Project Risk Management for Enhancing Value for Money in Tanzania: The Case of SUMAJKT Company Ltd, Southern Zone.

Rwezaura, Edwin Aron (2021) Project Risk Management for Enhancing Value for Money in Tanzania: The Case of SUMAJKT Company Ltd, Southern Zone. Masters thesis, The Open University of Tanzania.

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Abstract

This study aimed to assess the role of project risk management for enhancing value for money in Tanzania. The case of SUMAJKT Company Ltd, Southern Zone. Aiming to find out the influence of project risk identification, to examine the effect of risk assessment, to assess the influence of risk response; and to examine the influence of risk monitoring on project value for money. A case study design was selected in which data were collected using questionnaires from 73 respondents who selected randomly. Primary data analyzed using Multiple Linear Regression using SPSS software tool. The study found that, project risk identification is significant in developing a project check risk, reviewing experienced risks, including professional experts, reviewing and conducting SWOT analysis, estimating expected quality; and identifying possible risks that may harm project goals. Calculating possible risks impacts, differentiating controllable and uncontrollable risks; and documentation are the effects of project risk assessment. Further, assessing project risks plays an important role in delivering value for money. Risk response is significant in achievement of project value for money by avoiding, accepting, transferring and risk mitigating risks. Project risk monitoring is significant in risk management plan, project risk response plan, strengthening communication during execution phase; and follow-up of policies and procedures. The study concluded that, project risk management in construction works needs to be continuously prioritized and further recommended that, for organizations implementing or are in plans to execute a project should take into consideration that, conducting project risk management including (identification, assessment, response and monitoring) is paramount so as to achieve value for money.

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