EVALUATION OF ENTREPRENEURS CHALLENGES IN CONSTRUCTION INDUSTRY ? A MODEL STUDY USING RISK- BASED APPROACH

Engineering & Constructions, an industry where the prevalence of complex risk parameters impacts the business decisions of even the established and large-scale companies, is probably the most challenging industry for an entrepreneur to enter into. This paper briefly speaks of the risks, an entrepreneur in the engineering & constructions industry can face and suggests the usage of FMEA ? ‘Failure Mode Effective Analysis' as a technique for assessing and mitigating the risks involved in various stages. The paper later showcases the utilization of FMEA technique to assess the risks involved in the South Indian engineering & construction industry and leverages the information obtained from the Failure Mode Effective Analysis to build a Pareto Chart which helps in identifying the top causes for the risks associated with the projects in the construction industry.