Impact of Risk Management, Resource Allocation, and Cost Control on Engineering Project Success

Abstract

The motivation of current research is to examines the effects of risk management, resource allocation, and cost control on the success of engineering projects, with a specific focus on financial outcomes. Using a quantitative approach, data was collected through a structured survey targeting project managers and financial analysts involved in large-scale engineering projects. Structural Equation Modeling (SEM) analysis revealed that each independent variable significantly influences project success, with cost control showing the strongest impact, followed by risk management and resource allocation. These findings align with prior research, underscoring the importance of cost efficiency, proactive risk management, and strategic resource distribution in achieving successful project outcomes. Cost control emerged as particularly critical, highlighting the need for budget monitoring and expense optimization to prevent financial setbacks. Risk management and resource allocation also demonstrated notable impacts, supporting the role of preventive and strategic planning in navigating operational challenges and ensuring timely project completion. This study contributes to the literature of project management by providing quantifiable insights into how financial and operational practices improve engineering project success. The findings suggest that project management should be integrated and that it is necessary to strike a balance between financial oversight with strategic risk and resource management practices to improve project outcomes.