Sustainable project risk and stakeholder management for pension funds projects performance in Kenya

Olive Gitau; Paul Sang

doi:10.20525/ijrbs.v11i1.1535

Authors

Olive Gitau Kenyatta University
Paul Sang

DOI:

https://doi.org/10.20525/ijrbs.v11i1.1535

Keywords:

Sustainable project management practices, stakeholder management, project risk management, pension funds, project performance

Abstract

This paper aims to evaluate the sustainable project risk and stakeholder management for pension funds projects’ performance in Kenya. This paper highlights that current project management practices of Kenyan Pension Funds do not always ensure project success that secures desired market returns on these investments. The main problem with projects management practices being mentioned as planning, project implementation, cost and time overruns and quality achievement. As the pension schemes are also expected to continue to invest in alternative assets given the broadening of the allowable investment categories and to take advantage of the public infrastructural projects under the big four agenda (RBA, 2021), it becomes paramount to identify and implement sustainable project management practices for performance of the pension funds projects. The outcome of this paper showed that integration of risk management and stakeholder management practice was one of the key project management practices that would contribute towards pension funds projects' performance.

Downloads

Download data is not yet available.

References

Achterkamp, M.C., Vos, J.F., (2008). Investigating the use of the stakeholder notion in project management literature, a meta-analysis. International Journal of Project Management 26 (7), 749-757. https://doi.org/10.1016/j.ijproman.2007.10.001

Alfredo Serpell, Ferrada. X., Rubio, L. and Arauzo, S. (2015). Evaluating risk management practices in construction organizations. Published by Elsevier Ltd. Procedia – Social and Behavioural Sciences 194 (2015) 201-210 https://doi.org/10.1016/j.sbspro.2015.06.135

Aven. T. (2011). On the new ISO guide on risk management terminology. Reliability Engineering and System Safety. 96: 719-726. https://doi.org/10.1016/j.ress.2010.12.020

Aziz, NA.A., Manab, NA., Othman, S.N., (2015). Exploring the perspectives of corporate governance and theories on sustainability risk management (SRM). Asian Economic and Financial Review, 5 (10), 1148. https://doi.org/10.18488/journal.aefr/2015.5.10/102.10.1148.1158

Backlund, F., Chroneer, D. and Sundqvist, E. (2014). Project Management maturity models – a critical review. Procedia – Social and Behavioural Sciences, Vol. 119 No. 1, pp. 837-846 https://doi.org/10.1016/j.sbspro.2014.03.094

Baloi, P. & Price, A. (2003). Modelling global risk factors affecting construction cost performance. International Journal of Project Management, 21(4). 262-269. https://doi.org/10.1016/S0263-7863(02)00017-0

Banihashemi, S., Hosseini, M.R., Golizadeh, H. and Sankaran, S. (2017). Critical Success factors (CSFs) for integration of sustainability into construction project management practices in developing countries. International Journal of Project Management https://doi.org/10.1016/j.ijproman.2017.01.014

Bernardo, M., Simon, A., Tari, J.J., Molina-Azorin, J.F., (2015). Benefits of management systems integration: a literature review. Journal of Cleaner Production, 94, 260-267. https://doi.org/10.1016/j.jclepro.2015.01.075

Cagliano, A.C., Grimaldi, S. and Rafele, C. (2015). Choosing project risk management techniques: A theoretical framework. Journal of Risk Research, Vol. 18 No. 2, pp. 232-248 https://doi.org/10.1080/13669877.2014.896398

Chapman, C., Ward, S., (2004). Why risk efficiency is a key aspect of best practice projects. International Journal Project Management, 22 (8), 619-632. https://doi.org/10.1016/j.ijproman.2004.05.001

Claude, B. and Brian, H. (2012). The paradox of risk management; a project management practise perspective. International Journal of Managing Projects in Business, Vol. 5 No. 2, pp. 230-247 https://doi.org/10.1108/17538371211214923

Cleland, D., (1988). Project stakeholder management. In: Cleland, D., King, W. (Eds.), Project Management Handbook. Van Nostrand Reinhold, USA. https://doi.org/10.1002/9780470172353.ch13

Davis, K., (2016). A method to measure success dimensions relating to individual stakeholder groups. International Journal of Project Management. 34 (3), 480-493. https://doi.org/10.1016/j.ijproman.2015.12.009

De Bakker, K., Boonstra, A., Wortmann, H., (2011). Risk management affecting IS/IT project success through communicative action. Project Management Journal 42, 75-90. https://doi.org/10.1002%2Fpmj.20242

Dobrovolskiene, N., Tamosiiiniene, R., (2016). Sustainability-oriented financial resource allocation in a project portfolio through multi-criteria decision-making. Sustainability 8, 485. https://doi.org/10.3390/su8050485

Du Plessis, C., (2007). A strategic framework for sustainable construction in developing countries. Construction Management and Economics. 25, 67-76. https://doi.org/10.1080/01446190600601313

Eskerod, P., Huemann, M., (2013). Sustainable development and project stakeholder management: what standards say. International Journal of Managing Projects in Business. 6 (1), 36-50. https://doi.org/10.1108/17538371311291017

Firmenich, J. (2017). Customisable framework for project risk management. Construction Innovation, Vol. 17 No. 1, pp,68-89 https://doi.org/10.1108/CI-04-2015-0022

Flyvbjerg, B., Holm, M.S., Buhl, S., (2002). Underestimating costs in public works projects: error or lie? J. Am. Plan. Assoc. 68 (3), 279-295.

Francom, T., ASMar, M.EI, Ariaratnam, S., (2016). Performance analysis of construction manager at risk on pipeline engineering and construction projects. Journal of Management in Engineering 32 (6), 04016016. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000456

Gareis, R., Huemann, M., Martinuzzi, A., Weninger, C., Sedlacko, M., (2013). Project Management & Sustainable Development Principles. Project Management Institute.

