Identification and analysing of risk factors affecting cost of construction projects

Saving money is critical for the owner, contractor, and subcontractor involved in a project Delays and failure to complete work within the given budget are the main reasons for construction project conflicts. Owners, contractors, surroundings, and other factors can cause unexpected cost increases in building projects, and numerous sorts of risk factors might exist at the same time. Cost overruns have an impact not only on the building industry, but it also have its impact on overall economy. Despite the fact that the study focused on building project cost increases, it also evaluated additional value to the Indian construction sector, as well as risk strategy and plan analysis. This article conducts research to identify and analyse significant risk factors that have an impact on the construction industry's budget in India. 42 common risk variables are discovered and grouped into four groups after a thorough study of related literature. In order to acquire the necessary data, the study is further directed by a questionnaire survey of professionals and practitioners of construction projects in India. The findings reveal high index of risk factors influencing construction project cost overruns. The top-ranked risk factors that have the greatest impact on the project's budget are price fluctuations, quality control, and management experience.