Risk Management of Large Infrastructure Projects: Risk, Uncertainty, and Complexity
Download PDF

Keywords

Transport infrastructure
Risk
Uncertainty
Complexity
Guangzhou-Shenzhen-Hong Kong high-speed rail

DOI

10.26689/jard.v6i5.4255

Submitted : 2022-08-16
Accepted : 2022-08-31
Published : 2022-09-15

Abstract

The development of large infrastructure projects requires the consideration of many different risks in advance, of which the two common risks are strategic risk and project risk. This study provides an overview of the different relevant literature on risk management of large infrastructure projects. Based on the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong high-speed rail, this study identified the project’s main strategic risks and project risks, and provided suggestions for risk management.

References

Hall P, 1980, Greater Planning Disaster, University of California Press, California, 1–32.

Allport RJ, 2011, Planning Major Projects, Thomas Telford Ltd., London, 158–195.

Perminova-Harikoski O, Gustafsson M, Wikström K, 2008, Defining Uncertainty in Projects–A New Perspective. International Journal of Project Management 26(1): 73–79. https://doi.org/10.1016/j.ijproman.2007.08.005

Project Management Institute, 2013, A Guide to the Project Management Body of Knowledge (PMBOK 325 ® Guide)–Fifth Edition, viewed December 14, 2018, https://anyflip.com/zmbd/cxvl/basic/

Batty M, 2012, Managing Complexity, Reworking Prediction. Environment and Planning B: Planning and Design, 39(4): 607–608

Harvard Business Press, 1999, Harvard Business Review on Managing Uncertainty, Harvard Business School Press, Boston.

Flyvbjerg B, Bruzelius N, Rothengatter, 2010, Megaprojects and Risk: An Anatomy of Ambitions, Cambridge University Press, Cambridge.

Amer M, Daim T, Jetter A, 2013, A Review of Scenario Planning. Future, 46: 23–40. https://doi.org/10.1016/j.futures.2012.10.003

Schroeder M and Lambert J, 2010, Scenario Based Multiple Criteria Analysis for Infrastructure Policy Impacts and Planning. Journal of Risk Research, 14(2): 191–214. https://doi.org/10.1080/13669877.2010.515314

Dimitriou HT, Ward EJ, Dean M, 2016, Presenting the Case for the Application of Multi-Criteria Analysis to Mega Transport Infrastructure Project Appraisal. 58: 7–20 https://doi.org/10.1016/j.retrec.2016.08.002

Glason etc, 2012, Environmental Impact Assessment, Taylor and Francis Group, London.

Kim SD, 2012, Characterizing Unknown Unknowns, Project Management Institute viewed December 17, 2021, https://www.pmi.org/learning/library/characterizing-unknown-unknowns-6077

Australia/New Zealand Standard: Licence, 1999, Risk Management, Standards Australia, viewed December 17, 2021, AS/NZS 4360: 1999 http://www.epsonet.eu/mediapool/72/723588/data/2017/AS_NZS_4360-1999_Risk_management.pdf.

Dieguez A, Cazorla A, and Luque A, 2014, Risk Management in Megaprojects. Procedia - Social and Behavioral Sciences 119: 407–416

Fischhoff B, Slovic P, Lichtenstein S, 1982, Lay Foible and Expert Fables in Judgement about risk. The American Statistician, 36 (3): 240–255.

Flyvbjerg B, Bruzelius N, Rothengatter W, 2010, Megaprojects and Risk, Cambridge University Press, Cambridge.

The Government of Hong Kong Special Administrative Region: Press Releases, 2008, Green Light for Local Section of Express Rail Link, viewed December 21, 2020. https://www.info.gov.hk/gia/general/200804/22/P200804220141.htm