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Risk Management in the Indian Construction Industry

Chadaga, Mohandas and Rao, Shankar and Naik, Vijay and Rao, Prakash B (2012) Risk Management in the Indian Construction Industry. In: Risk management in the Indian construction industry, April 20-21, M.I.T Manipal .

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Abstract

The construction industry in India is one of the largest contributors to the GDP at the same time it is an unorganized sector and labour intensive Industry. The construction industry is subject to more risk and uncertainty than perhaps any other industry. Most of the participants experience risks in cost and time over runs and many times fail to meet quality standards and operational requirements. Therefore the need to increase the understanding of risk management (RM). This is an attempt to consider the current implementation thereof during the different construction project life cycle stages in the Indian Construction Industry; to report on the level of collaboration and communication between parties involved during the construction project life cycle stages in terms of risk; Risks and need for devising methodology for managing these risks. It is recommended that formal and informal training of general contractors and construction managers is essential for implementing such techniques or else it is wise to engage engineers who are equipped with better management techniques. This leads to improved profitability, reduced conflicts and on time / within budget completion of projects

Item Type: Conference or Workshop Item (Paper)
Uncontrolled Keywords: duration; cost; quality; construction
Subjects: Engineering > MIT Manipal > Civil Engineering
Depositing User: MIT Library
Date Deposited: 05 Mar 2013 09:15
Last Modified: 05 Mar 2013 09:15
URI: http://eprints.manipal.edu/id/eprint/78848

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