An investigation on the impact of risk management practices on the performance of construction projects in Kawempe division, Kampala district
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Management of risks on construction projects should not to be given a blind eye because the measure applied in mitigation of those risks can have a profound effect on performance of a construction project. Risks in construction are inevitable however they can be minimized in pursuit to deliver successful construction projects. Risk management is one of the acknowledged key activities in the industry to deal with the different risks involved. The basic importance of having these practices in place is to ensure timely delivery of a project in line with the stipulated time, budget and quality. Many construction companies often implement risk management practices on their projects to also increase productivity and profits as well as improve the overall performance. However, projects failing to meet these deadlines is on the rise and there are signs of this going on continuously. There is therefore a need for numerical evidence to elaborate the relationship between risk management practices and performance of construction projects. Both quantitative and qualitative approaches for numerical and descriptive data were used respectively to define this relationship. The risks were identified by the quantitative approach and these included material, safety, delivery, financial risks among others. The risk management practices were risk transfer, avoidance, retention and reduction and these were ranked by use of a Likert scale. The method of data collection was through administration of structured questionnaires to target respondents within the industry and these were limited to project managers, safety engineers, architects, construction managers among others. These put together yielded results that improved construction project performance. It is therefore important to hire competent professionals with adequate knowledge regarding risk identification and use of formally acknowledged risk management practices to enhance better performance. The use of these in mitigation of construction risks proved to a reliable approach in boosting performance.