Risk Management in Construction Industry

Abstract

Risks are managed in construction projects mostly through management to realize the construction project objectives in terms of cost, time, quality, environment, safety, design, risks because of crises. In questionnaire, likelihood occurrences and level of impact risk factors are identified using three point Likert scale. Therefore, furthermost research has been concentrated on a number of aspects of risk management in construction by means of an organized and complete approach towards identifying risks, then analyzing the likelihood occurrences and impacts of the risks. The goal of this research is towards identifying and analyzing the risks which are related towards the development of the construction projects. The information is gathered through questionnaires basing on different possibilities of occurrences of likelihood assessment and their level of impacts on the construction project goals too. Questionnaire responses from the construction professionals are gathered from Andhra Pradesh State and Telangana State within Indian construction. In this paper, Cronbach alpha, Kaiser-Meyer- Olkin (KMO) is the Measure of Sampling Adequacy and Component matrix shows the factor loadings for all the factors considered are calculated by using Statistical Package for Social Sciences (SPSS) version 25 software. This research paper is quantitative in nature and the results of the highest rankings of risk factors Cronbach Alpha, KMO and Factor loadings of likelihood occurrences are 0.883, 0.834, 0.779 in Andhra Pradesh and 0.911, 0.850, 0.781 in Telangana State of India. Coming to the results of level of impact, the highest rankings of risk factors of Cronbach Alpha, KMO and Factor loadings are 0.820, 0.773, 0.794 in Andhra Pradesh and 0.911, 0.843 and 0.780 in Telangana State of India. Its scope is limited to Indian context only and few recommendations are also mentioned.