Managing Risks Related to the Adoption of New Technologies by Various Stakeholders in Indian Construction Sector

The concept of risk in Indian construction sector is increasingly being addressed by researchers, managers, and policymakers since it has the great ability of changing the existing situations. Typically, any solution in the industry lies in the application of appropriate theoretical techniques and models so that risks may be reduced and chances of project failure can be eliminated. But today those solutions and alternatives are sought by introducing new technologies which can deal with identifying, analyzing, and managing nearly all types of risks in projects and organizations. Therefore, it’s fair enough to say that these technologies are playing a major role in integrating the complexity and diversification of the construction sector with societal and human needs. This research study is going to undertake the identification of the key challenges of technology/ies adoption and analyze those risks using a modified version of two-dimensional Risk Breakdown Matrix followed by a consolidated Risk Matrix of technologies. The primary source of data collection was done through a detailed structured questionnaire survey where different parameters were interpreted on the Likert scale. The respondents were the construction industry stakeholders who emphasized on addressing the issue and improvising risk management strategies and techniques via the effective use of new technologies. The complete analysis of a randomly picked survey response out of 40 is shown as a sample in this paper to understand the feasibility of the proposed modified version of the analysis method. The result indicates how certain risk factors contribute to the adoption of new technologies in the sector.