Further study of the literature suggests that the first three elements help enforce and reaffirm the fourth element. Literature suggests that an effective risk management system comprises of a four-step process which includes risk identification, risk assessment, risk response and overall control of risk. The study aims to investigate, through the use of questionnaires, whether a relationship between effective risk management and improved project success exists., and whether the organisations that undertake risk management processes are able to achieve a better project success rate and, in the process, establish a link between the two. The industry under question is marred with inefficiencies both in the public as well as private sector, and success rate of projects are very low. This independent study has been conducted to analyse and establish whether any relationship exists between effective risk management practices and project success in the construction industry of Pakistan. The focus of the study is the interaction between partnerships and risk management in development and management of affordable rental housing. The study suggests that implementing improvements to the risk mitigation and management framework may assist in promoting the supply of affordable housing by non-government providers.

However, data collected in the study are a cross-section of interviews that will not include the impact on recent tax incentives offers by the Australian Commonwealth Government. The paper has implications for developers or investors who seek to include affordable housing as part of their portfolio. The levels of acceptance of risk are not always consistent across housing providers which create opportunities to conduct multi-stakeholder partnership to reduce overall risk.

Many interviewees agree that the recognition of financial risk and the fear of community rejection of such housing projects have restrained them from committing to such investment projects. The paper finds that informal risk management process is used as part of normal business process in accordance with industry standards. Qualitative data are analysed using thematic analysis to find emerging themes suggested by interview participants. In-depth interviews of selected non-government housing providers have been conducted to facilitate an understanding of their approach to risk assessment in developing and in managing affordable housing projects. The purpose of this paper is to analyse the risk management process conducted by some private and not-for-profit affordable housing providers in South East Queensland, and draw conclusions about the relationship between risk assessments/responses and past experiences.

Pdf toolkit for project management