An Application of Critical Risk Identification Based on Fuzzy Inputs for Indian Construction Megaproject

Abstract

The exponential dynamism in the socioeconomic and allied political arena has forced industries to rethink their business decision and allied executions. More specifically, putting a glance over the megaproject development especially that continue for numerous years undergo varied changes such as market dynamism, resource issues, political decision-related changes, changes in financial conditions, etc. In such cases, the project might have to undergo varied risks and therefore the executing authorities are required to take the optimal decisions. Towards this goal, identification of the risk is of paramount significance. This research work emphasized on exploiting Mixed Research paradigm (MRP) containing both qualitative as well and quantitative research methods to identify different risk factors and their severity or impact that may be thus considered ‘critical’ in megaproject development.