree runs for four years’ time, being only taught for about
10 hours makes risk management less important by the module itself. This leads to
having less consideration about the risk management when the diplomats are doing
occupations in the field.

32
4.2.3.5. Mostly studied topic in risk management

Figure 4. 7 Mostly studied topic in risk management

The mostly studied topic of 7 personals was risk identification while 8 personals
have studied the risk monitoring and controlling most. But the majority, that is10
personals have studied risk management and planning the most. By the survey, it
was clear that no much attention was given to quantitative risk analysis, risk
response and qualitative analysis planning in the subject modules in construction
educational progammes. But both of the topics can be recognized as two most
important learnings that every member in the construction industry should have a
thorough knowledge of. The lack of knowledge in these two areas clearly indicates a
problem in the practical field.

33
4.2.3.6. Number of hours spent on studying the mentioned topics in figure 4.6

Figure 4. 8 Number of hours spent on studying the key knowledge elements.

The average answer was 6 hours. From the survey, it was clear that in most cases
the risk management was only taught via a single case study regarding a single
construction site. This clearly indicates the poor educational background that has
being provided for risk management by every study programme.

4.2.3.7. Other Risk Management topics that have being learned, and hours

The most common answer to the question was preparation of risk assessment.
Most of the respondents revealed that the study of risk management was
completed by preparing a risk assessment for a case study. Henceforth risk
mitigations were also learnt. These two topics have occupied about 5 hours in
teaching. But four respondents have mentioned that although the subject module
limited its time duration, they have self-studied about the topic for more than 12
hours in order to prepare the risk assessment. Few personals have answered the
question as risk management and improvements to risk management. They have
indicated their duration of learning as 2-4 hours. Two respondents have studied
about risk identification which they claim to be a 2-hour session while a single

34
personal have mentioned unforeseen risk management which he/she has being
learned for three hours. Moreover, a respondent has mentioned that he/she did
not remember what else he/she studied. In this case, this clearly shows how less
considerable are the professionals in the construction industry about the risk
management.

4.2.3.8. Other topics respondents like to studied

Figure 4. 9 Other topics respondents like to studied

These answers are the ones that the respondents considered as the most
important topics to learn other than the course or subject module. Analyzing the
answers, it is clear that many respondents considered the ways to address the
risks are the most crucial thing to learn. Agreeing to the respondents, the
researcher’s personal view is that it is important to know how to respond to risk
ones it occurred. Because, sometimes the most damage is not caused by the risk,
but from the way that the responsible personals react. Moreover, it is important to
prevent the risk from happening. Therefore, avoidance of risks is also important to
learn. Also, it is important to teach the individual responsibilities of each post in the
construction industry, so that in the practical world it is obvious to identify one’s
35
duties. It is important to know how to maintain a risk management portfolio as well
as to do the risk evaluation quantitatively. This helps in identifying the most crucial
risk when there is more than one risk to be considered. With the development of
the world, there are many software’s that eases the work of people. Henceforth it
is important to study the relevant software to handle the work in an easier manner.
Another important thing to learn is the causes of accidents and injuries that could
occur within the site. Having a clear idea could help in preventing the injury which
is the primary purpose of risk management.

4.2.3.9. The best ways to increase risk management knowledge

Figure 4. 10 Studies of Management of risks

Most of the professionals identified the best way to gain knowledge about the risk
management are to face the situation and acquire it with experience. But the
personal view of the researcher does not agree with the statement. Although the
required knowledge cannot be gained without experience, the best solution can
be identified as increasing the learning hours by providing a separate course
module. Moreover, it is important to have practical sessions or workshops so that

36
a clear idea is gained to differentiate what to do and what to avoid in a risky
situation. Also, it is best if risk assessments could be done in every activity
regarding every separate construction work in the industry. The usual case study
is about a building project in most of the study programmes. But it would be
important to have case studies in every field such as road construction, piling
sites, retaining wall construction and water projects. Every project differs from one
to one and henceforth it is important to know about the risks that could occur in
every situation.

37
Chapter 5: Conclusion and Recommendations

5.1 Introduction

This chapter focuses on the development of conclusions based on results of the

research. Also, this part will discuss what the objectives are achieved through
research results. Furthermore, this is aimed to provide recommendations for those
who have idea for future research in the same research area.

5.2 Summary of the Study

Industry of construction is a highly complex and risky industry. There are lot of risk
can be occurred in this industry. Therefore, under responsibility of project manager
management of these risks are vital things to project success. To manage these
things, project managers should have proper knowledge. But in these days project
risks do not appear to be low and project managers don’t critically consider about
risks. Because of this problem research is conducted to find the level of risk
management knowledge among construction project managers in Sri Lanka. To
fulfill these things the method that used to conduct this study was quantitative
method. Literature survey and survey of questionnaires was done with 25 project
managers to acquire findings.

Throughout the literature review it was identified that the construction risks types
and classification of the risks like design, environmental, financial etc. These are the
most related construction risks. Also, as the first objective of this study, key
elements of risk management body of knowledge were identified with literature
review. Planning of risks, identification of risks, controlling and monitoring the risks,
quantitative and qualitative risk analysis and response planning of risk are the
identified key knowledge area of the project management body of knowledge. The
questionnaire survey was done based on these knowledge areas. Also, according to
the survey there are some other topic are available in risk management body of
knowledge. Risk assessment, management of risk about unforeseen risks and

38
mitigation of the risks are the topics that mention commonly. Assessment of risk is
the commonly mention topic that one of another knowledge areas in management of
risks. Mitigation of risks is the other key knowledge element according to the
findings. Also, unforeseen management of risk is one of interest knowledge area
they learnt.

