Risk Assessment of Additional Works in Railway Construction Investments Using the Bayes Network

Agnieszka Leśniak and Filip Janowiec
Additional contact information
Agnieszka Leśniak: Institute of Management in Construction, Faculty of Civil Engineering, Cracow University of Technology, 31-155 Cracow, Poland
Filip Janowiec: Faculty of Civil Engineering, Cracow University of Technology, 31-155 Cracow, Poland

Sustainability, 2019, vol. 11, issue 19, 1-15

Abstract: The implementation of railway infrastructure construction projects including sustainable development goals is a complex process characterized by a significant extension of individual investment stages. The need for additional works has a big impact on construction railway projects, representing a risk which is the result of many different factors. During the execution of works, both the design assumptions and the conditions of the project’s implementation can be changed. An attempt to eliminate potential risks is a key element of construction projects. The article proposes a proprietary management method for the risk of additional works in railway projects. A methodology for creating risk management strategies using a standard algorithm that includes risk identification, risk analysis, and risk assessment is presented. The original elements of the work include risk identification followed by analysis using Bayesian networks. Using the example of a scenario of events, it is shown that a well-programmed network can be used to implement risk mitigation methods. Using the network, it is possible to compare different ways to reduce risk, check the effect of reducing the risk factors, and determine a satisfactory level of effects, e.g., increased financial resources as a result of additional works.

Keywords: railway construction projects; risk management; additional works; Bayesian networks (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

Downloads: (external link)
https://www.mdpi.com/2071-1050/11/19/5388/pdf (application/pdf)
https://www.mdpi.com/2071-1050/11/19/5388/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:11:y:2019:i:19:p:5388-:d:271947

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().