Huemann, M., Ringhofer, C., (2016). Challenge or potential? Risk identification in the context of sustainable development. In: Bodea, C., Purnus, A., Hueman, M., Hajdu, M. (Eds.), Managing Project Risks for Competitive Advantage in Changing Business Environments. IGI Global Publishing, pp. 87-105. DOI: 10.4018/978-1-5225-5481-3.ch061

Hwang, B.G., Ng, H.B., (2016). Project network management: risks and contributors from the viewpoint of contractors and sub-contractors. Technology and Economic Development of Economy. 22 (4), 631-648. https://doi.org/10.3846/20294913.2015.1067847

Kerzner, H., (2001). Project Management: A Systems Approach to Planning Scheduling and Controlling. 7th ed. John Wiley & Sons, New York.

Lehtiranta, L., (2014). Risk perceptions and approaches in multi-organizations: a research review 2000-2012. International Journal of Project Management 32 (4), 640-653. https://doi.org/10.1016/j.ijproman.2013.09.002

Littau, P., Jujagiri, NJ., Adlbrecht, G., (2010). 25 years of stakeholder theory in project management literature (1984-2009). Project Management Journal. 41 (4), 17-29. https://doi.org/10.1002%2Fpmj.20195

Loushine, T.W., Hoonakker, P.L.T., Carayon, P., Smith, M.J., (2006). Quality and safety management in construction. Total Quality Management Bus. Excell. 17 (9), 1171-1212.

Love, P.E.D., Teo, P., Morrison, J., Grove, M., (2016). Quality and safety in construction: creating a no-harm environment. Journal of Construction Engineering and Management 142 (8), 05016006. https://doi.org/10.1061/(ASCE)CO.1943-7862.0001133

[PRINCE2®] Axelos Limited. (2017), Managing Successful Projects with PRINCE2® Axelos Global Best Practice

Meng, X., (2012). The effect of relationship management on project performance in construction. International Journal of Project Management 30 (2), 188-198. https://doi.org/10.1016/j.ijproman.2011.04.002

Mok, K.Y., Shen, G.Q., Yang, J., (2015). Stakeholder management studies in mega construction projects: a review and future directions. International Journal of Project Management 33 (2), 446-457. https://doi.org/10.1016/j.ijproman.2014.08.007

Olander, S., (2007). Stakeholder impact analysis in construction project management. Construction Management and Economics 25 (3), 277-287. https://doi.org/10.1080/01446190600879125

Ortiz, 0., Castells, F., Sonnemann, G., (2009). Sustainability in the construction industry: a review of recent developments based on LCA. Construction and Building Materials 23, 28-39. https://doi.org/10.1016/j.conbuildmat.2007.11.012

Project Management Institute, (2010). Managing Project Risk: In a Guide to the Project Management for (PMBOK Guide). 5th Ed.; Global Standard; Project Management Institute: Newtown Square, PA, USA, 2010; pp. 234-266.

PMI (Project Management Institute), (2013). A Guide to the Project Management Body of Knowledge (PMBOK Guide) (Newton Square, PA).

PMI - Project Management Institute (2017). A Guide to the Project Management Body of Knowledge. (PMBOK® GUIDE) 6th Edition

Rebelo, M.F., Santos, G., Silva, R., (2016). Integration of management systems: towards a sustained success and development of organizations. Journal of Cleaner Production 127, 96-111. https://doi.org/10.1016/j.jclepro.2016.04.011

Retirement Benefits Authority (RBA), 2020. Retirement Benefits Industry Report for December 2020. Research and Strategy Department.

Savitz, A.W., (2006). The Triple-bottom Line: How Today's Best-run Companies are Achieving Economic, Social and Environmental Success - And How You Can Too. John Willey & Sons, San Francisco.

Silvius, M.G., van den Brink, M.J., Schipper, M.R., Planko, M.J., Kohler, M.A., (2012). Sustainability in Project Management. Gower Publishing, Ltd.

Silvius, A.J.G., Schipper, R., (2015). Developing a maturity model for assessing sustainable project management. Journal of Modern Project Management 3 (1), 16-27.

Tab. J. & Carr. V. (2001a). Towards a framework for project risk knowledge management in the construction supply chain. Advances in Engineering Software. 32. 835-846. https://doi.org/10.1016/S0965-9978(01)00035-7

Tab. J. & Carr. V. (2001b). Knowledge-based approach to construction project risk management. Journal of Computing in Civil Engineering. 15. 170-177.

Voetsch, R., Cioffi, D. and Anbari, F. (2004). Project risk management practices and their association with reported project success. Proceedings of 6th IRNOP Project Research Conference, London, England, August.

Weninger, C., Huemann, M., (2013). Project initiation: investment analysis for sustainable development. In: Silvius, A.J.G., Tharp, J. (Eds.), Sustainability Integration for Effective Project Management. IGI Global Publishing. DOI: 10.4018/978-1-4666-6268-1.ch001

Xia, N., Zou, P.X.W., Griffin, M.A., Wang, X. and Zhong, R., (2018). Towards integrating construction risk management and stakeholder management: A systematic literature review and future research agendas. International Journal of Project Management, 36 (2018) 701-715 https://doi.org/10.1016/j.ijproman.2018.03.006

Zahid, M., and Ghazali, Z., (2017). Corporate sustainability practices and business's financial performance: the driving force of integrated management system. Global Business Management Research. 9 (ls), 479.

Zhang, X., Wu, Y., Shen, L., Skitrnore, M., (2014). A prototype system dynamic model for assessing the sustainability of construction projects. International Journal of Project Management 32, 66-76. https://doi.org/10.1016/j.ijproman.2013.01.009