Identification of Construction Project Risks in the Indian Context: A Case Study on Building Construction

Abstract

Abstract: This paper presents a comprehensive investigation into the risk factors prevalent in building construction projects within the Indian context, focusing on their identification, ranking, and management strategies. Through data collected from 206 construction professionals via an online questionnaire, the study employs robust reliability analysis, yielding a high Cronbach's Alpha coefficient of 0.898, affirming the questionnaire's internal consistency and reliability. Utilizing the Relative Importance Index (RII) and Safety Risk Score (SRS), the research ranks critical risk factors, including poor stakeholder communication, inaccurate cost estimation, funding delays, and market demand fluctuations, underlining the necessity of addressing these challenges to mitigate potential impacts on project outcomes. The paper emphasizes the significance of proactive risk management strategies to ensure project success and resilience amidst evolving circumstances, providing valuable insights into construction project risks specific to the Indian landscape and offering recommendations for enhancing risk management practices in the field.