RISK MITIGATION PRACTICES AND SUSTAINABLE PROJECT MANAGEMENT: A STUDY OF THE JAMMU & KASHMIR ECONOMIC RECONSTRUCTION AGENCY

Abstract

Construction and infrastructure projects need a huge amount of time and investments and as
such are exposed to many risks prevalent in the environment. Construction products are
unique as they are built just once. Thus, project management in such projects is so important
that these projects are not possible without a firm risk management framework that can
identify these risks and quantify their impact. Further, it is importanordoot to mitigate these
risks for a smooth project life cycle. Being proactive and acting on time is a prerequisite for
the success of a project.
This is why most of the companies involved with construction and infrastructure have a
Project Management Unit that addresses the different problems and risks present in the
project's life cycle. Modern and advanced techniques have replaced the traditional techniques
which had their limitations