There are uncertainties in all stages of the project development cycle including uncertainty in the costs involved in planning, designing, constructing and operating transport infrastructure. These uncertainties represent project risks that have the potential of influencing the outcomes of projects. The project evaluation process should consider project uncertainty via the use of risk analysis techniques. This paper arises from research undertaken by ARRB Transport Research in developing the Austroads Guide to Project Evaluation, and provides an overview of risk analysis for the transport practitioner and its role in the project evaluation process. A discussion of the definitions of risk and types of risks that arise within the project development process is provided, including an example illustrating key steps of the risk analysis method. A Risk ExplorerTM tool that provides a learning environment to help the user identify, assess and analyse risks related to project evaluation is also introduced. (Author/publisher) For the covering entry of this conference, please see ITRD abstract no. E211825.
Samenvatting