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Risk Management in Indian Construction Industry by Using Interpretive Structural Modeling (ISM)

Author(s):

Kaushal Ardeshana , Indus University; Umang Sheth, Indus University

Keywords:

Interpretive Structural Modeling, Risk Management, Construction

Abstract

Risk is the probability that an unfavorable outcome will occur. Risk management is the process of measuring risk and then developing the strategies to manage the risk. Literature regarding Interpretive Structural Modeling has been reviewed and found that this method has wide area for application in construction also to minimize various types of risks. The purpose of the study is to identify construction execution risk with the help of relationship among them by questionnaire survey and interdependency can be found. Diagraph can be generated from data analysis which provide clear idea about high to low risk activities and it is helpful to minimize the risks easily. Furthermore this method can be applied on various size of project to minimize risk.

Other Details

Paper ID: IJSRDV5I30333
Published in: Volume : 5, Issue : 3
Publication Date: 01/06/2017
Page(s): 1540-1543

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