Critical risks in Serbian infrastructure projects

Abstract

Infrastructure projects are usually followed by numerous standard, but also specific risks associated with project cost, schedule, quality, performance, health and safety aspects, environmental aspects, as well as with other, non‐tangible factors. They, if not timely identified, treated and controlled cause that project actual performance significantly varies from planned values. This paper presents results of a conducted infrastructure construction project risks survey for projects settled in Serbia. The survey includes evaluation of major risks in relation to infrastructure project cost and schedule performance and the analysis of usage, necessity and problems with construction Project Risk Management (PRM) practice in Serbia. Risks in the offered risk list were divided into: General Market Risks, Risks in Feasibility and Design Phase and Risk in Construction Phase and evaluated using Probability‐Impact matrix. Based on the results, the proposal is given for the development of an advance planning cost and schedule performance prediction model.