Risks and Risk Management in Heavy Cost Infrastructure Projects
Abstract
Construction projects always include risks. The types, sources, causes and magnitudes of these risks, depending on project specific parameters such as the type of work, size, location and duration of the project can vary greatly. Especially, in the case of major heavy cost infrastructure projects, natural disasters, that would often form the basis of force majeure clauses in construction contracts, may occur during the operational period and not in the construction period. Such an occurrence not only affects the operation but may adversely affect the feasibility of the project. Though the emergence of such a situation can be due to many different reasons, in each case, working to limited budgets is a major factor. The objective of this study is to demonstrate, through a systematic approach, that these potential impacts on the project strategy determined at the conceptual stage can have major implications on the total cost and duration of any major infrastructure projects.
Description
Keywords
Citation
Akbıyıklı, R., Dıkmen, Ü., Eaton, D. (2020). Risks and Risk Management in Heavy Cost Infrastructure Projects. Journal of Current Construction Issues. CIVIL ENGINEERING PRESENT PROBLEMS, INNOVATIVE SOLUTIONS - Challenges Facing the Construction Industry: 91-112.