According to the Ministry of Statistics and Programme Implementation, about 1,737 projects pertaining to the Indian infrastructure industry are worth Rs 150 crore and above. Of these massive projects, almost 470 reported cost overruns and 525 are delayed. The reasons for time overruns as reported by various project implementing agencies include delay in land acquisition, delay in obtaining clearances, and lack of infrastructure support and linkages.
Risk management is an essential aspect of project planning and management in the construction industry. Risk management evaluates and resolves a variety of hazards involved with building projects, including financial, environmental, socioeconomic, and construction-related issues.