Start of this millennium saw emergence of new buzz words in the management terminology. Risk management was one such term which gained importance in various sectors of the world economy. The risk management process was well known to the financial sectors for a long time, a necessity to ensure success and avoid major disasters in financial investments. Construction area, being relatively unorganized sector, took longer to adopt the risk management process in it’s working.
When I selected risk management, as dissertation subject for the final semester at NICMAR, it was an unexplored aspect in Indian construction industry. The subject matter was so different, that institute hoping for something totally new, assigned a guide and gave immediate go-ahead for the paper. Interestingly, the NICMAR dissertation paper is called Long paper. Eventually, “long” came to define not the number of words, but the time I took to research, write and submit the final paper to the institute.
With the approval for the Dissertation paper in hand, I enthusiastically began my research through discussions with construction field professionals. Most professionals in the construction field were familiar with process and application of construction project management. However, there was a lack of insight on risk management and it’s application in the construction field. Initially, the only reference material that I could find, was a book about risk management of infrastructure projects in Europe. The task of writing on the subject seemed daunting due to lack of real time case studies. And the Long Paper was moved to back-burner when I undertook responsibilities of an Associate at Axis.
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