Study on Project Schedule and Cost Overruns

Civil Engineering

Risk plays an important role in the success of construction project. In managing risk, identification of risk factors is very critical. Hence, this study focused on the investigation of risk factors from contractors’ perspective as the contractors are key players in the success of a project. Investigations on the risk factor involved 35 common risk factors classified in five categories and ranking them with the help of questionnaire survey. The data has been Theoretical analysed by following techniques:- Frequency Index, Severity Index, Importance Index and Relative Importance Index. Results found that the five most important risk factors in construction project are escalation in price of material, changes in government regulations and laws, shortages of materials and equipment’s, cash flow and financial difficulties. Method developed in this study can help agencies and hence estimation of expected overruns of final cost and delay in completion time for their planned project. The findings of this study would assist in dealing with risks encountered in construction projects.

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