Chapter 9 Managing risk in Indian construction projects
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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.

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