Enhancing the management proficiencies in developing countries: the impact of project risk management within a project management maturity model on project performance
In developing countries, construction activities account for about 80% of the total capital assets, 10 % of their Gross Domestic Product (GDP), and more than 50% of the wealth invested in fixed assets. The success of construction projects in developing countries is often uncertain due to planning in an unpredictable and poorly resourced environment. The economy of Jordan is growing rapidly due to changes in the region, and several large construction projects are being proposed and implemented. However, there is a lack of modern tools, methods, and techniques necessary to achieve the desired goals within time, cost, and standards. In addition, previous research in the project risk management discipline suggests that practitioners, especially in developing countries, are not fully aware of its importance. This research offers an in-depth understanding of the project management maturity concept, which allows construction organizations to improve their management practices, overcome past management malpractices, and achieve better project performance. Hence, several project management maturity models (e.g., Project Management Maturity Model (PM3)) have been utilized to generate a new maturity model that enables a Jordanian organization to evaluate its capabilities in project management, while focusing on the risk management process. The Project Management Body of Knowledge (PMBOK) offers a project management process consisting of ten knowledge areas. This research investigates the main role that risk management plays within the proposed model by exploring its impact on project performance and its relationship with the other knowledge areas.