Critical Risk Factors Causing the Time and Cost Overruns of Indian Railway Projects in India
Ravindra Shrivastava1, Sumeet Gupta2, Ankur Mittal3, Brijendra Saxena4
1Ravindra Shrivastava, PhD scholar & Assistant professor, National Institute of Construction Management & Research (NICMAR), Delhi NCR, India.
2Sumeet Gupta, Sr. Associate Professor, School of Business, University of Petroleum and Energy Studies, Dehradun, India.
3Ankur Mittal, Associate Professor, School of Business, University of Petroleum and Energy Studies, Dehradun, India.
4Brijendra Saxena, Retired Professor, Tolani Maritime Institute, Pune, India.
Manuscript received on September 13, 2019. | Revised Manuscript received on October 20, 2019. | Manuscript published on October 30, 2019. | PP: 5395-5401 | Volume-9 Issue-1, October 2019 | Retrieval Number: A3075109119/2019©BEIESP | DOI: 10.35940/ijeat.A3075.109119
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Overrun in terms of increase in cost and time of the infrastructure project are considered to be one of India’s major infrastructure issues. Any overrun of the infrastructure project will result in huge national losses as it uses taxpayers ‘ money. These losses can be caused due to poor managent of risk in the construction projects. Overrun is a common phenomenon that affects almost all railway projects. However, the limited effort has been made to limit the occurrence of overruns, the author attempts to define the significance risk factors of which are the outcome of the eighty-four(84) attributes that cause overruns and further the possible ways to deal with possible mitigation for Indian railway projects. The eighty-four (84) risk attributes have been identified through a detailed literature review and pilot study. The questionnaire survey is being conducted on the professionals working in the railway project. The statistical tool Exploratory factor analysis (EFA) was performed to understand the behaviours of the risk attributes. All the identified eleven factors are related to Contractors risk, PMC risk, Design risk, Safety & security-related risk, Financial risk, nature-related risk, Government approvals and site clearances risk, Quality related risk, contractor’s cash flow related risk and fundamental risk.
Keywords: Risk factors, Railway construction project, factor analysis.