engleski

Assessment of Construction Risk in Transport Infrastructure Projects

In general, risk management is a process aiming at finding an efficient balance between realizing opportunities for gains and minimizing vulnerabilities and losses. Risk management has to be an endless process consisting of phases which enable continuous improvement in decision-making and performance improvement. The delivery of modern transport infrastructure projects is very complex. The long-term character of such projects requires a strategy that appropriately reflects the uncertainty and variety of risks they are exposed to. In addition, infrastructure projects involve a large number of different stakeholders entering the project life cycle at different stages with different roles, responsibilities, risk-management capabilities and risk-bearing capacities, and often conflicting interests. The risks of large transport infrastructure projects often do not get properly allocated to the parties that are the best in managing them - those that have a better capability to absorb these risks. A more comprehensive approach to risk management would address the key issues facing all parties and stakeholders involved in a transport infrastructure project. The fact that risks can materialize in later stages, but have actually been caused in earlier stages, requires an end-to-end risk management view, as opposed to an individualized responsibility. There is a clear need for strong risk management processes from the outset and need to be applied and continuously developed throughout the life of the project. Proper front-end project planning is all about shaping the project’s risk profile so it can be managed during execution, and execution is all about aggressively mitigating the risks.

risk management; projects; transport infrastructure; construction risks

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