Ecology, Environment and Conservation Paper

Vol 22, Issue 4, 2016; Page No.(1897-1904)

INVESTIGATION OF VITAL RISKS IN CONSTRUCTION PROJECTS

Thirumuruga Poiyamozhi M.V.V. and P.S. Kumar

Abstract

The aim of this paper is to comprehend the key risks in construction projects in India and to develop strategies to manage them. Risks are prioritized according to their significance of influences on typical project objectives in terms of cost, time, quality, safety and environment and then scrutinized from a joint perspective of project stakeholdersÂ’. Postal questionnaire surveys were utilized to collect data. The survey includes two groups of data, the likelihood of occurrence of each risk and its magnitude of outcome on project objectives in terms of cost, time, quality, environment and safety. Based on postal questionnaire, a total of 25 key risks were ascertained which context to highlight the unique risks associated with constructionprojects in Tamilnadu. Strategies to manage the risks were sought from the perspectives of project stakeholdersÂ’ and the management of risk is incredibly affected by the uniqueness of the construction industry in a specific country. It is concluded that clients, designers and government bodies should take the responsibility to manage their relevant risks and work cooperatively from the initial stage onwards to minimize the potential risks in cost and time. Contractors and subcontractorsÂ’ with robust construction and management knowledge should be employed to reduce construction risks and carry out safe, efficient and quality construction activities.

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