CRITICAL RISK FACTORS ASSOCIATED WITH CONSTRUCTION PROJECTS OF TAMILNADU, INDIAThirumuruga Poiyamozhi M.V.V. and P.S. Kumar
The aim of this paper is to comprehend the critical risk factors in construction projects of Tamilnadu and to develop strategies to manage them. Risks are prioritized according to their significance of influences on typical objectives of a project regarding financial, legal, technical, market, policy and political, management,environment, social, site and key risk associated with time, cost and time. Based on the postal questionnaire,data were collected, and a total of 25 key risks were determined which context to highlight the unique risks associated with construction projects in Tamilnadu. The tight project schedule is the sub-risk factor of key risk associated with time, cost and quality had maximum significance score whereas the market risk hadthe minimum significance score for low management competency of subcontractor sub-risk factor. Strategies to manage the risks were sought from the perspectives of project respondents, and the management of risk is incredibly affected by the uniqueness of the construction industry in a specific country. It is concluded that project engineer, site engineer, designers and project manager should take the responsibility to manage their relevant risks and work cooperatively from the initial stage onwards to minimize the critical risk factors in time and cost. Contractor and subcontractor/supplier with adequate construction and management knowledge should be employed to reduce construction risks and carry out safe, efficient and quality construction activities.
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