Risk Management Processes and Success of Projects: A Case Study of Kenya Power Company
Anyango, Olala Lorna
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The failure of several projects initiated by Kenya Power (KP) has been attributed to illegal connection, inadequate power distribution, untimely completion of projects, and more importantly inadequate utilization of risk management strategies. In the recent past, it has been noted that some of the projects initiated by KP have stalled. Coupled with the fact that many KP’ projects have either failed to be successfully completed or failed to meet the set time frame is a clear indication that a gap exists that the study at hand attempt to bridge. The study, therefore, established the link between project risk management and success of projects at KP. The study used four objectives; to establish the influence of risk identification process, risk assessment process, risk response process and risk evaluation process on the success of projects at KP. The study was guided by contingency theory, theory x and theory y, agency theory and systems theory. The study utilized both descriptive and explanatory approaches. The target population in this study was 231 staff located at the KP head quarter. The sample size used was 146 based on Yamane formula. Questionnaires were used to collect data. The study used Statistical Packages for Social Sciences (SPSS) version 20.0 for data analysis. Data was analyzed by use of descriptive statistics and multiple regressions analysis. The output was presented into figures and table formats. Regarding regression analysis, the study found that risk identification, risk assessment, risk response and risk evaluation processes had positive relationship with the success of KP projects. The study concludes that risk identification, risk assessment, risk response and risk evaluation processes were practiced at KP, however, failures in projects was still evident. It is recommended that KP project team should be adequately equipped with resources to determine the timing of risks, all project team employees should be subjected to regular specific risk management training and that the company should regularly and timely evaluate project risks to promote projects’ success rates.