A Review of Methods, Tools and Techniques Used for Risk Management in Transport Infrastructure Projects

Physical infrastructure projects are important in the integration of transport networks among states. Infrastructure network development is one of the major factors contributing to economic growth. However, infrastructure projects are often extremely expensive in resources including capital, and thus it is important to recognize potential impacts of project implementation; otherwise these projects may suffer critical issues related to cost overrun, time delays and benefit shortfalls. Although several studies present separate methods, tools and techniques used for risk management in transport infrastructure projects, only a few research papers focus on documenting those methods for users. Hence this paper firstly reviews methods used for project risk management and then justifies the differences posed by applied contexts to propose tools and techniques for project risk management. The significance of this paper is to support experts and practitioners in selecting appropriate methods, tools and techniques suitable for the use in risk management, as well as increasing the effectiveness of decision making processes.