Abstract:
Risk is an unavoidable phenomenon that may potentially interfere with the successful
completion of a project. It may affect positively or negatively to the cost, quality and
duration of any of the projects. In traditionally, project managers consider negative
risk management strategies, but lack of consideration is about positive risk
management strategies. From the initial stage through completion, Project should
have an adopted and updated risk management process to respond to the risk. The
research aims to identify the risk management strategies and their effects on project
performance by especially referring to the road construction projects of the road
development authority in Sri Lanka. The researcher adopted the qualitative method
and used interviews with responsible professionals and documentary reviews to
collect necessary data and information. The research results mainly identified types
of risks, risk management practices in the road construction project and risk
management strategies. The financial risk was very high in the road construction
project and lack of risk management practices and strategies. Professionals from the
RDA should be adapted proactive and efficient action with responsible and tactful
risk management teams.
