Risk Analysis Application in Highway Projects
Abstract
Highway projects are large investment projects and have many risk factors. It is possible to reduce the problems that may affect the success of a project by managing such risk factors through a comprehensive risk management strategy. In this study, it was aimed to determine the significance levels of risk factors faced in highway projects. Risk factors seen in agreement, design and construction stages of highway projects were specified by carrying out a literature review. The specified risk factors were classified under 7 main titles according to the source of risk, and emergence of the relevant risk factor at which stage of the highway project along with which sub-risks was investigated. Risk factors were evaluated by administrating questionnaires to the individuals experienced in highway projects and specialised in their fields. Later on, risk analysis was performed using the decision matrix method and their importance levels were determined. Obtained results suggested that the risk of economic crisis under the title of economic and political risks was the most important risk factor.
Keywords
Highway projects,, risk analysis in highway projects,, decision matrix method
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