Ranking of “Risk Factors” and “Risk Management Actions” Affecting Building Construction Projects in Gujarat
Keywords:
Construction Industry, Risk factors, Importance Index (IMPI), Weighted Average Index, Relative Importance Index (RII)Abstract
Presently India is in the developing phase which brings tremendous growth of construction industry.
Construction industry is witnessing all kinds of projects across the country. Construction projects are initiated in
complex and dynamic environments resulting in circumstances of high uncertainty and risk . Risks always exist in
construction projects and often cause schedule delay or cost overrun. Risk management is a process which consists of
identification of risks, assessment of risks, response with a suitable method for handling and control risks. This study
focuses on ranking of factors which contributes as “Frequency of occurrence and Degree of severity of Risk factors”,
“Importance of Risk factors” and “Use of Risk management methods”. During this study, 70 feedbacks were collected
from Architects, Contractors and Developers from Ahmedabad, Anand and Nadiad city of Gujarat state of India.
Responses were analyzed by Importance Index (IMPI) Method, Weighted Average Method and Relative Importance
Index method (RII). It was found that “High competition in bids”, “Resource management”, “Delayed payments on
contract” and “Financial failure of the contractor” are the four major risks in building construction projects.
