Risk Assessment in Construction of Gautam Buddha International Airport

Abstract

Risk is possibility of occurrence of negative or adverse effects that lead exclusively to damage or loss in a project. Since Risk Management approach has not been applied in Gautam Buddha International Airport, the identified issues and uncertainties that are impacting negatively in the progress of the project are operationally defined as risk. The objective of this paper is to identify the risk factors during construction of the airport, and rank them on the basis of the scores they obtain. The main Research methodology applied here is literature study and the Key Informant Interview. On the basis of literature review and consultation with experts, 14 Risks Categories and 96 Risk Factors were listed. Key Informant Interviews were conducted with 35 people from the Employer, Consultant and Contractor. Each Risk Factor was given scores for their severity and frequency of occurrence, followed by calculation of final Risk Score using Risk Matrix. Out of 96 risk factors, it was found 33 significant risk from employer’s perspective, 41 significant risk from consultant perspective and 72 significant risk from contractor’s perspective. The degree of agreement between all the three parties were tested using Spearman’s Rank Correlation Coefficient and Kendall’s Coefficient of Concordance. Risk factors associated with Design, Specification, Estimation and Scheduling are found to be the highly significant risk factors.