Studies to Understand The Importance of Risk Management in a Construction Project Procurement During Unprecedented Times

Risk management is very vital in the construction industry as the industry is full of uncertainties. Every organization follows a risk management process in their projects especially if a project is complex and has a lot of technicalities, but the method of practice may differ in every organization and how importantly used in projects. The COVID-19 lockdown has created serious impacts on the supply chains of the industry. Hence, the study aimed to establish the importance of risk management in the procurement systems by assessing the impacts due to the pandemic lockdown. The data collection was limited in accessing the industry due to the guidelines issued by the government. The study used secondary data collection through a literature survey and a questionnaire survey. The identified risks were qualitatively analyzed using descriptive scales of likely hood and impact. This study has established the importance of risk management in procurement systems and the importance of risk management during natural disasters and other uncertain times. At times when everything comes to a halt and no movement is allowed, it’s important to be prepared to save a business from downfall, in case of situations like COVID19 and to mitigate project-specific risks