1.3 STATEMENT OF THE PROBLEMProject failure is the outcome of one or a combination of multiple sources of risk factors that are extremely essential to identify for successful performance (Kassem, Khoiry and Hamzah, 2020). (Kassem, Khoiry and Hamzah, 2020). Historically, there is a lot of writing about the petroleum industry …
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1.3 STATEMENT OF THE PROBLEMProject failure is the outcome of one or a combination of multiple sources of risk factors that are extremely essential to identify for successful performance (Kassem, Khoiry and Hamzah, 2020). (Kassem, Khoiry and Hamzah, 2020). Historically, there is a lot of writing about the petroleum industry which normally has been fragmented in form and most clearly focuses mostly on new issues and in narrative nature without consolidating the past works to drive future works. Over the years the fresh empirical studies without synergies and systematic evaluation have resulted in disconnected and inconsistent research findings. And these findings have not contributed more to research advancement and policy in the petroleum industry throughout the years. And so the objective of this work is to discover and integrate disconnected studies in the petroleum industry using an innovative and transparent technique, a systematic review (Denyer and Tranfield, 2009) and further advocate future research direction for academics and policymakers. This research, therefore, would add enough to new information in bringing the petroleum industry literature to represent the current state of the art. As this may save additional study duplication. The systematic literature review (SLR) may also offer a methodological foundation for future studies in Ghana and worldwide as the concept is relatively new in petroleum research. Thus, the technique may also be copied, which would offer confidence to practitioners and academics in the industry to do evaluations on other themes globally.1.4 AIM AND OBJECTIVES OF THE STUDY1.4.1 AimThe primary purpose of embarking on this study is to assess project risk management implementation in the Ghanaian oil and gas industry.1.4.2 ObjectivesThis study seeks to achieve the following objectives:To identify major project risk factors in the Ghana oil and gas industryTo review project risk management practices of selected oil and gas firms in GhanaTo investigate challenges with project risk management in the oil and gas industry in Ghana1.5 RESEARCH QUESTIONSWhat are the major project risk factors in the Ghana oil and gas industry?What practices are adopted in the management of risk by selected oil and gas firms in Ghana?What risk management challenges are inherent in the Ghana oil and gas industry?5.2 Summary of findingsAccording to the respondents in this study, knowledge of project risk factors provides copious benefits in the following order of importance; health and safety of individuals surrounding the project, management deficiency in managing quality can be an effect, Environmental pollution can also become a detriment to projects, management deficiency in managing time as a result of project risk among others. It was also identified by respondents ranking in order of importance, project risk management practices may include the following; developing technology to aid in risk control across supply chain, implementing a control mechanism to review specification before release, establishing Operations and risk audit departments in the industry to discharge duties with professionalism, obtaining clear statement of work, improving forecasting, planning and consultation with users among others.
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