The effect of risk management strategies on the performance of youth projects in Nyamira County
Nyakundi, James Barare
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A project is formed to achieve certain objectives. The objectives may be short or long term. These objectives are captured in the organization's mission; which in summary gives a justification for the organization's existence. Project management is a discipline that has evolved because of the need to coordinate resources to secure predictable results. This study therefore endeavored to establish the relationship between risk management strategies and project performance in Nyamira County. The specific objectives of study were to establish the relationship between; risk avoidance strategy and performance, risk reduction strategy and performance, risk transfer strategy and performance and risk retention strategy and performance of youth projects in Nyamira County. Apart from reviewing literature related to risk management, project cycle, risk management and project performance, the study was guided by the Risk Management and Complexity Theory by Weaver (1985). A conceptual framework of risk management strategies and performance indicators established the relationship between independent and dependent variables. The researcher applied descriptive research survey design to establish the relationship between risk management strategies and project performance in Nyamira County Data was collected using questionnaires administered to project managers, monitoring and evaluation officers, relevant government officers and officials from donor agencies funding youth projects in Nyamira County. Field data collected was analyzed using Statistical Programme for Social Science (SPSS). Graphical presentation of data included pie charts and bar graphs. Findings of the study were that there were numerous projects under implementation, and that the management teams were committed to ensuring that they were completed successfully. The projects faced serious challenges including financial, human resource and material. Risks facing project implementation were clearly identified and suitable strategies put in place to mitigate the risks. The conclusions of the study were that the project management teams were highly qualified, skilled and with appropriate management experience. There are numerous projects under implementation in Nyamira County, with most of them having a sound planning base but facing financial, personnel and material challenges in the implementation phase. Most of the risk management strategies affected project performance and there was need for each of the risk management strategies to be clearly spelt, and appropriate measures undertaken. The study recommended that the government should initiate training programs through which the project teams would get knowledge, skills and develop a clear understanding of ways of coping with risks.