ANALYSIS OF FACTORS AFFECTING RISK MANAGEMENT FOR RESIDENTIAL BUILDING PROJECTS IN INDIA

Abstract

Risk management plays a crucial role in ensuring the successful construction of residential building projects in India, where various uncertainties and challenges can affect project performance. This study investigates the external and internal factors influencing risk management in the residential construction projects. Through an extensive literature review and data collection by conducting a quantitative survey, this study identifies critical factors related to design and planning issues, site-related challenges, material management concerns, financial problems, labour-related problems, and equipment-related issues. Additionally, the study considers legal and contractual risks; health, safety & environmental concerns; technological uncertainties; market and economic fluctuations; communication and coordination barriers; public and social concerns; and challenges within the project management team. The one-way ANOVA and the Relative Importance Index (RII) are the methods implemented to find the statistical significance of the factors and rank those factors based on their impact level. The study provides insights into effective risk management practices specific to the Indian construction sector, aiding construction professionals in developing proactive risk mitigation frameworks that enhance project efficiency, minimise uncertainties, and optimise overall project outcomes.