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Focusing on risk and risk management practices in construction projects through the lens of a proposed smart model

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  • Muthukrishnan Nagarajan
  • R. Ganapathi

Abstract

This study aims to identify the risk and develop a risk assessment model with SMART function which will sense the risk, monitor the data with artificial intelligence, activate the action plan to rescue the project, and trigger alarms with feedback to the key users, etc., with the help of cloud computing servers. The data was collected from around 150 respondents who are employees of EPC firms. The survey was conducted with a structured questionnaire to analyse risk management practises with reference to the risks involved in construction projects. There are 48 identified risks from various categories as follows: six technical risks, nine financial risks, ten construction risks, eight procurement and supply chain logistics risks, eight legal risks, and eight other associated risks. The results revealed significant risk management practices are adopted in India, focusing first on financial risk, followed by all other risks.

Suggested Citation

  • Muthukrishnan Nagarajan & R. Ganapathi, 2024. "Focusing on risk and risk management practices in construction projects through the lens of a proposed smart model," International Journal of Procurement Management, Inderscience Enterprises Ltd, vol. 20(1), pages 67-84.
    • Handle: RePEc:ids:ijpman:v:20:y:2024:i:1:p:67-84
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