RISK MANAGEMENT IN RESIDENTIAL CONSTRUCTION PROJECTS: A COMPARATIVE DYNAMIC ASSESSMENT

Abstract

Residential building project risks are intrinsic in nature and have the potential to affect project finance, schedules, quality, and stakeholder satisfaction substantially. On the basis of a systematic questionnaire-based survey, this study investigates and categorizes risk variables affecting residential building in India. Statistical methods like exploratory factor analysis (EFA), reliability analysis, and non-parametric comparison analysis (Kruskal-Wallis test) were applied to assess opinions across different stakeholder groups. Sixteen heterogeneous risk factors were identified, which collectively explained over 74% of the variance. The findings indicate considerable variations in stakeholder perceptions, which underscore the necessity for risk reduction strategies for individual stakeholders. Besides providing a data-driven solution for enhancing residential building project outcomes in emerging countries, this research enhances the comprehension of dynamic risk classification. The questionnaire has been validated by three civil experts.