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Risk Analysis at Construction Sites

Author(s):

Saurabh Jain , MITCOE,PUNE; Vitthal Karad, mitcoe,pune; Pritesh Shejwal, mitcoe,pune; Ajit Patil, mitcoe,pune; Abhishekh Chudhry, mitcoe,pune

Keywords:

Risk Assessment at Construction Site, Risk Analysis at Construction Site

Abstract

Construction projects are unique in character and do not lend themselves to standardization. The construction project of dynamic nature, with many seasonal and cyclical ups and downs. Hence, each construction project requires a lot of care in handling. Also, construction activity consists a number of agencies i.e. the client, consultant and the contractor. In order to establish the duties, obligations, rights, responsibilities among the various agencies, a contract is required to be made between them which will establish a mutual relationship to do a work. The growth of the construction sector in India has been relatively slow compared with the industrial and manufacturing sectors. The energy shortage, an inadequate transportation network, and an insufficient water supply system have caused a bottleneck in the country’s economic growth. In adequate transport infrastructure has been recognized as an impediment to the industrial and economic progress of any country. Governments worldwide invariably must cope with the widening gap between needed investments and available budgetary resources. They increasingly attempt to involve the private sector in the financing, design, construction, and operation of major infrastructure projects, with a view to exploit the private initiatives to implement public projects. There are tremendous opportunities for foreign investors. However, undertaking infrastructure business in India involves many risks and problems that are mainly due to differences in legal systems, market conditions and culture. An infrastructure development project, due to its very nature, is more prone to risks than ordinary industrial projects. Risks, consequently, have the ability to adversely affect the implementation of an infrastructure project and make it completely unviable. A crucial aspect of a successful infrastructure project development and project finance transaction is, therefore, the suitable identification, allocation and management of risks.

Other Details

Paper ID: IJSRDV5I10650
Published in: Volume : 5, Issue : 1
Publication Date: 01/04/2017
Page(s): 1718-1723

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