Critical Risk Factors Causing the Time and Cost Overruns of Indian Railway Projects in Indi a

Abstract

Overrun in terms of increase in cost and time of the infrastructure project are considered to be one of India's major infrastructure issues. Any overrun of the infrastructure project will result in huge national losses as it uses taxpayers ' money. These losses can be caused due to poor managent of risk in the construction projects. Overrun is a common phenomenon that affects almost all railway projects. However, the limited effort has been made to limit the occurrence of overruns, the author attempts to define the significance risk factors of which are the outcome of the eighty-four(84) attributes that cause overruns and further the possible ways to deal with possible mitigation for Indian railway projects. The eighty-four (84) risk attributes have been identified through a detailed literature review and pilot study. The questionnaire survey is being conducted on the professionals working in the railway project. The statistical tool Exploratory factor analysis (EFA) was performed to understand the behaviours of the risk attributes. All the identified eleven factors are related to Contractors risk, PMC risk, Design risk, Safety & security-related risk, Financial risk, nature-related risk, Government approvals and site clearances risk, Quality related risk, contractor's cash flow related risk and fundamental risk