Identification and Prioritization of Risk Factors Impacting Cost Overrun in Indian Road Construction Projects

In every construction project, risk is a very common event. Whereas it is more significant in road construction projects as it involves multiple activities in several stages and spread over a wider geographic area, therefore it may be unpredictable. Due to these risks, budgets are stretched excessively, which results in project cost overruns. The purpose of this research is to identify the risk variables that cause cost overruns in projects for developing roadways in India. Several risks are identified through the use of a comprehensive literature review and on-field expert advice. To get a construction professional’s perspective on risk factors contributing to cost overruns, the questionnaire survey is developed. RII (Relative Importance Index) technique is used to prioritize risk factors from the pool causing cost overrun in road construction. By gathering all the responses from a questionnaire survey with experts working in road construction, this work attempts to find the most important risk factors for road construction and prioritize them accordingly. By identifying important risk factors in the early stages of the project, it would be possible to reduce complexity throughout the development of roads. It is expected that the framework will assist researchers and decision-makers in ranking the risk factors and focusing on the most critical ones to mitigate risks and prevent delays and cost escalations, ensuring the successful completion of road construction projects in India.