Study On Risk Management Practice In Selected Addis Ababa 1090 2080 Condominium Projects

The research deals with the assessment of risk management practice in selected Addis Ababarn10/90 and 20/80 condominium projects. The objectives of the research was to identify riskrnmanagement practice in Addis Ababa condominium projects, to identify the key risks causingrncost overrun, time overrun and quality deviation in Addis Ababa condominium housing projectsrnand to assess appropriateness of risk allocation practices based on feedbacks from stakeholders rnDifferent literatures were assessed and reviewed to indicate risk management is importantrnmanagement practice for the success of the project. Questionnaire and unstructured interviewrnwere taken from construction companies and consulting firms whom performed on selected AddisrnAbaba 10/90 and 20/80 condominium projects. Also the client, Addis Ababa HousingrnDevelopment is surveyed through questionnaire and unstructured interview. rnThe research findings indicate most of the parties performed in Addis Ababa condominiumrnprojects acknowledged the benefits of risk management but still there is lack of formal riskrnmanagement. The method used to deal with risks in Addis Ababa condominium projects isrninformal way which is highly dependent on individual judgment and past experience. This isrnmainly because of lack of awareness, familiarity and knowledge about risk management amongrnthe professionals in the industry. It was also observed the top ten risks causing time overrun, costrnoverrun and quality deviation in Addis Ababa condominium projects are construction, finance,rnpolitical and logistics related risks. In addition, the research revealed the consequence of the risksrnbecause of inadequate management and planning should not be the contractor’s risk only sincernmost of construction materials are provided by the client. It is also believed by the majority ofrnparties involved in Addis Ababa condominium projects that formal risk management can reducernthe consequence of risks. rnIn response to the finding recommendation is raised to implement well established riskrnmanagement system by the stakeholders so that the objectives will be attained, materials for thernconstruction Works to be provided by the contractor due to the vastness of the projects, the ownerrnor the government bodies to aid research and development centers so that the centers will discoverrncost reducing construction materials so that the imported construction materials will be reduced.

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