A Sustainability-Based Risk Assessment for P3 Projects Using a Simulation Approach

Beenish Bakhtawar, Muhammad Jamaluddin Thaheem, Husnain Arshad, Salman Tariq, Khwaja Mateen Mazher, Tarek Zayed and Naheed Akhtar
Additional contact information
Beenish Bakhtawar: Department of Building and Real Estate, The Hong Kong Polytechnic University, Hung Hom, Hong Kong
Muhammad Jamaluddin Thaheem: Geelong Waterfront Campus, School of Architecture and Built Environment, Deakin University, Locked Bag 20001, Geelong, VIC 3220, Australia
Husnain Arshad: Department of Building and Real Estate, The Hong Kong Polytechnic University, Hung Hom, Hong Kong
Salman Tariq: Department of Building and Real Estate, The Hong Kong Polytechnic University, Hung Hom, Hong Kong
Khwaja Mateen Mazher: Department of Construction Engineering and Management, King Fahd University of Petroleum and Minerals, Dhahran 31261, Saudi Arabia
Tarek Zayed: Department of Building and Real Estate, The Hong Kong Polytechnic University, Hung Hom, Hong Kong
Naheed Akhtar: Department of Civil Engineering, Abasyn University, Islamabad 44000, Pakistan

Sustainability, 2021, vol. 14, issue 1, 1-22

Abstract: Integrating sustainability in the risk management process is an emergent problem, especially for efficient infrastructure delivery. For the case of complex projects like public–private partnerships (P3), traditional management practices offer a limited capacity to address long-ranging risk impacts on the social, economic, and environmental fabric within and around the project boundaries. Although P3 projects are objective-based contracts, present risk models rarely delineate risk impacts on focused project objectives. The relevant studies are very scarce creating a limited understanding of available approaches to conducting sustainability-based risk management for P3 projects. As risk and sustainability are two inherently subjective concepts with multiple interpretations, their combined assessment within a single framework demands a pragmatic approach. Therefore, the current study presents a model for conducting a sustainability-based risk assessment of P3 infrastructure projects through global data. Monte Carlo simulation is employed to further define the probabilistic risk ranges and risk ranks over relevant triple-bottom-line-based sustainability indicators for highway sector P3 projects. Findings are further demonstrated through two highway case studies and relevant mitigation strategies are also suggested. In the end, an implementation framework and future recommendations for the application of study findings on actual projects are also suggested. The study has useful implications for practitioners and researchers alike aiming for the delivery of sustainable complex projects.

Keywords: public–private partnership; sustainability; risk assessment; infrastructure; Monte Carlo; highways (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:14:y:2021:i:1:p:344-:d:713705

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