An Effective Risk and Uncertainty Management Process for Infrastructure Projects : Development of Multi-Party Risk and Uncertainty Management Process

With the attention on poor project goal achievement such as severe delay of many infrastructure projects due to various problematic and potential risks and uncertainties, risk management process (RMP) have been introduced to deal with those risks impacting the project objectives. However, there are still fundamental and technical limitations associated with previously proposed RMPs. As a result, they may not fully provide efficient way in managing risks and uncertainties successfully in real world projects. To overcome limitations associated with conventional RMPs, an effective risk and uncertainty management process has been developed called multi-party risk and uncertainty management process (MRUMP). This paper describes the development of the MRUMP and its associated deliverables to deal with stated limitations of conventional RMPs in order to systematically and efficiently manage risk and uncertainty inherent in infrastructure projects