doi:10.3850/978-981-08-7920-4_S1-R01-cd

ABSTRACT

Risk ranking methods have been published and discussed by many practitioners through recent years, however illustration of their use with real life case studies are usually missing; moreover rigorous validation of the results are scarce. This paper presents two case studies taken from real transportation projects with documentation available from before and after their implementation. The case studies have been used to illustrate a risk ranking method that was published and presented recently by the authors. The information used to apply the methodology is the information known and published before the projects started. Lastly, the result of the risk ranking method is compared with the documentation published after the projects were implemented and results are discussed. In this paper the analysis of schedule risks for two highway projects sponsored by the World Bank is reported. A catalog of twenty risks was used to identify the major risks that affected the projects’ performance. In addition, the paper summarizes a risk ranking model proposed to select the risks to be mitigated. The method follows the known procedures of assessing risks by considering impact and probability of occurrence. Iso-risk plots are used to group the effects of impact and probability of occurrence, and are used to sort risk factors by importance. These plots provide an effective means for selecting the risks to manage for a given project.

Keywords: Risk ranking, Qualitative risk analysis, Project delays, Infrastructure projects.

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