A Study on Risk Factors Involved in the Construction Projects
Infrastructure development is the key of success to any country in present scenario. It will generate a large number of jobs and increase in growth of economy as well. Therefore the projects involved in infrastructure development have to invest a huge amount of money. In consideration of the same if any kind of wastage of resources takes place that will result in huge momentary losses. These losses are due to various types of risks associated with such development projects. A crucial role is played by these risks for the completion of project successfully with in the time schedule and allotted budget. This study primarily discusses the critical risk factors and its evaluation techniques by conducting a comparative study of various international and national construction projects. About 50 articles published over the last 15 years were reviewed. The finding was that a simple analytical tool will be developed for each project task to evaluate the risk quickly and effectively to do the risk analysis in the project. By study it was concluded that by the virtue of earlier risk identification during the bidding stage of the construction project will lead to precise estimation of the escalation on cost and time overrun. This will help in rescheduling the construction projects by incorporating the things in the budget for the successful completion.