In industry of construction there is a lack of knowledge about risk management.

Lack of experience, lack of interest about risk management are the main things to
arise risk. Therefore, according to the 2nd objective knowledge acquisition process
of Identified key elements is crucial factor. It also identified using literature review.
With experience and awareness of risk can get lot of knowledge about the risk
management. In this case experience is the best way to acquire knowledge about
above mention key elements. Therefore, acquiring the key knowledge areas on
management of risk is very important thing to project managers. Other than that,
training, mentorship and with lessons learned can acquire the key elements of the
risk management knowledge. With the findings of survey, self-studying is another
way to acquire the knowledge. Also, workshops and doing relevant courses can
acquire the knowledge about the key elements above mention.

3rd objective was identifying using the questionnaire survey. According to the 25-
person survey, project managers in Sri Lankan industry of construction confident
level about the management of risk is law. 44% of project managers confident level
is somewhat. Also 56% is quite confident. So, we can see there is a knowledge gap
in this sector. All the members are learned about this module as a part of the
subject module. According to the survey, level of acquisition about key elements in
risk management is low. Because planning of risk management was learned 40%,
controlling and monitoring was learned 32% and 28% of learned about risk
identification. Furthermore, quantitative and qualitative analysis and risk response
planning was learnt by no one. It can clearly see lack of knowledge in these areas
about project managers in Sri Lanka. Because of lack of lessons and training
programmes of management of risks learning hours also law. Moreover, some
respondents have mentioned they didn’t remember what they learned about risk
management. In this case we can see there is a knowledge level gap about
management of risk. Also, they spend low hours to self-study about these
knowledge elements.
39
5.3 Conclusion of the Study

According to this study and the findings of this study Sri Lankan project manager’s
knowledge level about the key elements of risk management is low.

5.4 Recommendations

In a country like Sri Lanka industry of construction is the most famous industry. As
well as it is the most developing industry compare to the others. There are lot of on-
going projects are available in Sri Lanka. Because of complexity more risks can be
occurred in related to this industry. Therefore, proper management of risk process is
vital part to the success of the project. But in Sri Lankan industry, there seems to be
a lack of interest in risk management. Management of risk is under project
manager’s responsibility. Project managers also seem to be less interested in this.
The reason for this is because of the lack of knowledge about risk management. In
this case to reduce this problem, courses on risk management should be included in
the education system of project managers to reduce this problem. It is highly
recommended. Furthermore, practical workshop, training programs can recommend
for this.

5.5. Limitations

• Only 25 personals were selected for the study

• Questionnaire survey was limited to project Managers in the industry
• All the respondents were occupied in C1, C2 companies of Sri Lanka

5.6. Further Research Studies

• Effect of lack of knowledge on risk management on time and quality of

construction projects
• Effect of improper risk management in project cost

40
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43
Annexures

Dear Sir/Madam,
I am a final year undergraduate student of BSc (Hons) in Quantity Surveying at
Sri Lankan Institute of Information Technology, Malabe associated with Liverpool
John Moores University, United Kingdom. For my research I am collecting data
using questionnaire survey.
The purpose of this questionnaire is to identify the level of risk management
knowledge among construction project managers in Sri Lanka.
The following questionnaire survey is conducted to fulfill the requirements of the
final year Research module of the Quantity Surveying degree at SLIIT.
Therefore, your participation for the questionnaire survey is highly appreciated.
I promise to protect the confidentiality of all your answers by participating in this
survey. Thank You.
If you have inquiries or information relevant to this survey you can contact me
using this email - dnhasi@gmail.com

1. Which of the following educational and professional qualifications you

possess? (select all relevant)

Diploma ☐
Degree ☐
Masters ☐
Charted ☐

2. Year of experience in Construction Industry?

0-5 ☐
5-10 ☐
10-15 ☐
15 - 20 ☐
20+ ☐

3. How confident are you about your knowledge in Risk Management?

Fully confident ☐
Quite confident ☐
Somewhat confident ☐
44
 Not confident ☐

4. Have you learned Risk Management specifically as a subject or programme?

Yes - As full programme ☐

Yes - As a subject module ☐
Yes - As a part of subject module ☐
No ☐

5. If yes during which Qualification acquisition you learned Risk Management?

Diploma ☐
Degree ☐
Masters ☐
Chartered ☐

6. What is the total number of hours you spent on learning Risk Management?

0-5 hours ☐
5-10 hours ☐
10-15 hours ☐
15 - 20 hours ☐

7. From the below topics, which topics have you studied most?

Risk management planning ☐

Risk management planning ☐
Quantitative risk analysis ☐
Qualitative risk analysis ☐
Quantitative risk analysis ☐
Risk monitoring and controlling ☐

8. How many hours you spend for learn above mention topics?

0 - 3 hours ☐
3 - 6 hours ☐
6 - 9 hours ☐
9 - 12 hours ☐

45
9. List any other Risk Management topics you have learned, and hours spent
on them.

10. If you are to follow a Risk Management course/programme, what are the
topics and areas you would like it to cover?

11. According to your opinion what are the best ways to increase risk
management knowledge?

Work Shops ☐
Practical Sessions ☐
Having Separate course module ☐
Acquire with Experience ☐
Face the situation ☐
Case study ☐

46