Download This PaperThe Implementation of Risk Management Strategies in Joint Venture Building Projects in Dar-es-Salaam, Tanzania.
Mikapagaro, N.A., Tesha, D.N.G.A.K, Maro, G.C., and Edson, B.K.; "The Implementation of Risk Management Strategies in Joint Venture Building Projects in Dar-es-Salaam, Tanzania", in the International Journal of Engineering Trends and Technology (IJETT), 66, (03), Pg. 133-153, ISSN: 2231-5381, 2018
21 Pages Posted: 14 May 2020
Date Written: April 18, 2018
Abstract
The study aimed at assessing the implementation of risk management strategies in joint venture building projects in Dar-Es-Salaam, Tanzania; By examining activities involved during the implementation of risk management strategies in joint venture building projects; investigating the challenges faced during the implementation of risk management strategies in joint venture especially in building projects; and finally suggesting collective measures that can be used to attain successful implementation of risk management strategies in joint venture building projects in Tanzania. The study considered a descriptive design where class I-IV contractors involved in joint venture building projects were selected to form part of the potential respondents. Questionnaires and one to one interviews were used in collecting data, whereby a total of 40 questionnaires were distributed of which 25 were returned; alongside interviewing 8 respondents. The study revealed that; clear documentation, joint venture termination, training programs, carrying out clear meetings, change of terms and conditions of Joint Venture (JV), and direct judgment using experience can be used in implementing: risk retention, reduction, avoidance, insurance and sharing as risk management strategies. Furthermore, poor communication, conflicts among members, and poor cooperation were revealed as major challenges during the implementation of risk management strategies. The study suggests that; effective communication among members, increasing team cooperation, and training programs can assist in attaining successful implementation of risk management strategies. The study recommends that; the building contractors should maintain effective communication, improve compatibility among themselves, alongside ensuring that their Joint Venture Agreement is clearly prepared, as it helps in settling differences among themselves.
Keywords: Risk; Management; Strategy; Joint Venture; Building; Projects; Dar-Es-Salaam; Tanzania
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