IDENTIFICATION AND ANALYSIS OF POTENTIAL RISK IN INDUSTRIAL CONSTRUCTION PROJECTS IN INDIAC. Shankar and K.C. Pazhani
Risk is defined as the problem or issue which is expressed in the form of probability and its chance of occurrence along with the severity of the impact it can cause. Risk is estimated in various ways and is identified using different nomenclature, such as hazard or uncertainty. Every activity has a degree, characterized by the presence of risk. Risk management is an essential ingredient in project success. It is the process of identifying, classifying, analyzing and assessing of inherent risks in a project. The literature survey has revealed that the various risks in construction projects have a varied impact on the success of a project. The purpose of the paper is to identify and assess the likelihood of occurrence and degree of impact of the risk factors in Industrial Construction and then control the risks by allocation, contribution and mitigation. Risks have a significant impact on a construction projects performance in terms of cost, time, quality and safety. The main objective of this thesis is to gain understanding of the risk factors that govern industrial projects and to identify and analyze the various Potential Risks that are associated with the industrial construction. These factors can have either direct or indirect effects which can be found out using Quantitative and Qualitative Methods. Further Statistical Analysis and Software Analysis have been carried out. The present thesis aims in identifying risk factors that affect the smooth completion of a project. A total of 180 risk factors were identified and listed under six subgroups, which were observed for a period of two years from 2013 to 2015 till the completion of the projects. The research also implements Super Decisions Software using the Analytic Network Process (ANP). ANP is the most Comprehensive framework for analysis, which has been used for decision making. Software analysis together with the statistical analysis gives top three risk groups which successful governs completion of project.
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