Risk Modelling for Infrastructure Projects

Assessing risk in infrastructure projects is an especial element for successful completion of the project. Risk modelling uses the information that is collected during the risk analysis phase for making the decisions on how to improve the scope of the project. The main objective of this research was to determine the relative ranking/percentage of each risk factor involved in the Pune metro rail project. Analytic Hierarchy Process (AHP) approach is used to rank various types of risks involved. AHP is a multi-criteria basic approach that utilizes both qualitative/subjective and quantitative criteria simultaneous and gives more realistic picture or risk involved in the projects. Such analysis helps project managers in understanding which type of risks are highly critical for the project. The establishment of such methodology creates a new approach for the risk quantification and assessment to improve the project risk management effects.