Risk management in Transport Infrastructure Projects (TIPs)
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Risk is the possibility that actions and their resulting impacts will turn out differently than anticipated. Risk involves uncertainty which is something that applies to situations in which potential outcomes and causal forces aren’t understood completely. | Risk is the possibility that actions and their resulting impacts will turn out differently than anticipated. Risk involves uncertainty which is something that applies to situations in which potential outcomes and causal forces aren’t understood completely. | ||
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| + | #The Nature of Risks in Transport Projects | ||
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| + | Transport Infrastructure Projects (TIPs), technologically equipped projects, bring about numerous risks such as financial, technical, political, managerial, natural or legal. Being exposed to such risks in the planning and construction stage of TIPs, unexpected problems will likely emerge if possible risks are not identified and assessed beforehand. | ||
| + | The identification of risks in the planning phase of a project and the arrangement of impact values has become a requisite in increasing the success as well as minimizing the problems of a project. | ||
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| + | Highway construction projects are subject to higher risks and uncertainties than other construction projects due to higher investments and more complexity and their dependency on economic, political and social challenges (Wilson, Molenaar 2009). Researchers can investigate the causes and additional costs in these projects using analysis of risk events. | ||
Revision as of 23:51, 20 February 2022
Transportation has become a vital need with the expansion of populations and the emergence of new technologies. Transport Infrastructure Projects (TIPs) are large scale projects in the transportation sector such as airports, high speed railways, bridges, and subway construction.
Risk is the possibility that actions and their resulting impacts will turn out differently than anticipated. Risk involves uncertainty which is something that applies to situations in which potential outcomes and causal forces aren’t understood completely.
- The Nature of Risks in Transport Projects
Transport Infrastructure Projects (TIPs), technologically equipped projects, bring about numerous risks such as financial, technical, political, managerial, natural or legal. Being exposed to such risks in the planning and construction stage of TIPs, unexpected problems will likely emerge if possible risks are not identified and assessed beforehand. The identification of risks in the planning phase of a project and the arrangement of impact values has become a requisite in increasing the success as well as minimizing the problems of a project.
Highway construction projects are subject to higher risks and uncertainties than other construction projects due to higher investments and more complexity and their dependency on economic, political and social challenges (Wilson, Molenaar 2009). Researchers can investigate the causes and additional costs in these projects using analysis of risk events.
