Risk Management Strategies and Performance of National Government Constituency Development Funds in Kiambu County, Kenya
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Date
2023
Authors
Wachira, Anne Wambui
Journal Title
Journal ISSN
Volume Title
Publisher
Kenyatta University
Abstract
performance of projects has grown in significance as a distinctive management
concept that is used to advance both the firm's goals and the national economic
agenda particularly for developing nations like Kenya. The modern corporate climate
is characterized by a number of turbulences and fierce competing forces. These
dynamics and competition are brought on by advancements in technology,
globalization, the increase in demand from customers, and higher degrees of
vulnerability, which have created more difficulties in organizational management than
in the past. Risks are common in projects. Financial, strategic, dangerous, and
operational risks are just a few of the many sorts of risks that could have an impact on
a project. Uncertainty and unforeseen circumstances can have negative effects on
projects. These hazards could make it difficult to complete the project if they are not
appropriately managed. To completely realize the project's vision, project managers
must successfully manage risks and uncertainties. As a result, risk analysis and
management of hazards is a key component of project management. The main goal of
this study was to ascertain the relationship between national government constituency
development money projects and risk management methods in Juja Constituency in
Kiambu County, Kenya. The following goals served as the study's direction; to
ascertain the influence of risk retention, risk prevention, risk control and risk transfer
on the performance of NG-CDF projects in Juja constituency in Kiambu County,
Kenya. This research was anchored on the Prospect Theory, Enterprise Risk
Management Theory and Uncertainty Theory. This study utilized a descriptive
research design which was cross sectional in nature. The population of this study was
drawn from all the CDF funded projects in Juja constituency these were the on-going
and complete projects for the 2020/2021 financial year. Primary data was obtained
through administration of semi structured questionnaires. Both closed-ended and
open-ended questions were included in the questionnaire. According to the goals of
the study, the field data was sorted, cleaned, and filtered. Following that, the data was
coded, entered, and evaluated using statistics software (SPSS Version 25.0).
Quantitative data was analysed utilizing descriptive statistics. Calculating the standard
deviation, means, frequencies, and percentages were required. The development of
themes related to the study's variables, based on the qualitative information provided
by the questionnaire's open-ended sections, is a component of content analysis. The
results were displayed utilizing tables. The study found that risk retention, risk
prevention, risk control and risk transfer had a positive significant influence on the
performance of NG-CDF projects in Juja constituency in Kiambu County, Kenya. The
study conclude that risk-retention helps to avoid negligible risks while paying more
interest to the project management tasks. Risk prevention measures aim to stop or
reduce the likelihood of a building safety risk happening in a project. The important
role of the project managers is to identify and control it and without any control, risks
can become disasters, causing delay, unnecessary expenses and even bringing the
project to an end. Risk transfer is a risk reduction method that shifts the risk from the
project to another party. The study recommended that the organization should allocate
funds for potential losses and any associated costs. The project managers should
document each risk in detail, including their potential impacts and possible responses
to mitigate the risk, then, assign a team member to monitor each risk as your project
progresses and keep this risk log updated throughout the project. The project
managers can accomplish risk transfer through non-insurance agreements such as
contracts.
Description
A Research Project Submitted to the School Of Business,
Economics and Tourism in Partial Fulfilment of the
Requirement for the Award of the Degree of Masters in
Business Administration (Project Management Option) of
Kenyatta University
Keywords
Risk Management Strategies, National Government Constituency Development Funds, Kiambu County, Kenya