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What is Project Risk Management

Chapter 6
Financial Evaluation and Risk Management of Infrastructure Projects
Project Risk Management is a set of successive processes, including risk management planning, identification, analysis, response planning and implementation and monitoring, with the ultimate objective of increasing the probability and/or impact of positive risks and diminishing the probability and/or impact of negative risks so as to optimize the odds of project success.
Published in Chapter:
Investigating the Risks of Time and Cost Overruns in Infrastructure Projects
Kleopatra Petroutsatou (Aristotle University of Thessaloniki, Greece), Theodora Vagdatli (Aristotle University of Thessaloniki, Greece), Marina Chronaki (Hellenic Open University, Greece), and Panagiota Samouilidou (Hellenic Open University, Greece)
Copyright: © 2024 |Pages: 24
DOI: 10.4018/978-1-6684-7786-1.ch006
Abstract
The purpose of this chapter is to investigate and quantify through real case studies the risks involved in time and cost overruns of infrastructure projects from the procurement to the delivery stage. Although the literature is very rich with a variety of analyses of the factors causing cost and time overruns, there is a gap in investigating the risks in the procurement phase to delivery of such projects. A holistic approach of risks identified in the procurement and construction phase of such projects is presented by using probabilistic analyses of time and cost overruns compared to contractual agreements. Three real case studies are presented with and without the risks identified, results are discussed, and conclusions are derived. This approach could enhance public authorities' processes for successful procurement and delivery. Furthermore, the quantification of these risks in terms of time and cost could pave the way for a more sustainable organization of the authorities in order to deliver successful projects within their time constraints and budget.
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