Managing risk in Indian construction projects

Chakradhar Iyyunni and Sunil Kumar

Chapter 9 in Research Handbook on Project Performance, 2023, pp 115-132 from Edward Elgar Publishing

Abstract: Indian mega-projects have many of the features highlighted by Flyvbjerg et al. (2003) such as underestimated costs, overestimated revenues, undervalued environmental impacts and overvalued economic development effects. Indian project managers exhibit almost the same characteristics discussed by Kahneman et al. (1993). In this paper, we explore the peculiarities of risk behavior in Indian projects via four case study experiments. We discuss stakeholder behavior at multiple levels: individual, inter-personal, team, organization and societal level and identify pathologies and suggest methods to alleviate these risks. Based on our discussion, we derive a “hope model” for risk attitude to initiate a virtuous cycle.

Keywords: Business and Management; Economics and Finance; Geography; Innovations and Technology; Urban and Regional Studies (search for similar items in EconPapers)
Date: 2023
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